Wells Fargo donated $20 million to the Miami Foundation, an organization that assists Miami-area minority small business owners in buying assets to help stabilize their companies.
The grant, spread over three years, is the largest the 55-year-old foundation has ever received. The money is coming from profits Wells Fargo gleaned from administering the federal Paycheck Protection Program.
Gustavo Perez, lead social impact and sustainability specialist at Wells Fargo, said in a statement that Miami-Dade County was selected as one of five U.S. markets for the final part of its Open For Business Fund to assist small business owners in building equity in their firms.
“It has been straining for them to stay afloat in the changing economy and in the face of the pandemic,” said Miami Foundation CEO Rebecca Fishman Lipsey. “We want to be seeing historically disadvantaged communities able to support businesses that can grow and sustain generational wealth. For our foundation, we have a deep commitment to equity, and now Wells Fargo has expressed the same goal.”
On a national basis, Wells Fargo said, its Open for Business Fund has reached more than 152,000 small business owners, helping to support an estimated 255,000 jobs. Roughly 85% of small businesses served by grantees are projected to be owned by racial and ethnic minorities, the bank said.
