Wells Fargo announced a new wave of support for entrepreneurs including an initiative focused on mentoring 500 women-owned businesses called Connect to More℠, and a second phase of funding from its Open for Business Fund aimed at providing 93 nonprofits with access to experts that can help grow their businesses.
Although Wall Street has largely roared back from the economic shock of the COVID pandemic, many small businesses still struggle. The Administration blames a tax system that favors big businesses over small businesses, and advocates for tax cuts to Main Street entrepreneurs in the wake of COVID-19.
The grant will help Grameen America’s 10-year plan to provide $1.3 billion in loans to over 80,000 Black women entrepreneurs by 2030. Those entrepreneurs will be offered loan capital, financial training, along with asset and credit-building tools.
According to a SCORE.org study, 8.8% of black-owned businesses that survived the pandemic reported growth. The ability to survive and grow is attributed to the fact that Black-owned businesses are most heavily represented in accommodation and food services, construction, health care and social assistance–which were the top PPP funded industries
The Fair began as a strategy to aid over 100 minority-owned businesses that were severely damaged in the civil unrest following Floyd’s death and threatened by the closures brought on by the pandemic. Now in its second year, the event drew several thousand.