Wells Fargo has launched Hope, USA an initiative to support small businesses nationwide by providing nearly $420 million in recovery efforts through its open for business fund.
Between November and December, the bank will work in coordination with local nonprofit organizations across Atlanta, Charlotte, Des Moines, Denver, Houston, Los Angeles/ Orange County, Miami, Minneapolis, New York, Orlando, Philadelphia, Phoenix, San Antonio, San Francisco, St. Louis, and Washington D.C.
Efforts will include planting gardens, cleaning and painting exteriors and installing holiday lights, supporting small businesses impacted by the pandemic to prepare for the holiday season.
Bill Daley, vice chairman of public affairs at Wells Fargo said: “After a tough couple of years, small businesses across America are working hard to get back on their feet.
“Wells Fargo wants to build on their hope and resiliency by providing resources that help small businesses become more stable, strengthen our local communities, and lead the way toward a greater sense of normalcy we all crave.”
In Philadelphia, Wells Fargo partnered with the Enterprise Centre to help small businesses make improvements which included painting buildings, power washing sidewalks, installing holiday lighting displays and refreshing signage.
The firm said that the area experienced “major setbacks” in 2020 following the pandemic and civil unrest.
Della Clark, president, and CEO at the Enterprise Center, said: “These small businesses along 52nd Street make up the heart of West Philadelphia, and they have faced countless challenges during the past year and a half.”
“We know these minority-owned businesses have been disproportionately impacted by the pandemic and civil unrest in our community. It is critical we provide the investments they need to keep hope alive and chart a path forward.”
The small business support is part of Wells Fargo’s Open for Business Fund commitment which is a $420 million recovery effort, offering capital, technical assistance, and long-term programs for small businesses.
Additional support includes help for 282,000 small businesses to get funding in the Paycheck Protection Program, as well as $1 billion in financing for small business owners from Helping Community Development Financial Institutions.