Wells Fargo has announced a grant program to provide $3 million to help small business in Alabama, Georgia, Mississippi, North Carolina and West Virginia.
Funds, available through low-rate loans, will be distributed via three Community Development Financial Institutions — Appalachian Community Capital Development (ACC), Carolina Small Business Development Fund (CSBDF) and Natural Capital Investment Fund (NCIFund) — as part of the Open for Business Fund.
“The Open for Business Fund enlists the expertise of organizations like ACC, Carolina Small Business Development Fund and NCIFund to urgently assist small business owners with capital and technical assistance so they can preserve local jobs in some of the most negatively impacted communities,” said Juan Austin, community relations senior manager for Wells Fargo. “By working with these organizations and other CDFIs, we can ensure that local minority-owned small businesses receive the resources they need to keep their businesses open.”
The grant to the Appalachian Community Capital Development will, in turn, support four black-led groups, including Bronze Valley in Alabama. Each will receive $75,000 for lending capital and/or convertible notes; $75,000 for operating capital, including loan loss reserves; and $50,000 to be used as grants to Black/African American owned businesses.