Wells Fargo awards $ 600,000 to help Lexington small businesses

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LEXINGTON, Ky. (WTVQ / Press Release) – Wells Fargo Selected Community Ventures to receive grants from its Open for Business Fund, bringing nearly $ 600,000 to Lexington, Ky., To help underserved small businesses stay open and to preserve jobs. The funding will enable these organizations to provide short and long-term COVID-19 recovery efforts, technical assistance, and microcredit programs for various small business owners.

The Fund open to companies is an estimated $ 420 million small business stimulus effort across the United States to help entrepreneurs recover and rebuild. Through this initiative, Wells Fargo is engaging Community Development Financial Institutions (CDFIs) and nonprofits to provide the capital, technical expertise and long-term resilience programs needed by small business owners who have been hit hard by COVID-19. Until May, the Open for Business Fund is helping 35,000 small, minority-owned businesses maintain approximately 90,000 jobs across the country, and we will continue to announce new grants throughout 2021.

The Open for Business Fund grant to Community Ventures will help small businesses and minority-owned entrepreneurs gain vital business capital, as well as business training and technical assistance. Community Ventures will offer these affordable loan products at competitive rates to small businesses as part of their ongoing commitment to promote the value of entrepreneurship in Kentucky communities.

“The Open for Business Fund draws on the care and expertise of organizations such as Community Ventures to urgently support the small business community and help entrepreneurs regain growth. Said Jenny Flores, Head of Small Business Growth Philanthropy. “Small business owners inspire us with their resilience. It is up to all of us to contribute to an inclusive economic recovery for these entrepreneurs and the neighborhoods they support.

“The Wells Fargo Open for Business funding will allow us to provide technical assistance and offer very attractive interest rates to small businesses recovering from the economic impact of the Covid pandemic. The ability to access attractive financing is essential for small businesses trying to rebuild their inventory, upgrade technology or expand, ”said Brenda Weaver, president of loans, Community Ventures.

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