In partnership with the Community Reinvestment Fund, USA, Wells Fargo announced the launch of an online portal that allows small business owners to connect with financing options and technical assistance through Community Development Financial Institutions (CDFIs).

The Small Business Resource Navigator, as this portal was baptized, thus becomes a new tool to support the economic recovery of small businesses during the pandemic, an effort made possible by the Wells Fargo Open for Business Fund.

Derek Ellington, head of Small Business at Wells Fargo, pointed out:

As the uncertainties of the COVID-19 pandemic persist, small businesses continue to need our help. 

Ellington also highlighted how this new resource allows small business owners to get as many options as possible, explaining that this browser “connects small business owners to potential capital assistance provided by a CDFI who could help meet their needs, and serves as a major time saver for busy entrepreneurs allowing them to stay focused on their business.”

Wells Fargo has been funding CDFIs working with underserved small businesses for nearly seven years (since 2015), providing more than $500 million in grants and philanthropic donations. The banking entity emphasizes that these institutions are key within the financial ecosystem thanks to their ability to provide funds and assistance to businesses of this type, that otherwise would not have access to traditional financing.

"Wells Fargo has been dedicated to helping small businesses for many years, but in particular, getting them through the current environment. This support is extremely timely as it helps connect small businesses with CDFIs who can potentially provide them access to funding and resources that will help owners get back on their feet,” said Patrick Davis, SVP of Strategy with Community Reinvestment Fund, USA.

Open for Business Fund

Created by Wells Fargo, an approximately $420 million small business relief effort focused on small businesses hardest hit by COVID-19, this fund works to award grants to more than 235 CDFIs and other nonprofits that provide services to small entrepreneurs.

Click here to complete a short questionnaire and connect with available CDFIs.

“The Open for Business Fund is estimated to serve more than 152,000 small businesses and preserve or create more than 255,000 jobs. Roughly 85% of small businesses served by Open for Business Fund grantees are projected to reach racially and ethnically diverse entrepreneurs,” they highlighted. 

For her part, Ann Finnegan, president of NDC Community Impact Loan Fund, an Open for Business Fund grant recipient and participating CDFI on the Small Business Resource Navigator network noted: “We are excited for the opportunity to connect with more small businesses in need. This platform is an important tool to support our lending mission to minority and women-owned small businesses and non-profits.”

To learn more about Wells Fargo's work with small businesses, click here.