Wells Fargo and South Carolina Lt. Gov. Pamela Evette announced nearly $3 million in grants to Community Development Financial Institutions (CDFIs), including CommunityWorks, the South Carolina Community Loan Fund and The CLIMB Fund. The grants will help small businesses manage the economic effects of COVID-19 and foster an inclusive recovery. Wells Fargo’s funding will help increase access to capital with low-rate loans and other resources for diverse businesses in rural communities across South Carolina.
The grants are part of Wells Fargo’s Open for Business Fund (OFB) program, an approximately $420 million small business recovery effort across the U.S. to help entrepreneurs recover and rebuild. The initiative focuses on three key areas: increasing access to capital through CDFIs, technical assistance, and long-term recovery and resiliency programs.
“The Open for Business Fund enlists the expertise of organizations like the South Carolina Community Loan Fund, CommunityWorks and The CLIMB Fund 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 Wells Fargo Region Bank President Justin Hawkins. “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.”
“We all know small businesses are the backbone of South Carolina’s economy, so I’m proud to join Wells Fargo as they demonstrate a commitment to these businesses by offering a helping hand in a time of need,” said South Carolina Lt. Gov. Pamela Evette.