From Millions to Billions - How Wells Fargo is Helping Small Businesses

In a recent episode of "The Rundown with Ramon," host Ramon Ray interviewed Darlene Goins, Head of Philanthropy and Community Impact at Wells Fargo and President of the Wells Fargo Foundation. The discussion centered on Wells Fargo's Open for Business Fund, a $420 million initiative launched in response to the COVID-19 pandemic to support small businesses, particularly those in historically marginalized communities. Goins explained how the fund works by providing flexible capital to Community Development Financial Institutions (CDFIs) and other community organizations, which in turn offer grants, low-cost loans, and technical assistance to small businesses.

The conversation highlighted the significant impact of the Open for Business Fund, which has supported over 336,000 small businesses and helped create or preserve more than 461,000 jobs. Goins emphasized the importance of strengthening the overall ecosystem for small businesses and shared how the initial investment grew to $2.1 billion through leveraging. She also offered valuable advice for both new and established small business owners, encouraging them to tap into support networks, seek personalized expertise, and focus on asset ownership. The interview underscored Wells Fargo's commitment to using philanthropy as a catalyst for lasting impact, innovation, and job creation in underserved communities.