Wells Fargo giving $1.5 million in funding to help small businesses

Wells Fargo giving $1.5 million in funding to help small businesses
FILE - In this Jan. 18, 2011 file photo, a customer exits a Wells Fargo bank branch in Los Angeles (Source: AP Photo/Reed Saxon, file/AP)

RICHMOND, Va. (WWBT) - Wells Fargo is giving $1.5 million in funding to Virginia Community Capital to help underserved small businesses in Richmond.

The funding will help the VCC’s pandemic recovery efforts, technical assistance and lending programs for small business owners.

The grant is part of Wells Fargo’s Open for Business Fund program, which helps small business owners in their recovery efforts.

“The Open for Business Fund enlists the care and expertise of organizations like VCC to urgently assist the small business community with the capital and technical assistance needed to preserve jobs throughout Richmond.” said Connie Smith, who works on Wells Fargo’s Open for Business Fund, in a release. “By working with these organizations and other CDFIs, we can ensure that local minority-owned small businesses receive the resources necessary to navigate the economic impacts of COVID-19 at this critical time.”

VCC will give 1 million in small business loans in the Richmond region over a two-year period.

To learn more about the VCC and grant, click here.

Copyright 2021 WWBT. All rights reserved.