As minority and women-owned small businesses work tirelessly to regain the momentum lost during the pandemic, Wells Fargo, which serves one out of three households in the U.S., is providing a much-needed $1.3 million capital infusion to help bolster and expand a series of key initiatives currently underway here at the New Economics for Women – Women’s Business Center (NEW-WBC). Understanding that merely reopening the economy doesn’t mean business as usual, Wells Fargo established the “Open for Business” Grant to help Black, Indigenous, People of Color (BIPOC) women small business owners adapt and sustain economic recovery, including in the tech and entertainment industries.
“The ‘Open for Business’ Grant couldn’t come at a better time,” said Ruth Garcia-Corrales, Director at the NEW-WBC. “We’re very honored to be awarded the grant at this pivotal moment in the recovery of small businesses. This grant will assist the WBC in expanding its technical assistance services for small businesses across the Los Angeles community, creating new partnerships with educational institutions, underserved communities of color, and women entrepreneurs.”
According to New Economics for Women Executive Director Maggie Cervantes, the grant from Wells Fargo will make a tangible, lasting impact. “For example, we can now open a much needed, full-service office in Antelope Valley. We’ll also be creating a multimedia production space complete with equipped green screen and podcast studios and a directory of professionals for our Women in Business clients,” she added. “We’ll also have additional e-commerce funding support for tech companies interested in growing their businesses, a mentoring matching program, role modeling and coaching and multi-language Armenian, Russian and other languages for small business that didn’t qualify for economic industry disaster loans, PPP, and grants.”
Quentin D. Strode, Chief Operations Officer for NEW – Women’s Business Center, believes the grant serves to reinforce Wells Fargo’s long-standing and unswerving commitment to the community. “Each of the initiatives addresses a pathway of opportunities for greater capacity building and growth among area women- and minority-owned small businesses,” he said. “We are grateful that Wells Fargo has afforded us this opportunity to respond in a comprehensive manner and help build resilience and success for this incredible community, contributing greatly to the recovery of our local economy.”
If your small business is struggling in the aftermath of COVID-19, we understand! The NEW-WBC is dedicated to supporting entrepreneurs in Los Angeles and Southern California. Let us help you get back on track by booking an appointment at new-wbc.org.
About New Economics for Women
New Economics for Women’s mission is to build economic mobility, particularly for Latinas and their families, through wealth creation, housing, education, entrepreneurship and civic engagement. Learn more at NewEconomicsforWomen.org.
About Wells Fargo
Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.