There were record numbers of Black and minority startup businesses that struggled financially due to COVID-19. How involved was Wells Fargo with providing capital for those businesses through the pandemic?
We are very proud of what we’ve been able to do through our Open for Business Fund. Wells Fargo took all PPP loan fees and repurposed them into the Open for Business Fund. We were able to provide over $420 million [in] funding for minority-owned businesses. We’ve also invested in Greenwood with Killer Mike and Ryan Glover with the goal to be a part of the community.
What are your short- and long-term goals in relation to Wells Fargo and minority communities?
Our main goal is to see minority communities eliminating present financial struggles and heading toward a future of broader range — more savings, higher credit scores, better education, etc. Within the next year we want to round out all pillars and digital solutions — we’ve completed a 50 million dollar suppository — small in size but right in the middle of the 50 million dollars in equity in 13 of these communities. The goal is to stabilize them and allow them to do more in their communities — another way to provide access — expanding access to financial education.
