Wells Fargo Announces Small Business Neighborhood Renovation Program Contest

Twenty small businesses in five cities across America will receive physical location or storefront makeovers in an effort to encourage economic development.

REUTERS

Wells Fargo (No. 9 on the DivesityInc Top 50 Companies list) is introducing the Wells Fargo Works for Small Business Neighborhood Renovation Program Contest, designed to help improve eligible small businesses in designated neighborhoods in five cities – Atlanta, Houston, Los Angeles, Miami and Minneapolis – through a physical location or storefront makeover. Wells Fargo is launching the program in collaboration with Rebuilding Together, a premier nonprofit organization focused on rebuilding communities.


Through the Wells Fargo Works for Small Business: Neighborhood Renovation Program Contest, eligible small business owners in select neighborhoods and zip codes in five cities across America will have the opportunity to compete for a business makeover. In each city, there will be four winners: one business will win up to $25,000 in business renovations, and three businesses will each win up to $10,000 in business renovations.

To enter the contest, which runs May 1-31, 2017, eligible small business owners must complete a contest application on wellsfargoworks.com/renovation and write an essay responding to four questions about their business. No purchase or entry fee is required. The contest rules, including full eligibility, application requirements and information on eligible neighborhoods in each city, can be found at wellsfargoworks.com/renovation/contestrules (PDF). A panel of judges will review the entries and Wells Fargo will announce the winners in each of the five cities in August.  Wells Fargo will also host a small business community event in each city to showcase the renovations and extend resources to the broader community of small business owners.

"Working with small business owners is one of the most important things we do at Wells Fargo, and we know that when small businesses succeed, our communities prosper," said Lisa Stevens, Wells Fargo head of Small Business. "We are committed to the communities we serve and are focused on encouraging economic development in cities across the U.S. By transforming a group of local small businesses, this program will help neighborhoods in five cities take another step forward."

Wells Fargo serves approximately 3 million small business owners across the United States and loans more money to America's small businesses than any other bank (2002-2015 CRA government data). To help more small businesses achieve financial success, in 2014 Wells Fargo introduced Wells Fargo Works for Small Business®  – a broad initiative to deliver resources, guidance and services for business owners.

"Small businesses play an integral role in the communities we serve," said Caroline Blakely, President and CEO of Rebuilding Together. "Through this opportunity, Wells Fargo is adding a crucial layer to our work, helping us build stronger communities throughout the country."

The launch of the Wells Fargo Works for Small Business: Neighborhood Renovation Program Contest coincides with Wells Fargo's Small Business Appreciation Celebration, which runs April 1 – June 30. This annual event, which also coincides with the U.S. Small Business Administration's National Small Business Week in May, highlights the accomplishments of small businesses and provides business owners with special offers on several products and services.

Visit WellsFargoWorks.com/renovation to learn more about the Neighborhood Renovation Program Contest, and learn more about Wells Fargo Works for Small Business – a broad initiative to deliver resources, guidance and services for business owners.

Wells Fargo Observes International Day of Family Remittances, Offers Fee Waiver

Company to waive ExpressSend remittance transfer fees to all countries, payout locations June 15–18.

REUTERS

Originally Published by Wells Fargo.

Wells Fargo & Company announced it will commemorate the International Day of Family Remittances by waiving all transfer fees for ExpressSend ® remittances sent June 15–18.

Read More Show Less

13 Organizations Awarded $12.1 Million From Wells Fargo to Support Diverse Small Businesses

Funding awarded to local Community Development Financial Institutions.

REUTERS

Originally Published by Wells Fargo.

Wells Fargo & Company announced that 13 Community Development Financial Institutions (CDFIs) around the U.S. have been selected to receive $12.1 million in lending capital and grants under the Wells Fargo Works for Small Business: Diverse Community Capital (DCC) program. The recipients are private, nonprofit financial institutions that are dedicated to delivering responsible, affordable financial products to underserved populations and communities. Many of the small and micro businesses CDFIs serve may not be ready to access capital through conventional financing methods.

The Diverse Community Capital recipients are:

  • BOC Capital Corp. - Brooklyn, N.Y.
  • California Capital Financial Development Corporation – Sacramento, Calif.
  • Cooperative Development Fund of CDS for Shared Capital Cooperative - St. Paul, Minn.
  • Cooperative Fund of New England – serving New England
  • Entrepreneur Fund – Duluth, Minn.
  • First American Capital Corporation – West Allis, Wis.
  • Hartford Community Loan Fund – Hartford, Conn.
  • Local Initiatives Support Corporation – serving Los Angeles
  • Mission Economic Development Agency (MEDA) – San Francisco
  • Mountain BizWorks – Asheville, N.C.
  • New Jersey Community Capital – New Brunswick, N.J.
  • PeopleFund – Austin, Texas
  • Rainier Valley Community Development Fund – Seattle, Wash.

Diverse Community Capital funds will be used by the awardees to increase lending to diverse small business owners; help more diverse small business owners get the coaching and education resources they may need to grow their business; and improve, create or add resources, materials, products, or programs to better serve their target market.

Under the program, awardees also have the opportunity to participate in a social capital component, delivered by Opportunity Finance Network, a national network of CDFIs. Social capital opportunities include an online learning community, working groups on specific topics, consulting, peer learning and mentoring.

"Now in its third year, the DCC program's impact on communities has been compelling," said Connie Smith, Wells Fargo's Diverse Community Capital program manager. "DCC awardees are increasing access to capital and development services for diverse small businesses in their local communities. These awards are inspiring collaboration and innovation in the CDFI industry every day."

In fiscal year 2017, Diverse Community Capital awardees closed more than $284 million in loans to diverse small business clients. That represents a year-over-year increase of 23 percent for the first 18 awardees and a 63 percent increase for the next 26 awardees. Awardees closed nearly $103 million to black or African American entrepreneurs and more than $75 million to Hispanic or Latino entrepreneurs. In addition, 76 of all development services offered by DCC awardees were delivered to diverse small businesses. Most awardees reported at least one new or changed program or product designed to increase capital deployment to their clients.

"When local businesses succeed, so do the communities where we live and work," said Mike Rizer, director of Community Relations at Wells Fargo. "By financing community businesses — including small businesses, microenterprises, and nonprofit organizations — CDFIs spark job growth and retention in communities across the U.S."

Today's announcement marks Diverse Community Capital's fifth installment, or round, of awardees since 2015. Wells Fargo has committed an additional $100 million over the next three years to CDFIs serving diverse small businesses.

To earn back your trust, Wells Fargo has renewed its commitment to you. See our re-established goals at http://www.wellsfargo.com/renew.
We are re-committing to you and re-inventing how we serve you, delivering banking features like Card-Free ATM Access, and Debit Card On or Off for when you misplace your debit card. We have changed our sales policies and culture to fix what went wrong and make things right, knowing an apology is just the beginning.