The Miami Foundation obtains a $20 million grant from Wells Fargo | Florida News

MIAMI (AP) — A $20 million grant from Wells Fargo will help the Miami Foundation help historically disadvantaged small business owners own more of their business assets and improve technology to better serve their customers, officials said. officials.

The grant announced last week will help various small businesses and nonprofits through a combination of capital and technical assistance, Wells Fargo said in a press release.

“Small businesses and minority-led nonprofits are critical to the strength of our region,” said Rebecca Fishman Lipsey, president and CEO of the Miami Foundation.

Wells Fargo’s Open For Business Fund is a $420 million small business recovery effort focused on racially and ethnically diverse small business owners who have been disproportionately impacted by the coronavirus pandemic. It was created from the gross processing fees the bank received from Paycheck Protection Program loans made in 2020.

“Fostering an inclusive economic recovery and helping small businesses sustain and grow in the wake of COVID-19 is a priority for us,” Wells Fargo CEO Charlie Scharf said in the press release.

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The Miami Foundation will convene a diverse advisory board to assist in the strategic design of the program and the allocation of funds.

The Open for Business Fund has also supported small businesses in South Florida through grants to Florida International University’s StartUP FIU Food, Broward County Urban League Community Central County Development Corporation, Black Business Investment Fund of Florida and others.

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