This is Derek Miller Speaking on Business. To help entrepreneurs stay open for business, Wells Fargo is donating approximately $400 million in gross processing fees from the Paycheck Protection Program to support small businesses owned by people who have been hit hardest by COVID-19. Nathan Callister, the Wells Fargo Commercial Banking Market Executive for Utah, is here to tell us more.
Small businesses are the backbone of Utah, and the coronavirus has hurt almost all of them. Forty-one percent of businesses nationwide have already closed because of the pandemic, and others are waiting to see what tomorrow brings. Through a new program called “Open for Business,” Wells Fargo will provide support to Community Development Financial Institutions (CDFIs) and other nonprofit organizations in our state who serve small businesses, particularly those owned by underrepresented individuals. If you are a nonprofit serving racially and ethnically diverse businesses, this program is specifically designed to assist, and I encourage you to learn more by visiting wellsfargo.com. See how the “Open for Business” fund can benefit businesses here in Salt Lake City. Now is the time to lift our neighbors. We are in this together we committed to helping business owners in Utah stay open and get back to growth.
Funding from Wells Fargo can certainly help businesses navigate the coronavirus. Learn more, or apply for the grant, by visiting your local branch or going to wellfargo.com. I’m Derek Miller with the Salt Lake Chamber, and this is Speaking on Business.