Wells Fargo announced Tuesday (April 19) the launch of what it calls its “Small Business Resource Navigator.”
The service, according to the bank of San Francisco, will allow small business owners to complete brief online questionnaires and then connect with the appropriate community development financial institutions, or CDFIs.
“As the uncertainties of the COVID-19 pandemic persist, small businesses continue to need our help,” said Derek Ellington, head of small business at Wells Fargo, in a prepared statement. “We see a lot of value in supporting a resource like this to help small businesses connect to as many options as possible.”
Ellington said the service will be “a major time saver for entrepreneurs”.
Wells Fargo said in the announcement that since 2015 it has provided “more than $500 million in philanthropic grants and investments in CDFIs that help underserved small businesses.”
“They are an important part of our integrated financial ecosystem in communities across America, providing small businesses in need with capital and other assistance they may not otherwise be eligible for through traditional financing.” , the announcement continued.
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Patrick Davis, Senior Vice President of Strategy at Community Reinvestment Fund, USA, said in the announcement, “This support is extremely timely as it helps connect small businesses to CDFIs that can potentially give them access to funding and resources that will help keep owners coming back. on their feet.”
CDFIs are financial institutions involved in certain types of lending in low-income areas. They can range from banks and credit unions, to microcredit funds and venture capital funds.