© 1999 - 2020 Wells Fargo. Do Not Sell My Personal Information. “But when you ask a Black business owner, they will say their No. To help small businesses impacted by the ongoing COVID-19 pandemic keep their doors open, retain employees, and rebuild, Wells Fargo is making an industry-leading commitment by donating approximately $400 million in gross processing fees from the Paycheck Protection Program, as announced in April. Seleccione el enlace si desea ver otro contenido en español. 2, as well as their third concern, is access to affordable and accessible capital. It sold its retirement plan services business to Principal Financial Group Inc last year for $1.2 billion. Information and views provided through the Wells Fargo Works for Small Business® website are general in nature and are not legal, tax, or investment advice. Combined with any other business deposit offer. Read commentary and analysis from the Wells Fargo Investment Institute. Wells Fargo had started to trim the division even before Scharf because CEO. 1,487, © 2020 NYP Holdings, Inc. All Rights Reserved This survey also included an oversample of diverse segments — ensuring a minimum of 300 interviews each among African American, Asian, and Hispanic small business owners. Deposit products offered by Wells Fargo Bank, N.A. Explore ideas to grow revenue, manage expenses, and access new funds. Member FDIC. Enroll Now Sign On. Mobile Features. Transfer and Pay. This story has been shared 4,334 times. Learn more about how COVID-19 is affecting consumer confidence. A current owner of a Wells Fargo business checking account; A Wells Fargo team member. “By donating approximately $400 million in processing fees to assist small businesses in need, Wells Fargo’s Open for Business Fund creates opportunities for near-term access to capital and addresses the road ahead to meaningful economic recovery, especially for Black and African American entrepreneurs and other minority-owned businesses,” said Wells Fargo CEO Charlie Scharf. Your Ad Choices From frequency to word choice, learn how to hit the right note. Our resource center brings together the marketing essentials that may help you take your business to the next level. We want to make sure they can open and stay open.”, — Jenny Flores, head of Small Business Philanthropy for Wells Fargo, “The funding that Wells Fargo is going to provide through the Open for Business Fund is truly going to be appreciated and will allow our communities, as well as our businesses, to get the kick-start that they need to continue to grow.”. If there’s suspicious activity on your account, having your mobile number will allow us to reach you quickly so we can help. Apply today – it’s fast and easy! Your California Privacy Rights NMLSR ID 399801. Wells Fargo Commercial offers comprehensive business financing products, services, and management tools to help your business grow. The potential deal would illustrate how Scharf is looking at drastic moves, beyond cost cuts, as he seeks to turn Wells Fargo around following a years-old sales practices scandal. Scharf told analysts on the bank’s third-quarter earnings call this month that he expected to create some room on Wells Fargo’s balance sheet by exiting non-core businesses. Your guide to cash flow, managing your finances, and planning for the future during an unprecedented crisis. These four steps can help with community building during a socially distanced time. “The funding that Wells Fargo is going to provide through the Open for Business Fund is truly going to be appreciated and will allow our communities, as well as our businesses, to get the kick-start that they need to continue to grow,” Busby said. Market volatility update from Wells Fargo Investment Institute, Mobile meals: Wells Fargo, Feeding America introduce Drive-Up Food Bank program, Bringing financial relief to a global crisis, Bringing resolve to meet a homeownership commitment. All credit decisions are subject to approval. Wells Fargo is donating approximately $400 million in Paycheck Protection Program processing fees through a new program to support small businesses owned by people who have been hit hardest by COVID-19. Thanks for contacting us. According to data from Wells Fargo’s June Gallup/Small Business Index, more than half of the small business owners surveyed expect either stagnant or decreasing revenues in the next 12 months. Financial Planning. How much is permanent and what does it mean for business? To help small businesses impacted by the ongoing COVID-19 pandemic keep their doors open, retain employees, and rebuild, Wells Fargo is donating approximately $400 million in gross processing fees from the Paycheck Protection Program. “Prior to the pandemic, small businesses were in the best shape we had seen,” said Mark Vitner, chief economist at Wells Fargo. by Wells Fargo Economics Group, Weekly Economic and Financial Commentary
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For SBA loan products, SBA eligibility is also required. Expanding Black Business Credit to support the launch of the Black Vision Fund, which will increase capital to Black-focused Community Development Financial Institutions, also known as nonprofit or community lenders, to close the racial wealth gap in African American communities. Access to the service may be limited, delayed or unavailable during periods of peak demand, market volatility, system upgrades or maintenance, or electronic, communication or system problems, or for other reasons. COVID-19 is affecting global supply chains. Wells Fargo Corporate & Investment Banking (CIB) and Wells Fargo Securities (WFS) are the trade names used for the corporate banking, capital markets, and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, member of NYSE, FINRA, NFA, and SIPC, Wells Fargo Prime Services, LLC, member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. We aren’t going to see a full recovery without small businesses.”. Download our app Take the tour. Explore the series >. Please refer to the Merchant Services Terms and Conditions and Operating Rules or Program Guide for additional information. When times are tough, guidance from a trusted source can help. Wells Fargo makes no warranties as to accuracy or completeness of information, including but not limited to information provided by third parties; does not endorse any non-Wells Fargo companies, products, or services described here; and takes no liability for your use of this information.
Wells Fargo reported a 57 percent drop in its third-quarter profit earlier this month, missing Wall Street’s expectations, as persistent costs continued to haunt the bank. Please see your tax advisor to determine how this information may apply to your own situation. “By donating approximately $400 million in processing fees to assist small businesses in need, Wells Fargo’s Open for Business Fund creates opportunities for near-term access to capital and addresses the road ahead to meaningful economic recovery, especially for Black and African American entrepreneurs and other minority-owned businesses.”.