DCist, October 20, 2020, New Effort Estimated To Save Nearly 10k Small Business Jobs
Due to the Payment Relief and funding efforts by local nonprofit lenders and the support of the Open for Business Fund, and estimated 10,000 small businesses will be saved including many in DC area. This includes NCRC which received a $500,000 grant to offer business outreach, technical assistance and alternative financing to Black, Latino and other small business owners in D.C., Virginia and Maryland.
Launched in July, the Open for Business Fund is an industry-leading commitment by Wells Fargo donating roughly $400 million to nonprofits that are helping small business owners stay open and retain employees during the pandemic. The program has a special focus on supporting minority-owned small businesses.
After receiving more than 200 applications from across the United States, 12 new nonprofit grantees have been chosen so far, which together are expected to help save thousands of small businesses and roughly 10,000 jobs in local communities, including many in the D.C. area.