By Nyam Daniel
Wells Fargo has donated $20 million to The Miami Foundation to help historically disadvantaged small business owners in Miami.
It is the largest grant #TheMiamiFoundation has received to date. The nonprofit plans to use the funding to provide capital and technical assistance to minority small businesses and nonprofits. The goal is to help small businesses own more of their assets and improve technology.
“Minority-led small businesses and nonprofits are vital to the strength of our region,” Miami Foundation President and CEO Rebecca Fishman Lipsey said. “This is a transformational investment from Wells Fargo that builds upon the foundation’s commitment to racial equity. It will help create generational wealth and support a stable future for diverse small businesses as we work to foster a strong, equitable, and thriving Greater Miami, which is at the core of our foundation’s mission.”
Wells Fargo’s donation comes from its Open for Business Fund, part of its $420 million national small business recovery effort to support racially and ethnically diverse small business owners who have been disproportionately affected by the COVID-19 pandemic.
Eligibility requirements and information on how and when to apply will be released by summer. Visit the program website at http://www.miamifoundation.org/miamiopenforbusiness to sign up for updates.