Wells Fargo is giving the Bay Area's small businesses a boost in the form of $14.5 million.
In an effort to bolster economic recovery during the pandemic, Wells Fargo has pledged to donate millions of dollars to groups that help local low-income communities and minority-owned businesses, the San Francisco Chronicle reported.
According to a San Francisco Office of the Controller report, the Bay Area's small businesses are fighting an uphill battle to survive and overall business recovery is not expected for another four to five months.
"Despite overall strong job growth (in San Francisco), small business formation remained relatively flat," the office stated.
The San Francisco bank is also providing a $75,000 fund for holiday decorations in the Bayview, including a 20-foot Christmas tree that will be lit on Thursday during a ceremony with Mayor London Breed, the newspaper said.
"Wells Fargo's long had a focus on Bayview. It's a historically under-invested community. It's a historically Black community," Katy Fitzsimmons, a Wells Fargo community relations senior consultant, said to the newspaper. "Hopefully this will become a new model" for other groups to provide philanthropy.
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