Wells Fargo has announced a $20 million commitment to the United Way of Greater Atlanta, in collaboration with Invest Atlanta, in support of efforts to assist small businesses in the city.

The commitment of grants and loans would be disbursed through the company’s Open for Business Fund, a roughly $420 million fund created in July 2020 to help small businesses stay open during the COVID‑19 pandemic, with a focus on racially and ethnically diverse small businesses, which have been disproportionately impacted by the pandemic. Funds will be distributed around four initiatives: the small business loan fund, which will provide low-cost loans capped at 3 percent; asset building assistance aimed at helping nonprofit organizations craft asset-building strategies; façade improvement grants of up to $50,000 for exterior improvements; and commercial ownership growth, providing up to $200,000 to help small business owners purchase commercial real estate.

“This Wells Fargo grant program gives small business owners the opportunity to grow and expand by owning more of their own assets, which can be a game changer for the financial health of any business,” said Atlanta mayor Andre Dickens. “As a former small business owner, I understand the vital role of small businesses in Atlanta’s economy and community, and we are excited to announce this program in the first few weeks of our new administration.”

(Photo Credit: Getty Images/gorodenkoff)