Wells Fargo Launches $20M Open for Business Growth Program
Wells Fargo & Company (WFC) has launched Open for Business Growth, a new $20 million philanthropic program designed to help small businesses scale revenue and operations through nonprofit-led support. Debuting in Chicago, the initiative targets the “missing middle” businesses too advanced for microloans but not yet ready for traditional financing.
Empowering Growth-Stage Entrepreneurs:The Open for Business Growth program is specifically focused on small businesses that are positioned for expansion but lack access to suitable capital options.
“Small businesses on the brink of expansion are poised to make an even greater impact in creating jobs, increasing services, and strengthening the economy,” said Darlene Goins, Head of Philanthropy and Community Impact at Wells Fargo.
Through grants to nonprofits, the program allows for the development of innovative financing tools and services tailored to the needs of growth-stage entrepreneurs.
Building on Past Success:
This new initiative builds on the legacy of Wells Fargo’s $420 million Open for Business Fund, launched during the pandemic. That fund reached more than 336,000 small businesses and helped preserve 461,000 jobs nationwide by working closely with community organizations.
Chicago Pilot with Allies for Community Business:
The first recipient of the Open for Business Growth grant is Allies for Community Business, a nonprofit that supports entrepreneurs with capital, coaching, and connections.
- Grant Amount: $2.5 million
- Focus Areas: Construction industry growth, restaurants, and retail businesses in Chicago
- Innovative Model: Revenue-based financing that adjusts repayment based on monthly business performance
- Partnership Expansion: Scaling the HIRE360 program, which supports construction loans and mentoring
“We are offering creative capital that does not dilute the entrepreneur’s ownership,” said Brad McConnell, CEO of Allies for Community Business.
Local Impact and Job Creation:
Allies for Community Business projects that the program will enable participating small businesses to create up to 260 local jobs as they win larger contracts and scale their services.
With a strong start in Chicago, Wells Fargo’s Open for Business Growth initiative is expected to expand to other U.S. markets over the next year. The goal: to unlock potential in small businesses ready to grow but underserved by traditional financing models.
