SAN FRANCISCO – (COMMERCIAL THREAD) – Wells Fargo today announced that it has made approximately 282,000 Paycheck Protection Program (P3P) loans under its 2020 and 2021 loans to support small businesses trying to survive the COVID pandemic -19. Total loans stood at nearly $ 14.0 billion, helping to keep 1,739,000 Americans at work. The average loan size to clients was $ 50,000, the lowest of any major financial institution *, and 42% of loans were to small businesses located in low to moderate income, or historically underserved neighborhoods. .
In its work with the PPP from April 2020, Wells Fargo reported:
282,000 PPP loans funded totaling nearly $ 14.0 billion helping keep 1,739,000 Americans employed
$ 50,000 – average loan amount, lowest among all major financial institutions *
95% of loans were less than $ 150,000
79% of loans were less than $ 50,000
95% of loans concern companies with less than 20 employees
85% of loans concerned companies with less than 10 employees
42% of loans went to small businesses located in low to moderate income neighborhoods or historically underserved neighborhoods
Established the Wells Fargo Open for Business Fund, maintaining an estimated $ 420 million turnaround effort for small businesses by pledging to donate all gross processing fees of funded PPP loans in 2020
âFrom the start of the PPP, our goal was to help as many small businesses as possible, as they are a vital part of our economy, and we admire the unwavering courage and perseverance they have shown throughout. last year, âsaid Mary Mack, CEO of personal and small business banking at Wells Fargo. âAs soon as the CARES law announcing the PPP was signed, our team quickly took action. In addition to the teams that work with small businesses every day, we engaged thousands of Wells Fargo employees across the company who quickly stepped up to help clients get P3 loans. The P3 was truly an inter-Wells Fargo effort, and that spirit continues today as we continue to support these small businesses on the road to recovery.
Support for various small businesses beyond PPP
Support for small businesses over the past year has extended beyond PPP. In 2020, Wells Fargo provided homes to nearly 50,000 small business customers, totaling $ 143 million in deferred payments. Overall, the Open for Business Fund is expected to help community development finance institutions (CDFIs) and nonprofits provide $ 1 billion in available funding and 7.5 million hours of technical assistance. small business owners, helping them close the gap in rent, utilities and employee compensation. , while accessing the expertise to adapt their business for the future. Until May 31, 2021, the Open for Business Fund is helping to preserve 90,000 jobs.
Wells Fargo has also invested $ 50 million to enable Minority Depository Institutions (MDIs) to drive economic growth in Black and African American communities in 2020 and 2021 as part of the bank’s broader commitment to foster an inclusive recovery. Since then, 13 MDIs have been appointed to receive equity investments.
And, thanks to the Wells Fargo campaign âWe have come a long way. Together,” Small business owners looking for support can visit www.wellsfargo.com/together to read tips and ideas on how to weather the storm and identify financing options and resources they may need in the coming months. The site also features inspiring stories of resilience from other people who managed to keep their doors open during one of the toughest economic downturns in history.
* United States Small Business Administration
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services firm with approximately $ 1.9 trillion in assets and proudly serving one in three U.S. households and over 10% of all middle market businesses and small businesses in the United States. set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four operating segments to present: banking and consumer credit, commercial banking, corporate banking and investment, and wealth and investment management. Wells Fargo ranked No. 30 in the Fortune 2020 ranking of America’s Largest Companies. In the communities we serve, the business is focusing its social impact on building a sustainable and inclusive future for all by supporting housing affordability, small business growth, financial health and a low-emission economy. carbon. Wells Fargo news, ideas and insights are also available at Wells Fargo Stories.
Additional information is available at www.wellsfargo.com | Twitter: @Wells Fargo.
Caution Regarding Forward-Looking Statements
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Press Release Category: WF-SB