Business

Wells Fargo Donates $2 Million to Main Street Launch in Oakland

OAKLAND POST — Wells Fargo Bank gave a $2 million grant to an Oakland-based small business lender on Monday morning, according to bank officials. The donation to Main Street Launch, described as a Community Development Financial Institution, was announced at a news conference at a small business in Oakland – McMullen Boutique at 2257 Broadway in Oakland.

Published

7 years ago

May 22, 2019

Oakland Post

By The Oakland Post

Wells Fargo Bank gave a $2 million grant to an Oakland-based small business lender on Monday morning, according to bank officials.

The donation to Main Street Launch, described as a Community Development Financial Institution, was announced at a news conference at a small business in Oakland – McMullen Boutique at 2257 Broadway in Oakland.

Sherri McMullen, the boutique owner, spoke about the importance of small business loans, and her experience as a Main Street Launch client.

“An investment in a small business, like McMullen, is an investment in someone’s dream and in the growth of the local economy,” she said in a statement.

In an interview, McMullen noted that she had been uncomfortable attempting to get conventional funding when she decided to open her boutique. She ended up going to friends and using her savings. Eventually, she was introduced to Main Street Launch and applied for a microloan.

It made all the difference for her. Robert Lattimore, who helps provide access to capital for African American entrepreneurs at Main Street Launch, understood small business in general, and specifically understood McMullen’s business and personal goals as a single mother trying to raise a son and maintain her Oakland roots.

“With that funding, I’ve been able to bring on people, you know, more staff management, employees who are employed in Oakland and live in Oakland. That’s also important to help my staff with their needs as well,” McMullen said.

Wells Fargo’s commitment at this time helps extend Main Street Launch’s reach. “And, (the grant) is helping support a community, it’s helping support people who are really grounded and rooted in helping the economic growth of a city that they care so much about,” McMullen said.

Lattimore, Main Street Launch executive vice president of diverse markets, is also passionate about “small businesses in the Bay Area because small businesses are really the backbone of the economy of the United States. For example, there are about 2.85 million African-American small businesses located throughout this country. As we move toward the year 2046 the demographics of this country will change. And, it’s critically important that small businesses and particularly businesses of color are a part of a vibrant community, and by them being vibrant it will allow them to create assets, wealth, and income.”

For more information on Main Street Launch, please go to: https://www.mainstreetlaunch.org/.

Bay City News, Internet sources contributed to this report.

This article originally appeared in the Oakland Post.

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Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

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3 weeks ago

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Sponsored by JPMorganChase

As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC