Connect with us

Business

Wells Fargo Launches $400 Million Small Business Recovery Effort

Published

on

      Following an April 2020 industry-leading commitment to donate all gross processing fees from the Paycheck Protection Program, on Thursday Wells Fargo unveiled the details of an approximately $400 million effort to help small businesses impacted by the ongoing COVID-19 pandemic keep their doors open, retain employees, and rebuild.

     Through Wells Fargo’s new Open for Business Fund, the company will engage nonprofit organizations to provide capital, technical support, and long-term resiliency programs to small businesses with an emphasis on those that are minority-owned.

    Through June 30, Wells Fargo funded loans under the PPP for more than 179,000 customers, with an average loan amount of $56,000, totaling $10.1 billion. Of the loans made, 84% of those are for companies that have fewer than 10 employees; 60% were for amounts of $25,000 or less; and, 90% of these applicants had $2 million or less in annual revenue. 

     Given the federal government’s extension of the PPP, Wells Fargo will reopen its PPP loan application process to eligible customers as soon as possible through a link in Business Online Banking® or CEO®. 

    “By donating approximately $400 million in processing fees to assist small businesses in need, Wells Fargo’s Open for Business Fund creates opportunities for near-term access to capital and addresses the road ahead to meaningful economic recovery, especially for Black and African American entrepreneurs and other minority-owned businesses,” said Wells Fargo CEO Charlie Scharf. “Wells Fargo is committed to helping small businesses impacted by COVID-19 stay open and get back to growth.”

    According to data from Wells Fargo’s June Gallup/Small Business Index, more than half of small business owners surveyed expect either stagnant or decreasing revenues in the coming 12 months.

    The Open for Business Fund’s initial grants will allocate $28 million to Community Development Financial Institutions (CDFIs), also known as nonprofit community lenders, aimed at empowering Black and African American-owned small businesses, which are closing at nearly twice the rate of the industry, according to the National Bureau of Economic Research. Among the first grantees:

∙ Expanding Black Business Credit Initiative (EBBC) will support the launch of the Black Vision Fund to increase the flow of capital to Black-focused CDFIs for transformational work to close the racial wealth gap in African American communities. The CDFIs will also receive capital for urgent deployment to impacted businesses in the Mid- Atlantic, Southeast, and Midwest.

∙ Local Initiatives Support Corporation (LISC) will provide grants and low-cost capital to more than 2,800 entrepreneurs with a focus on preventing loss in revenue, sustaining employment, and averting vacancies among vulnerable small business owners in urban and rural markets nationwide. 

     “Black businesses have faced the largest shutdown of any diverse group in the country,” said Ron Busby, Sr., CEO of U.S. Black Chambers, Inc. “We lost 41%, or 450,000 Black-owned small businesses, in this pandemic so far and all of those businesses provided jobs so we need to accelerate an economic agenda that helps them recover. 

     “The funding that Wells Fargo is putting back into Black businesses and other minority-owned small businesses across the country is truly going to be appreciated and will give the kick start entrepreneurs need to continue and grow. ”

    Beginning Thursday, the Open for Business Fund is accepting applications from CDFIs and special purpose funds formed by CDFIs serving racially and ethnically diverse small businesses for its first grant cycle, open now through August 7. 

     Additional grant cycles focused on technical assistance and recovery and resiliency will open later this year. Nonprofits can learn more atwww.wellsfargo.com/about/corporate-responsibility/community-giving.

  Edith Rocío Robles is an assistant vice president Corporate Communications at Wells Fargo.

 

By Edith Rocío Robles

By Edith Rocío Robles

Edith Rocío Robles is an assistant vice president Corporate Communications at Wells Fargo.
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Trader Vic’s Returns to Its Oakland Roots

Trader Vic’s, the internationally recognized brand and birthplace of the original Mai Tai, has officially returned to its roots in Oakland. Originally founded in 1934 on San Pablo Avenue before moving to Emeryville, the hospitality giant has launched Trader Vic’s Outpost at Oakland International Airport’s Terminal 2. The new full-service location offers travelers breakfast, lunch, dinner, and cocktails in a 108-seat space designed to celebrate the city’s status as a top national food destination. Visit the website to read more.

Published

on

Oakland Mayor Barbara Lee cuts the ribbon at the official opening of Trader Vic’s Outpost and Plum Market at Oakland International Airport. She is assisted by U.S. Rep. Lateefah Simon as Port of Oakland Board President Stephanie Dominguez Walton, left, and representatives from Trader Vic's, Plum Market, look on. Photo courtesy of the mayor’s office.

Oakland has always been a city of innovators, entrepreneurs, visionaries, and world-class hospitality. Trader Vic’s—the birthplace of the original Mai Tai – first opened in Oakland back in 1934 on San Pablo Avenue, long before becoming an internationally recognized global brand. 

More than 50 years after it moved to Emeryville, Trader Vic’s is returning to its roots. Oakland Mayor Barbara Lee touts the return as another victory for Oakland.

“My administration is deeply committed to backing businesses like Trader Vic’s and Plum Market—partners who invest in our city, uplift our local workforce, and support thousands of local jobs,” Lee said.

The latest Trader Vic’s – called Trader Vic’s Outpost – is located at the Oakland International Airport in Terminal 2 near Gate 25 and had a soft opening in August.

With 108 dining seats, 28 bar seats and a counter for standing-room customers, travelers from around the world can have a full-service restaurant and bar experience or take-out for those with planes to catch.

Open from 6 a.m. to 10 p.m., breakfast, lunch, dinner, cocktails will be served.

Trader Vic’s returning to its roots confirms Condé Nast’s decision to name Oakland the #1 Food City in America two years in a row, and just earlier this month, ranked Oakland #6 on their list of Best Cities in the U.S.! 

“The opening at OAK is incredibly meaningful for us,” said Rhett Rosen, CEO of Trader Vic’s Hospitality Group, according to the company website. “Trader Vic’s was born in the Bay Area, and this new location gives us the chance to welcome travelers with a taste of that original spirit before they take off. It brings together everything people love about Trader Vic’s — great cocktails, flavorful food, warm hospitality and a little sense of escape — in a place that connects Oakland to the world.”

Trader Vic’s is an Oakland institution and one of the region’s most recognizable hospitality brands, said Port of Oakland Director of Aviation Craig Simon on the web site.

“Travelers are increasingly seeking dining options that are memorable, locally rooted, and uniquely representative of the communities they are visiting. Trader Vic’s delivers all of that while providing a high-quality food and beverage experience for our guests. We are proud to welcome this hometown favorite to Terminal 2,”

The original Trader Vic’s in Oakland:  

In 1934, with an investment of $500, Bergeron opened his initially small restaurant at 65th Avenue and San Pablo, serving comfort foods for lunch and dinner and beers and whiskeys. As his clientele grew, so did his restaurant, expanding space and menu options. After visiting this establishment, famed San Francisco Chronicle columnist Herb Caen proclaimed that the “best restaurant in San Francisco is in Oakland.” 

There were as many as 25 franchises worldwide, including the U.S. Trader Vic’s is now headquartered in Martinez.

Continue Reading

Business

Oakland Coal Terminal Backed by Trump Would Be Bigger, Dirtier Than Promised, Says Report

A recent feasibility study commissioned by potential investors says an Oakland coal terminal backed by President Donald Trump could export 13 million tons a year — three times the amount estimated in an earlier environmental review. Surprisingly, the report also contradicts devel

Published

on

East Bay residents have been fighting alongside No Coal in Oakland for more than a decade. Photo courtesy of No Coal in Oakland.

A recent feasibility study commissioned by potential investors says an Oakland coal terminal backed by President Donald Trump could export 13 million tons a year — three times the amount estimated in an earlier environmental review.

Surprisingly, the report also contradicts developers’ and project advocates’ repeated pledges that the coal would be stored in a covered terminal. Instead, the millions of tons of coal shipped annually from inland states to the West Gateway terminal in Oakland would be stored in “two open-air bunkers,” with about 150,000 tons of coal per stockpile, before being sent overseas, according to the  recent report cited by the L.A. Times. (https://ruic.utah.gov/wp-content/uploads/2026/09/Port-Study-RUIC-Bulk-Commodity-Ocean-Terminals-Study.pdf)

Residents and clean air advocates have long expressed concerns that coal dust would worsen pollution in West Oakland and throughout the East Bay.

The proposed site of the Oakland Bulk and Oversized Terminal (OBOT) is located at the former Army base near the Port of Oakland, which developer Phil Tagami has been trying for years to turn into a shipping terminal despite determined community opposition.

Trump announced a $75-million investment in the project in June, about a third of its estimated cost. The new terminal would be the largest coal export site on the West Coast, transporting coal to Japan, South Korea, Taiwan, Vietnam and Malaysia, according to the Trump administration.

Opponents say a new terminal would undermine years of progress cleaning up the air in West Oakland, which has a history of disproportionate pollution and high asthma rates due to its proximity to the port and other industry.

According to No Coal in Oakland organizer Ted Franklin, who has been active for 11 years in the fight to stop the coal terminal, the report indicates that investors may be looking for a cheaper way to build the terminal.

“We were shocked but not surprised” by the report, Franklin said. “Basically, it seems that the plan now is to store open piles of coal, which is a less expensive project than creating a completely enclosed facility.”

The threats that the project poses are real, but it faces a lot of economic and legal hurdles, he said.

Coal production is in permanent decline worldwide, he said, wondering who was going to “invest money in an industry that has no future.”

Further, the project has not yet attracted big investors. “There’s no bank, no financing, no financial institution backing this,” he continued.

A major legal hurdle facing the project is the passage of Assemblymember Mia Bonta’s bill, AB 40, the Community-First Coal Review Act, signed into law by Gov. Gavin Newsom on Sept. 30.

The law requires developers of large-volume bulk coal facilities to complete a full Environmental Impact Report (EIR) under the California Environmental Quality Act (CEQA) before they can operate. 

The law was specifically designed to block or delay the coal terminal project.

The report to potential developers was produced by consulting groups Norda Stelo and Wood Mackenzie in July and released this month. It was commissioned by the Rural Utah Infrastructure Coalition, made up of eight Utah counties that are considering investing about $43 million into the terminal to receive Utah coal.

The consultants produced their findings after visiting Oakland, examining engineering documents and holding discussions with Savage Cos., a Utah-based transport and logistics company selected to operate the facility

Research has shown that coal terminal operations can be dangerous to public health. The ports of Los Angeles and Long Beach moved away from open-air coal and petroleum coke storage three decades ago.

The report says that the site could process 12 million metric tons, or 13.2 million tons, of coal each year, three times more than the terminal’s approved environmental impact report from 2002 and its 2012 addendum. Neither document mentions coal specifically, but rather bulk commodities.

The coal arriving in Oakland could also be dirtier then had been previously stated, according to the report. Project officials previously said the terminal would handle only high-grade western bituminous coal from Utah, but the recent report says it will also handle Powder River Basin coal from Wyoming and Montana, known to be much dustier.

Nor does the report mention plans to cover the rail cars to prevent pollution, though project officials previously promised they would only utilize coal transported in covered rail cars.

“It appears the developers want to build something much bigger and more polluting than anything they previously revealed, either in court or to the West Oakland community,” said Colin O’Brien, deputy managing attorney at the nonprofit Earthjustice, speaking to the L.A. Times.

The report indicates that the project may be much more expensive and take longer to complete than anticipated. The Energy Department estimates the terminal will cost about $231 million, but the report places the price at between $430 million and $625 million.

The terminal will take 53 months to complete according to the report, significantly longer than Trump’s promise of exports beginning in 2028.

Ted Franklin’s column, “Utah Study Blesses Investment in Oakland Coal Terminal but Leaves Key Questions Unanswered” is available at https://nocoalinoakland.info/utah-study-blesses-investment-in-oakland/

Continue Reading

Activism

Oakland Post: Week of October 14 – 20, 2026

Oakland Post: Week of October 14 – 20, 2026

Published

on

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Continue Reading

Subscribe to receive news and updates from the Oakland Post

CHECK OUT THE LATEST ISSUE OF THE OAKLAND POST

ADVERTISEMENT

Facebook

Parents, students, and teachers fought to save Roots International Academy, an East Oakland middle school that was closed in 2019 despite broad community opposition. Photo courtesy of Oakland North.
Community1 month ago

Misnamed ‘Parent’ PAC Seeks to Influence Oakland School Board Elections

Democrat Xavier Becerra and Republican Steve Hilton.
Economy4 weeks ago

Poll: Becerra Widens His Lead Over Hilton; Californians Split on Wealth Tax

Antoinette Stewart-Eneh.
Black History3 weeks ago

Listening as a Lifeline: A Doula’s Witness to Black Maternal Health

Activism1 month ago

Oakland Post: Week of September 9 – 15, 2026

ACOE Supt. Alysse Castro; OUSD Supt. Dr. Denise Saddler. File photos.
Business4 weeks ago

County Office of Education Says OUSD Finances Are Getting Healthier, Materially Stronger

One of the tiny houses for unhoused Richmond youth. Courtesy photo.
Community1 month ago

Richmond Tiny House Village Farm & Garden Set to Open Gates on Sept. 26

Business1 month ago

Mayor Lee Announces $1 Million Kaiser Permanente Grant for Pilot Program to Address Homelessness, Clean Up Public Spaces throughout Oakland

Pierre Damas Bel; 1.5 million people in Haiti are internally displaced by violence and more than 5.8 million are on the brink of starvation. Courtesy of AFP, Clarens Siffroy.
Black History1 month ago

Latest Massacre in Haiti Reveals Cruelty U.S. Deportations

Court-appointed administrator Philip Campbell outside Zendayi’s home on Randolph Avenue in Oakland. Photo by Tanya Dennis.
Lead Story3 weeks ago

Zakiya Jendayi Arrested, Locked Out of Home by Sheriff’s Deputies

Nolan Wells. File photo.
Black History1 month ago

OPINION: Nolan Wells’ Death One of Several Signifying Racial Terror Lives on in U.S. South

Long Beach resident Cassandra Carter approached the birth of her daughter, Nyomi (pictured), last November with anxiety after losing twins. She is pictured here with her husband.
Black History4 weeks ago

Doulas Are Helping Black California Moms Navigate Pregnancy–Even as High Mortality Rates Persist

The first cohort of BLACspace participants with awards in August. Courtesy photo.
Art4 weeks ago

BLACspace Cooperative Invites Bay Area to Experience Oakland’s Black Cultural Ecosystem Through a BLAC Map Tour + Party

Activism1 month ago

Oakland Post: Week of September 16 – 22, 2026

(L-R) Sylvia Williams, Mike Hutchinson, Kathryn Camp
Community1 month ago

Democratic Clubs Interview Candidates for Oakland School Board

Demonstrators protest against arms shipments to Israel from Oakland International Airport. Photo courtesy of Palestinian Youth Movement.
Uncategorized1 month ago

Oakland People’s Arms Embargo Coalition Demands End to Military Shipments Thru Oakland

Trending

Copyright ©2021 Post News Group, Inc. All Rights Reserved.