Texas Border Business
SAN ANTONIO, TEXAS – LiftFund is pleased to announce a new partnership with Wells Fargo that will enable the community micro-lender to provide greater support to underserved small businesses and help them get through the economic challenges brought on by the COVID-19 pandemic.
“These are trying times for all of us, but this crisis is particularly acute for those most vulnerable in our community,” said Joe Atkinson, South Central Texas region bank president. “It’s imperative that we empower diverse small business owners with the tools and resources they need to keep their businesses afloat during the pandemic. We are fortunate to partner with LiftFund as they work hard to reach those in need and to adapt to the unexpected surge in demand for these types of services.”
Building on its history of supporting CDFIs through its Diverse Community Capital Program, Wells Fargo has granted LiftFund $393,000 to provide COVID-19 relief support to business owners impacted by the pandemic. The partnership will strengthen LiftFund’s disaster relief efforts to support diverse entrepreneurs like Eduardo Gill, owner of Gill Equipment Co., whose relief loan allowed him to continue operating his business and retain his employees and subcontractors. “A total of 7 people will be gainfully employed because of this loan,” Gill said. In March, Wells Fargo also provided an additional $75,000 to support LiftFund’s initial relief efforts. The grants are part of Wells Fargo’s $175 million COVID-19 relief efforts.
The LiftFund Small Business COVID-19 Relief Fund Program has granted over $32 million to date and offered financial guidance and other business support to more than 2,000 small businesses across our footprint. Since March 2020, the Wells Fargo Foundation has accelerated more than $25 million to 150 community organizations serving small businesses impacted by the pandemic.
“In a time of crisis like this, small businesses, especially those in low-income neighborhoods may be hit the hardest,” said LiftFund President & CEO, Janie Barrera. “We’re so grateful to work with Wells Fargo. They are outstanding community partners whose generous support will enable us to help even more businesses through this crisis, and not just small businesses but the most vulnerable and often underserved communities.”