The company is committed to donating approximately US $ 420 million in gross PPP processing fees; helps keep over 1.7 million Americans in jobs
SAN FRANCISCO, June 29, 2021– (BUSINESS WIRING) – Wells Fargo today announced that it has provided approximately 282,000 Payroll Protection Program (PPP) loans in 2020 and 2021 to support small businesses struggling to weather the COVID-19 pandemic. Loans totaled nearly $ 14.0 billion, helping to keep 1,739,000 Americans working. The average customer loan amount was $ 50,000, the lowest of any major financial institution *, and 42% of loans were to small businesses in low- and middle-income areas or areas that are historically underserved.
This press release contains multimedia material. You can watch the full issue here: https://www.businesswire.com/news/home/20210629005655/en/
A small business owner, a man, holds a sign that reads “Come in, we are open.” (Photo: Wells Fargo)
In its work with PPP since April 2020, Wells Fargo reported:
282,000 PPP-funded loans totaling nearly $ 14.0 billion help keep 1,739,000 Americans working.
$ 50,000 – the average loan size, the lowest among all large financial institutions *
95% of loans were less than USD 150,000.
79% of loans were less than US $ 50,000.
95% of loans were provided to companies with less than 20 employees.
85% of loans were provided to companies with less than 10 employees.
42% of loans were to small businesses in low- and middle-income areas or areas that have historically been underserved.
Created by Wells Fargo Open for Business FoundationSmall business recovery efforts currently stand at approximately $ 420 million, pledging to donate all gross processing fees from PPP loans funded in 2020.
“Our goal from the beginning of PPP was to help as many small businesses as possible as they are a vital part of our economy and we admire the unwavering resilience and tenacity they have shown over the past year,” said Mary. Mack, CEO of Wells Fargo Consumer and Small Business Banking. “As soon as the CARES Act was signed announcing the PPP, our team immediately took action. In addition to the teams that work with small businesses on a daily basis, we have recruited thousands of Wells Fargo employees from across the company who quickly jumped in to help clients obtain PPP loans. PPP was indeed a collaborative effort between Wells Fargo and that spirit continues today as we continue to support these small businesses on their path to recovery. ”
Supporting a variety of small businesses outside of PPPs
Support for small businesses has expanded over the past year through PPPs. Wells Fargo provided housing to nearly 50,000 small business clients in 2020 with a total of $ 143 million in deferred payments. Overall, the Open for Business Foundation is expected to help Community Development Financial Institutions (CDFIs) and nonprofits provide $ 1 billion in available funding and 7.5 million hours of technical assistance for small business owners to help narrow the gap in rent, utilities. and remuneration of employees. with access to experience to adapt your business to the future. Until May 31, 2021, the Open for Business Foundation helps maintain the planned 90,000 jobs.
Wells Fargo 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 promoting inclusive recovery. Since then, 13 JIs have received equity investments.
And through the Wells Fargo campaign “We made our way. Together”, small business owners who need support can visit www.wellsfargo.com/toght to read tips and ideas on how to weather the storm, and to identify funding options and resources that may be needed in the coming months. The site also features inspiring resilience stories from others who managed to keep their doors open during one of the worst economic downturns in history.
* US Small Business Administration
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company with approximately $ 1.9 trillion in assets and proudly serving one in three households in the United States and over 10% of all SMEs in the United States. a suite of banking, investment and mortgage products and services, and consumer and commercial finance across our four reportable operating segments: consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management. Wells Fargo was ranked 30th in America’s Fortune 2020 ranking of largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting affordable housing, small business growth, financial well-being, and a low-carbon economy. Wells Fargo news, ideas and perspectives are also available online Wells Fargo Stories…
Cautionary note regarding forward-looking statements
This press release contains forward-looking statements about our future financial performance and business. Since forward-looking statements are based on our current expectations and assumptions about the future, they are subject to internal risks and uncertainties. Do not rely excessively on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements are valid only as of the date they were made, and we are not committed to updating them to reflect changes or events that occur after that date. For information on factors that could cause actual results to differ materially from our expectations, please refer to our filing with the Securities and Exchange Commission, including a discussion of Forward-looking Statements in Wells Fargo’s most recent quarterly report on Form 10-Q as and other Wells Fargo filings with the Securities and Exchange Commission, including the discussion in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2018, available at his website at www.sec.gov…
Press Release Category: WF-SB
See the original version at businesswire.com: https://www.businesswire.com/news/home/20210629005655/en/
Allison Weil, 704-770-8374