Wells Fargo officials on Nov. 8 announced a $500,000 grant for San Antonio nonprofit LiftFund during a retirement celebration for LiftFund CEO Janie Barerra. The grant will help provide capital to fledgling small, local businesses.
What happened
According to a news release, the donation is from the Wells Fargo Foundation and will support LiftFund’s Interest Buy-Down program by providing 60 small businesses with 0% interest on loans.
The grant will also provide eligible small-business owners with tools to:
- Achieve significant savings and grow job opportunities in their communities
- Better forecast monthly expenses and achieve a more manageable cash flow
- Improve business profitability and the ability to build wealth without worrying about soaring loan payments
Digging deeper
Wells Fargo officials attending Barerra’s retirement celebration said they are committed to helping small businesses grow and thrive, adding that entrepreneurs are vital to local communities and the national economy.
Wells Fargo officials said interest buy-down support will both ensure a more level playing field for underfunded and low-income business owners, and enhance the path of business growth during the pandemic for San Antonio's women, veterans and people of color in the long run.
