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Wells Fargo is making good on its promise to help underserved communities.
On Monday, the bank announced it is giving a grant of $1 million to the Trenton Regional Business Assistance Corp. and a grant of $500,000 to the Camden-based Cooperative Business Assistance Corp. The grants are part of the Wells Fargo Open for Business Fund, which was created last year.
The organizations will use the grants to provide low-interest loans to small businesses that — for a variety of reasons — lacked the access to such capital.
Tomas Porturas, vice president of social impact and sustainability, said Wells Fargo hopes the funding will help underserved small businesses in Trenton and South Jersey stay open and preserve jobs through short- and long-term COVID-19 resiliency efforts. It also will expand microlending activities and programming for diverse business owners.
“Wells Fargo’s Open for Business Fund is another avenue of support and enlists the expertise of our CDFI partners to urgently help diverse South Jersey entrepreneurs recover and preserve the jobs they provide in their communities,” he said. “The funding will provide much-needed access to capital with increased equity in resources and technical assistance for local businesses, which are the backbone of our local economies and neighborhoods.”
New Jersey grantmakers devote significant resources – both intellectual and financial – to many of the same focus areas as the Department of Community Affairs. Some of CNJG’s members invest almost exclusively in programs related to housing, neighborhood revitalization, and community development.
On June 10, join Commissioner Suárez of the New Jersey Department of Community Affairs for a candid discussion focusing on current priority areas within NJDCA and possible opportunities for New Jersey’s philanthropic community to partner with state government on areas of mutual concern.
This is an excellent opportunity for funders to share knowledge, insights, and best practices that can help to inform the public sector's strategies for addressing key issues facing the state.
Cost: Free for CNJG Members, $95 for Non Member Grantmakers.
A light lunch will be served.
Commissioner Jacquelyn Suárez – Bio
About the Department of Community Affairs (DCA)
DCA 2024 Press Releases
This publication is focused on building an organization’s collaboration muscles. It offers guidance on steps grantmakers and nonprofits can take to adopt a "collaborative mindset" and align values and practice so they can be better partners in collaboration. It is based on research and interviews with grantmakers, nonprofit leaders, technical assistance providers and thought leaders from 2013 through 2015.
Recognizing that small businesses and entrepreneurs generate jobs, create diverse communities and are vital to prosperous cities, JPMorgan Chase announced this week that it is providing more than $1.5 million to four nonprofit organizations in New Jersey.
The goal, JPMorgan Chase officials said, is to help support diverse entrepreneurs and increase their access to capital, mentorship, technical assistance and other critical resources needed for business growth and scale.