Wells Fargo Pledges up to $20 Million to Support New York Economic Recovery Efforts
July 23 2020 - 09:00AM
Business Wire
The New York Forward Loan Fund delivers loans to small
businesses, nonprofits, and small landlords affected by the
COVID-19 pandemic
The fund supports minority- and women-owned businesses, and
landlords who own small multifamily properties in low- and
moderate-income communities
Wells Fargo & Company (NYSE: WFC) announced today that it
pledged up to $20 million to support the New York Forward Loan Fund
(NYFLF), an economic revitalization program across New York State.
Initiated by New York Governor Andrew Cuomo, NYFLF is aimed at
helping small businesses, nonprofits, and small landlords as they
reopen following the COVID-19 pandemic. The fund purchased its
first loans in July after pre-applications opened on May 26. A
total of $100 million is expected to be available through NYFLF,
which Wells Fargo is supporting along with other financial
institutions and partners. Wells Fargo’s commitment to NYFLF is the
largest announced to date.
NYFLF emphasizes supporting minority- and women-owned businesses
and landlords who own small, multifamily properties in low- and
moderate-income communities. The loans are intended to help with
upfront costs related to reopening, such as inventory, marketing,
or refitting for social distancing. Five Community Development
Financial Institutions (CDFIs) are processing applications. NYFLF
has funded 19 loans across 11 counties totaling $602,103, according
to data through July 20. The average loan amount was $31,690.
Seventeen loans were distributed to women- or minority-owned
businesses and one loan was distributed to a veteran-owned
business. They went to businesses including childcare centers, a
bakery, a construction firm, health care services, and an
agriculture firm.
“As the largest provider of affordable housing debt and equity
in New York City and New York State, Wells Fargo is pleased to
support this important initiative that offers much-needed credit to
small businesses, landlords, and nonprofits across the entire state
that has been hardest hit by the current environment,” said Alan
Wiener, head of Multifamily Capital for Wells Fargo Commercial Real
Estate.
“Among those participating in this critical program, we are
proud to be the largest lender with a commitment of up to $20
million,” said Vince Toye, head of Community Lending and Investment
for Wells Fargo Commercial Real Estate. “Since the beginning of the
health crisis, Wells Fargo has provided substantial credit and
liquidity to our customers, and support to the communities where we
work, to help them weather these uncertain times. NYFLF aligns with
our commitment to helping our customers and communities during the
pandemic.”
Wells Fargo’s role is limited to funding the program. NYFLF was
established with support from Calvert Impact Capital, Local
Initiatives Support Corporation (LISC), and Community Reinvestment
Fund, USA. More information about NYFLF is available online at
www.esd.ny.gov/nyforwardloans. More information about Wells Fargo’s
COVID-19 response is available online at
www.wellsfargo.com/coronavirus.
Wells Fargo’s support of NYFLF aligns with its efforts to assist
customers and communities impacted by COVID-19, including the
following initiatives:
- Partnering with Feeding America to provide 50 million meals in
response to the growing demand for food.
- Donating all processing fees from the Paycheck Protection
Program (PPP) — approximately $400 million — to help small
businesses. The Open for Business Fund will engage nonprofits to
help small businesses keep their doors open, retain employees, and
rebuild, with an emphasis on those hardest hit by the
pandemic.
- Helped approximately 179,000 small businesses receive PPP
funding, totaling $10.1 billion. More than 84% of the loans went to
businesses with fewer than 10 employees, with an average loan size
of $56,000.
- Providing funding to more than 1,100 nonprofits to assist with
critical housing needs, including helping more than 100,000 renters
and homeowners stay in their homes.
- Donating $175 million to support economic recovery for
communities and vulnerable populations through the Wells Fargo
Foundation.
- Helped more than 2.7 million consumer, small business, and
commercial customers by deferring approximately 2.5 million
payments, representing more than $5 billion of principal and
interest payments, and provided more than 6 million fee waivers
exceeding $200 million through June 30.
- Providing more than $17 million in relief to struggling
self-employed and small business owners through philanthropic
capital provided to nonprofit organizations and CDFIs that serve
diverse entrepreneurs, including a $1 million grant to Opportunity
Fund to seed a $50 million small business relief fund.
- Offering fee waivers, payment deferrals, and other expanded
assistance for checking and savings account, credit card, auto,
mortgage, small business, and personal lending customers who
contact us in need of assistance.
- Expanding free virtual financial coaching through grants to
nonprofits serving diverse communities, people with disabilities,
and other vulnerable populations.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.97 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,300 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 31 countries and territories to support customers who
conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2020 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
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Hannah Sloane, 347-802-5942 hannah.sloane@wellsfargo.com Kelly
Reilly, 314-797-9701 kelly.reilly@wellsfargo.com
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