Wells Fargo's* Open for Business Fund—established with $420 million in Paycheck Protection Program processing fees—provided a lifeline to struggling small businesses during the pandemic. By offering flexible grants to over 200 nonprofits, including, the fund enabled them to provide crucial financial and technical assistance to 336,000 underestimated entrepreneurs, preserving and creating over 461,000 jobs.
Lila Owens, founder of Cupcakin' Bake Shop, partnered with ICA, a CDFI that employs venture capital tools alongside traditional debt financing to foster long-term success and community wealth building in the San Francisco Bay Area. ICA was one of 200 organizations that received a grant from the Wells Fargo OFB Fund. In 2022, ICA made a $600,000 equity investment in Cupcakin' Bake Shop to help Owens expand to more locations.
Before the pandemic, MoFi typically served around 50 to 100 businesses annually, offering loans averaging $150,000 alongside technical assistance to help borrowers achieve long-term financial stability and qualify for bank loans.