Wells Fargo on Tuesday (April 19) announced the launch of what it is calling its “Small Business Resource Navigator.”
The service, according to the San Francisco bank, will let small business owners complete brief questionnaires online and then connect with appropriate community development financial institutions, or CDFIs.
“As the uncertainties of the COVID-19 pandemic persist, small businesses continue to need our help,” Derek Ellington, head of small business at Wells Fargo, said in a prepared statement. “We see a lot of value in supporting a resource like this to help small businesses connect to as many options as possible.”
Ellington said the service will be “a major time-saver for business entrepreneurs.”
Wells Fargo stated in the announcement that since 2015, it has provided “more than $500 million in philanthropic grants and investments in CDFIs that help underserved small businesses.”
“They are an important part of our financial ecosystem embedded in communities across America providing small businesses in need with capital and other assistance they may not otherwise qualify for through traditional financing,” the announcement continued.
See also: Wells Fargo Partners With Operation HOPE to Foster Inclusion for Unbanked
Patrick Davis, senior vice president of strategy at Community Reinvestment Fund, USA, stated in the announcement: “This support is extremely timely as it helps connect small businesses with CDFIs who can potentially provide them access to funding and resources that will help owners get back on their feet.”
CDFIs are financial institutions involved in certain types of lending in low-income areas. They can range from banks, to credit uions, to microloan funds to venture capital funds.