Wells Fargo has created a $400 million fund to donate fees it collected from the Paycheck Protection Program to minority-owned small businesses.
The bank’s Open for Business Fund aims to work with nonprofit organizations “to provide capital, technical support, and long-term resiliency programs” to these and other entrepreneurs, it said Thursday.
Through June 30, Wells Fargo has processed close to 180,000 PPP loans tied to some $400 million in fees; the average loan size is $56,000.