Wells Fargo has selected Lancaster-based Community First Fund to receive a $3 million grant as part of its Open for Business Fund, a nationwide small business recovery effort.
Wells Fargo has awarded a $3 million grant to the Lancaster-based Community First Fund, which will use the money to launch a new program, the âRebuilding Communities Loan Fund.â
By using dollars from Wells Fargoâs âOpen for Business Fund,â the new Community First Fund program initially will target the Community First Fundâs existing small-business clients that incurred losses during the pandemic, giving them access to low-cost capital to rebuild their businesses.
Lending efforts will be focused on businesses that add to the vibrancy of their communities such as restaurants, stores, child care centers, barbershops/salons, grocery stores and bodegas, according to the Community First Fund.