In September, Wells Fargo announced approximately $8.5 million in grants from its Open for Business Fund to help the Chicago small business community pivot from surviving to thriving. CCLF was named a recipient of one of the grants, which will help increase access to capital with low-rate loans for women and diverse entrepreneurs, and provide access to experts and other resources that can help grow their real estate business.

Wells Fargo’s Open for Business Fund distributed grants to CCLF and four Chicago-based nonprofits and Community Development Financial Institutions (CDFIs). “Chicago is resilient, but the profound effects of the lingering pandemic mean public and private sectors need to come together to invest in an inclusive recovery,” said Patrice DeCorrevont, commercial banking market leader for Wells Fargo. “Through the Open for Business grants, we’re enlisting the expertise of nonprofits and CDFIs so we can offer a mix of resources and support systems that can help small business owners emerge from the pandemic stronger and more resilient.”

CCLF will offer low-cost capital and other resources to social enterprises and small real estate development businesses owned by women and people of color. “As our communities emerge from the pandemic, small real estate developers and social enterprises will need access to low-cost capital more than ever to expand and launch new projects that will bring needed amenities and jobs to the neighborhoods,” said Bob Tucker, Chief Operating Officer and Executive Vice President of Programs of CCLF. “The Open for Business Fund will help accelerate CCLF’s ability to deliver resources to these small businesses and help build wealth in the community.”