SPRINGFIELD, Mass. (WWLP) – Wells Fargo has announced that Common Capital, a Community Development Financial Institution (CDFI), has received $500,000 from its Open for Business Fund to help small businesses impacted by the economic struggles caused by COVID-19.

The funding will aid the CDFI’s recovery efforts including micro-lending activities, one-on-one coaching, digital marketing training, and effective adaption to a COVID-19 economy.

Common Capital will use the Wells Fargo grant to expand its existing lending initiative in collaboration with the City of Springfield’s Office of Planning and Economic Development.

The Springfield Small Business Loan program offers lending capital, which can be partially forgiven, to small businesses seeking to recover and adapt to a COVID-19 economy.  Common Capital will also use the Open for Business Fund grant to reduce borrowing costs for historically underserved business owners.

For more information visit www.commoncapitalma.org.

“This grant supports our ability to provide low-cost loans to businesses that face barriers to growth and success, especially during the COVID-19 pandemic. We are very grateful for the generous support of Wells Fargo; their funding will help our region’s businesses to be resilient in this challenging environment and will have a long-term, positive impact on our local economy,” said Raymond Lanza-Weil, President of Common Capital.

Wells Fargo launched the Open for Business Fund in 2020 as an approximately $400 million small business recovery effort across the U.S. to help entrepreneurs recover and rebuild. 

“The funding will provide much-needed access to capital with increased equity in resources and technical assistance for local businesses who are the backbone of our local economies and neighborhoods,” said Ben Leonard, senior vice president of Wells Fargo Commercial Banking.