Earlier this month, officials with the Houston Fund for Social Justice and Economic Equity and Wells Fargo announced the allocation of $5 million in grant funding for the first class of small businesses and nonprofits as part of the partnership’s Open For Business program.
This grant program was established with a $20 million investment from Wells Fargo’s Open for Business Fund, which will contribute more than $420 million in capital to small businesses across the nation in response to the COVID-19 pandemic. Most of the businesses to receive grants as part of this fund are owned by people of color.
Houston’s Equity Fund and Wells Fargo received more than 2,500 applicants for the 2022 cycle and will be awarding 219 grants in total as part of the first round. Grants range from $10,000 to $65,000 each. This is the first of multiple rounds of grants to be awarded over a three-year period. Funding from the program will reach an estimated 500 small businesses and nonprofits in Houston during its duration.
The next application for small businesses and nonprofits to apply for grants will open in 2023. For more information, visit their website.