Wells Fargo Small Business Growth Program: Is it Right for your Small Business?

Your small business is ready for the next big leap, but a funding issue is holding you back. It's a common story, one that the Wells Fargo Small Business Growth Program aims to solve. This program is designed to help expanding companies bridge financing gaps that can stall progress. Read on if you can relate to that.

This guide covers the program's structure, who qualifies, and the application process. We also explain how Wise can help manage your finances efficiently as your business grows.

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Key Takeaways

What is the Wells Fargo Small Business Growth Program?

This program is a philanthropic initiative from the Wells Fargo Foundation. Its primary goal is to support small businesses poised for growth but facing challenges in securing traditional financing.

Wells Fargo committed $20 million to its "Open for Business Growth" program. The funds are distributed as grants to non-profit organizations that then provide capital and technical assistance to small businesses. Understanding these program specifics is key to a successful application and can save you valuable time.

Who is the Wells Fargo Small Business Growth Program For?

The program is for established small businesses in the United States that are ready to scale. The ideal candidate has a clear growth plan but has encountered a "financing gap." This gap occurs when a business cannot secure sufficient capital from conventional lenders.

The program targets businesses moving beyond the startup phase into expansion. This could include entering new markets or scaling operations. Applying to the right funding source saves valuable time and resources.

How Does the Wells Fargo Small Business Growth Program Work?

The program operates through an intermediary model. Wells Fargo provides grants to non-profit organizations, such as Community Development Financial Institutions (CDFIs). These partners are responsible for distributing the funds to eligible small businesses.

Businesses apply directly to a participating non-profit, not to Wells Fargo. These non-profits often provide more than just capital. They may offer technical assistance, coaching, and other resources to support business growth.³ For example, the ICA Fund in San Francisco received funds to provide both capital and advisory support to growing companies.⁴

What Are the Requirements to Apply?

The non-profits themselves must meet Wells Fargo's eligibility criteria, such as having 501(c)(3) status. For the small business, the focus is on demonstrating a viable growth strategy and a clear need for funding. Having organized financial documentation, like that facilitated by a Wise Business account, can streamline the application process.⁵

Application requirements are set by the intermediary non-profit organizations, but business owners should be prepared with standard documentation:

• Business plan — demonstrating a viable growth strategy and a clear need for funding
• Recent financial statements — organized financial records that show the health and trajectory of the business
• Tax returns — typically required to verify revenue history and business legitimacy
• Proof of business registration — confirming the business is legally operating in the U.S.

The non-profits themselves must meet Wells Fargo's eligibility criteria to participate in the program, which include the following:

• 501(c)(3) tax-exempt status (or qualification as a governmental agency, tribal entity, or public school)
• Demonstrated fiscal and administrative stability
• Active delivery of services that address critical community needs

Having organized financial documentation, like that facilitated by a Wise Business account, can streamline the application process when working with your local intermediary organization.

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Wise Business Could Help Your Company Save on Global Payments

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How to Apply for the Grant

Step 1: Identify Participating Non-Profit Organizations

The first step is to find a non-profit partner in your region. Wells Fargo grants are awarded to organizations across the country, so partners vary by location. Research local CDFIs and small business development centers that have relationships with the Wells Fargo Foundation.

Step 2: Assess Your Business's Readiness and Fit

Review the non-profit's specific program goals and eligibility criteria. Your business's growth plan must align with its objectives. Ask key questions: Does my plan address a specific financing gap? Can I clearly articulate how these funds will generate growth?

Step 3: Prepare Your Application Materials

Gather all required documents. This usually includes:

• A comprehensive business plan outlining your growth strategy.
• Profit and loss statements, balance sheets, and cash flow statements.
• Business and personal tax returns.
• Legal documents, such as articles of incorporation.

Step 4: Submit Your Application and Follow Up

Submit your application through the non-profit's designated portal or process. Timelines for review can vary, so it is important to follow up professionally. Avoid assuming a quick decision, as the review process can be thorough.

What Kind of Growth Can This Program Support?

The funding is intended to support tangible expansion activities, including:

• Hiring key personnel to strengthen operations and support scaling
• Purchasing new equipment to increase production capacity or service delivery
• Investing in technology to improve efficiency and reduce overhead
• Acquiring additional inventory to meet growing customer demand
• Expanding into new geographic markets to broaden the customer base

Funds can also be deployed at the community level to strengthen local economies. For example, a $6 million philanthropic investment by Wells Fargo in West Charlotte directed grants to six nonprofits focused on housing, workforce training, and small-business growth, demonstrating how such funding can revitalize underserved communities.⁶

How to Find a Partner

Since you cannot apply through a Wells Fargo branch, your first step is identifying the right intermediary:

• Search for Local CDFIs: Use the CDFI Fund's locator tool to find institutions in your region.
• Inquire About Wells Fargo Funding: Specifically ask if they are recipients of the "Open for Business Growth" or "Open for Business Fund" grants.
• Check Small Business Development Centers (SBDCs): These centers often act as technical assistance partners for these grant programs.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to 140+ countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

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Final Thoughts

Successfully leveraging a program like this requires preparation and a clear strategy. For businesses expanding internationally, managing cross-border payments efficiently is a crucial part of that strategy. A Wise Business account provides the tools to pay international suppliers, get paid by overseas clients, and manage currencies at the mid-market rate. It helps your business operate globally with less complexity and lower costs. Take control of your international finances and make your next move a smart one.

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Frequently Asked Questions (FAQs)

Is the Wells Fargo Small Business Growth Program a grant or a loan?

The program operates primarily through grants from Wells Fargo to non-profit organizations. These non-profits may then offer grants, flexible loans, or other forms of capital to small businesses, depending on their individual program structure.

What is the difference between the Open for Business Fund and Open for Business Growth?

The Open for Business Fund is a broader, long-term philanthropic initiative by Wells Fargo.⁷ The Open for Business Growth program is a specific $20 million component of that fund, launched to provide capital for businesses ready to expand.

How much funding can a small business receive from Wells Fargo?

The amount a business can receive is not fixed. It depends on the business's specific needs, its growth plan, and the funds available from the intermediary non-profit partner. The total program initiative is $20 million.

Can businesses outside the US apply for the Wells Fargo Small Business Growth Program?

No, the program is for small businesses located and operating within the United States.

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Sources:

1. Wells Fargo Launches $20 Million Open for Business Growth Program | Wells Fargo
2. Grant Process | Wells Fargo
3. New Program for Small Businesses | Wells Fargo
4. ICA Fund Announces $2.25 Million in New Funding | Yahoo
5. Grant Process and Eligibility Requirements | Wells Fargo
6. Wells Fargo Helps Drive Growth in West Charlotte with $6 Million | Morningstar
7. Wells Fargo Foundation: Open for Business Fund - Technical Assistance Program | The Grant Plant