Wells Fargo & Company has announced a $20 million pledge in support of economic revitalization efforts across New York State.
As COVID-19 cases in the state continue to fall, the commitment will support the efforts of the New York Forward Loan Fund (NYFLF) to assist small businesses, nonprofits, and landlords in reopening, with a focus on minority- and women-owned businesses and landlords who own small, multifamily properties in low- and moderate-income communities. Established with support from Calvert Impact Capital, Local Initiatives Support Corporation, and Community Reinvestment Fund, USA, NYFLF provides loans to help defray upfront costs such as inventory, marketing, and social distance retrofitting.
"Among those participating in this critical program, we are proud to be the largest lender, with a commitment of up to $20 million," said Vince Toye, head of community lending and investment for Wells Fargo Commercial Real Estate. "Since the beginning of the health crisis, Wells Fargo has provided substantial credit and liquidity to our customers and support to the communities where we work to help them weather these uncertain times. NYFLF aligns with our commitment to helping our customers and communities during the pandemic."