The NorCal Small Business Development Center (NorCal SBDC) has been awarded a $350,000 grant for its Inclusivity Project by Wells Fargo. This funding is set to enhance the project's ability to facilitate collaborations, provide no-cost mentorship, workshops and more.
According to the project's website, the Inclusivity Project was born out of the COVID-19 pandemic and its impacts on Black businesses. The crisis led to the closure of approximately 440,000 Black-owned businesses. The Inclusivity Project aims to address issues related to human, financial, and social capital that pose challenges for Black business owners.
Wells Fargo's grant is part of its broader efforts to promote diversity and inclusion within the business sector. As per a press release dated February 14 announcing the grant funding for NorCal SBDC, this initiative forms part of an intentional focus on broadening access to resources for diverse small businesses.
Kären Woodruff, Senior Vice President of Philanthropy and Community Impact at Wells Fargo stated: "Wells Fargo is excited to support programs that enable diverse entrepreneurs to acquire tangible business assets so that they can grow and scale their businesses. As these businesses expand, they can hire local employees and strengthen our community."
NorCal SBDC offers a range of services for entrepreneurs and business owners including confidential one-on-one advertising advice free of charge; training; access to capital; education on various areas such as advertising, trademarks, website strategy, lead acquisition among others. The organization works with a wide array of businesses from healthcare providers to fine art galleries and yoga studios. It also features an international trade program as well as a program dedicated to aiding restaurant owners.
Over two years, NorCal SBDC has assisted business owners in creating over 7,000 new jobs, launching more than 1,300 ventures and accessing over $1.2 billion in capital according to information provided on its website.
Kristin Johnson, the executive director of NorCal SBDC, expressed her enthusiasm: "We are thrilled to gather this remarkable group committed to equitable change. The Inclusivity Project's impact goes beyond funding; it's about building connections, boosting confidence, and breaking down barriers for diverse small businesses. We invite everyone to join us in furthering this vital mission."