Lakota Funds is pleased to announce a $2,000,000 grant award from Wells Fargo’s Open for Business Fund program, which was launched to provide relief to the nation’s small business sector in the midst of the COVID-19 pandemic. Wells Fargo is donating roughly $420 million to help small businesses impacted by COVID-19 keep their doors open, retain employees, and rebuild.
“We are grateful for Wells Fargo’s commitment to small businesses and look forward to providing capital and resources to our clients. These funds will provide critical support to Native American business owners,” said Tawney Brunsch, Executive Director of Lakota Funds.
In order to preserve the Pine Ridge Reservation area’s economic momentum, Lakota Funds plans to deploy $1.5 million of the award as low-interest loans to approximately 100 businesses. The remainder of funds will be utilized to provide a combination of grants and intensive technical assistance to businesses that are struggling as a result of the COVID-19 pandemic.
“By providing financial resources and customized services tailored to meet the needs of our small businesses, we can ensure they will keep their doors open for business during the pandemic and beyond,” said Brunsch.