Nearly all Texas businesses saw a decline one year ago. Today, many are getting back to business, but some are having a harder time to recover. Such is the case with female and minority-owned businesses, 58% of which report being concerned about their viability.
With this problem in mind Wells Fargo launched its Open For Business Fund. To date, the fund has deployed over $84 million in philanthropic capital to Community Development Financial Institutions across the country.
Most recently, in Texas, Wells Fargo invested $500,000 in JUST, a non-profit financial platform working to close the racial wealth gap by investing in ambitious Texas women through capital, peer coaching and community.
“We believe that one of the most effective ways to help our state recover from the pandemic is to arm Texas women with what they need to succeed.” said Haydee Moreno, COO of JUST.
JUST provides trust-based loans that support women who are trying to achieve financial health or grow a business. They are not asked for collateral or credit scores. The only requirement is to join the program with a partner that will support them with their goals and payments along the way.
The non-profit currently serves over 800 women in Austin and Dallas. JUST will use the grant to further expand its services in these cities, and also, to start serving women in Houston, El Paso and San Antonio.
Media contact: Carola Guerrero De León – (956)-624-9772