Wells Fargo Makes $20 Million Contribution To Help Minority Businesses In South Florida

MIAMI (CBSMiami) - Wells Fargo is supporting small businesses in South Florida with a multi-million dollar donation, focusing on ethnically diverse owners who have been disproportionately affected by the pandemic.

"I was born and raised in Miami, had a government job, the government downsized and I had to recreate and feed my girls," Sherronda Daye, Sweet Jalane's and Company Owner.

Daye's company was born out of necessity, first, operating from her own kitchen.

"For me, it was relationships I went back to the job to the job I had, to my friends, we were both in the same game the day before, and I said this is what I'm doing now, can you try it, tell me if you like it?" she asked.

For about ten years business was growing then the pandemic slowed down orders, so Daye collected extra food from farms, and created a new project, Defense Tea.

"I loaded up my van with whatever they were giving away."

Now she's in need of her own space to continue making all her goods, but coming up with money upfront is a huge hurdle for small business owners like her.  That where Well Fargo is stepping in to help.

"Our point of view was how we're going to aid small businesses especially in diverse communities that weren't able to get funding through PPP," Charlie Scharf, Wells Fargo CEO said.

Scharf announced the banking firm is donating $20 million to help small businesses through the Miami Foundation.

"My hope is that a donation like this will find its way down to somebody like me, I'm somebody's mother, I'm somebody's sister, I'm somebody's friend and I need money to make these moves," Daye said.

Portions of past donations to the Open Business grant have helped to secure cultural ties. New Century Dance Company during the pandemic needed legal help to write new contracts so they would not be left hanging out to dry when clients canceled last minute.

"We were creating our own contracts that served for 22 years," Alexandra Sliva, owner said.

Legal fees run from hundreds to thousands, something a small business owner like Sliva struggled to afford.

"The party or the event or the fundraiser decided not to do because they were afraid that there was an outbreak," she explained.

It's hoped with the money, small businesses like Sliva and Daye's will stay running for much longer and take root within the community