{"id":44046,"date":"2024-07-24T19:39:23","date_gmt":"2024-07-24T19:39:23","guid":{"rendered":"https:\/\/miamifoundation.org\/?p=44046"},"modified":"2025-07-07T19:49:52","modified_gmt":"2025-07-07T19:49:52","slug":"covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky","status":"publish","type":"post","link":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/","title":{"rendered":"Covid-era program busts myth that funding lower-income businesses is risky"},"content":{"rendered":"

Four years ago this month, Wells Fargo created the Open for Business Fund by voluntarily donating all processing fees earned from Paycheck Protection Program (PPP) loans made in 2020 to provide grants to Community Development Financial Institutions and other nonprofits positioned to help small businesses manage the economic effects of Covid-19<\/span>. The OFB grants provided much-needed capital, technical assistance, and long-term recovery and resiliency support, with a focus on small businesses owned by racially and ethnically diverse people, especially the Black-, African American-, Hispanic-, Native American- and Asian American-owned small businesses that were among the hardest hit by the pandemic..<\/span>.. read more on The Business Journals<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Four years ago this month, Wells Fargo created the Open for Business Fund by voluntarily donating all processing fees earned from Paycheck Protection Program (PPP) loans made in 2020 to provide grants to Community Development Financial Institutions and other nonprofits positioned to help small businesses manage the economic effects of Covid-19. The OFB grants provided much-needed capital, technical assistance, and … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":44047,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[72],"tags":[469],"coauthors":[118],"class_list":["post-44046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-miami-open-for-business"],"acf":[],"yoast_head":"\nCovid-era program busts myth that funding lower-income businesses is risky | The Miami Foundation<\/title>\n<meta name=\"description\" content=\"A new program offers grants and other sources of support to help businesses willing to work together to get the financing needed to build, grow and expand. The program is changing communities and helping families to build generational wealth with entrepreneurship... read more on NBC 6 South Florida.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Covid-era program busts myth that funding lower-income businesses is risky | The Miami Foundation\" \/>\n<meta property=\"og:description\" content=\"A new program offers grants and other sources of support to help businesses willing to work together to get the financing needed to build, grow and expand. The program is changing communities and helping families to build generational wealth with entrepreneurship... read more on NBC 6 South Florida.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/\" \/>\n<meta property=\"og:site_name\" content=\"The Miami Foundation\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-24T19:39:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-07T19:49:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/07\/Purple-Orchid-Smoothie-Bar.png\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"506\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"The Miami Foundation\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Miami Foundation\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/\"},\"author\":{\"name\":\"The Miami Foundation\",\"@id\":\"https:\/\/miamifoundation.org\/#\/schema\/person\/7aabe20d81fe877e666bca13132e5519\"},\"headline\":\"Covid-era program busts myth that funding lower-income businesses is risky\",\"datePublished\":\"2024-07-24T19:39:23+00:00\",\"dateModified\":\"2025-07-07T19:49:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/\"},\"wordCount\":115,\"publisher\":{\"@id\":\"https:\/\/miamifoundation.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/07\/Purple-Orchid-Smoothie-Bar.png\",\"keywords\":[\"Miami Open For Business\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/\",\"url\":\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/\",\"name\":\"Covid-era program busts myth that funding lower-income businesses is risky | The Miami Foundation\",\"isPartOf\":{\"@id\":\"https:\/\/miamifoundation.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/07\/Purple-Orchid-Smoothie-Bar.png\",\"datePublished\":\"2024-07-24T19:39:23+00:00\",\"dateModified\":\"2025-07-07T19:49:52+00:00\",\"description\":\"A new program offers grants and other sources of support to help businesses willing to work together to get the financing needed to build, grow and expand. The program is changing communities and helping families to build generational wealth with entrepreneurship... read more on NBC 6 South Florida.\",\"breadcrumb\":{\"@id\":\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#primaryimage\",\"url\":\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/07\/Purple-Orchid-Smoothie-Bar.png\",\"contentUrl\":\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/07\/Purple-Orchid-Smoothie-Bar.png\",\"width\":900,\"height\":506,\"caption\":\"Purple Orchid Smoothie Bar\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/miamifoundation.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Covid-era program busts myth that funding lower-income businesses is risky\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/miamifoundation.org\/#website\",\"url\":\"https:\/\/miamifoundation.org\/\",\"name\":\"The Miami Foundation\",\"description\":\"For A Greater Miami\",\"publisher\":{\"@id\":\"https:\/\/miamifoundation.org\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/miamifoundation.org\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/miamifoundation.org\/#organization\",\"name\":\"The Miami Foundation\",\"url\":\"https:\/\/miamifoundation.org\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/miamifoundation.org\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/05\/TMF_Logo_yoast.jpg\",\"contentUrl\":\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/05\/TMF_Logo_yoast.jpg\",\"width\":696,\"height\":696,\"caption\":\"The Miami Foundation\"},\"image\":{\"@id\":\"https:\/\/miamifoundation.org\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/miamifoundation.org\/#\/schema\/person\/7aabe20d81fe877e666bca13132e5519\",\"name\":\"The Miami Foundation\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/miamifoundation.org\/#\/schema\/person\/image\/4788241ae56ef0206c040e3773b9fba5\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/880cb705a3d8704092e5b18316be916f810e3dbecbde17c44e146567202587a9?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/880cb705a3d8704092e5b18316be916f810e3dbecbde17c44e146567202587a9?s=96&d=mm&r=g\",\"caption\":\"The Miami Foundation\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Covid-era program busts myth that funding lower-income businesses is risky | The Miami Foundation","description":"A new program offers grants and other sources of support to help businesses willing to work together to get the financing needed to build, grow and expand. The program is changing communities and helping families to build generational wealth with entrepreneurship... read more on NBC 6 South Florida.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/","og_locale":"en_US","og_type":"article","og_title":"Covid-era program busts myth that funding lower-income businesses is risky | The Miami Foundation","og_description":"A new program offers grants and other sources of support to help businesses willing to work together to get the financing needed to build, grow and expand. The program is changing communities and helping families to build generational wealth with entrepreneurship... read more on NBC 6 South Florida.","og_url":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/","og_site_name":"The Miami Foundation","article_published_time":"2024-07-24T19:39:23+00:00","article_modified_time":"2025-07-07T19:49:52+00:00","og_image":[{"width":900,"height":506,"url":"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/07\/Purple-Orchid-Smoothie-Bar.png","type":"image\/png"}],"author":"The Miami Foundation","twitter_card":"summary_large_image","twitter_misc":{"Written by":"The Miami Foundation","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#article","isPartOf":{"@id":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/"},"author":{"name":"The Miami Foundation","@id":"https:\/\/miamifoundation.org\/#\/schema\/person\/7aabe20d81fe877e666bca13132e5519"},"headline":"Covid-era program busts myth that funding lower-income businesses is risky","datePublished":"2024-07-24T19:39:23+00:00","dateModified":"2025-07-07T19:49:52+00:00","mainEntityOfPage":{"@id":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/"},"wordCount":115,"publisher":{"@id":"https:\/\/miamifoundation.org\/#organization"},"image":{"@id":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#primaryimage"},"thumbnailUrl":"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/07\/Purple-Orchid-Smoothie-Bar.png","keywords":["Miami Open For Business"],"articleSection":["News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/","url":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/","name":"Covid-era program busts myth that funding lower-income businesses is risky | The Miami Foundation","isPartOf":{"@id":"https:\/\/miamifoundation.org\/#website"},"primaryImageOfPage":{"@id":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#primaryimage"},"image":{"@id":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#primaryimage"},"thumbnailUrl":"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/07\/Purple-Orchid-Smoothie-Bar.png","datePublished":"2024-07-24T19:39:23+00:00","dateModified":"2025-07-07T19:49:52+00:00","description":"A new program offers grants and other sources of support to help businesses willing to work together to get the financing needed to build, grow and expand. The program is changing communities and helping families to build generational wealth with entrepreneurship... read more on NBC 6 South Florida.","breadcrumb":{"@id":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#primaryimage","url":"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/07\/Purple-Orchid-Smoothie-Bar.png","contentUrl":"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/07\/Purple-Orchid-Smoothie-Bar.png","width":900,"height":506,"caption":"Purple Orchid Smoothie Bar"},{"@type":"BreadcrumbList","@id":"https:\/\/miamifoundation.org\/news\/covid-era-program-busts-myth-that-funding-lower-income-businesses-is-risky\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/miamifoundation.org\/"},{"@type":"ListItem","position":2,"name":"Covid-era program busts myth that funding lower-income businesses is risky"}]},{"@type":"WebSite","@id":"https:\/\/miamifoundation.org\/#website","url":"https:\/\/miamifoundation.org\/","name":"The Miami Foundation","description":"For A Greater Miami","publisher":{"@id":"https:\/\/miamifoundation.org\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/miamifoundation.org\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/miamifoundation.org\/#organization","name":"The Miami Foundation","url":"https:\/\/miamifoundation.org\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/miamifoundation.org\/#\/schema\/logo\/image\/","url":"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/05\/TMF_Logo_yoast.jpg","contentUrl":"https:\/\/miamifoundation.org\/wp-content\/uploads\/2025\/05\/TMF_Logo_yoast.jpg","width":696,"height":696,"caption":"The Miami Foundation"},"image":{"@id":"https:\/\/miamifoundation.org\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/miamifoundation.org\/#\/schema\/person\/7aabe20d81fe877e666bca13132e5519","name":"The Miami Foundation","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/miamifoundation.org\/#\/schema\/person\/image\/4788241ae56ef0206c040e3773b9fba5","url":"https:\/\/secure.gravatar.com\/avatar\/880cb705a3d8704092e5b18316be916f810e3dbecbde17c44e146567202587a9?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/880cb705a3d8704092e5b18316be916f810e3dbecbde17c44e146567202587a9?s=96&d=mm&r=g","caption":"The Miami Foundation"}}]}},"_links":{"self":[{"href":"https:\/\/miamifoundation.org\/wp-json\/wp\/v2\/posts\/44046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/miamifoundation.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/miamifoundation.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/miamifoundation.org\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/miamifoundation.org\/wp-json\/wp\/v2\/comments?post=44046"}],"version-history":[{"count":1,"href":"https:\/\/miamifoundation.org\/wp-json\/wp\/v2\/posts\/44046\/revisions"}],"predecessor-version":[{"id":44048,"href":"https:\/\/miamifoundation.org\/wp-json\/wp\/v2\/posts\/44046\/revisions\/44048"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/miamifoundation.org\/wp-json\/wp\/v2\/media\/44047"}],"wp:attachment":[{"href":"https:\/\/miamifoundation.org\/wp-json\/wp\/v2\/media?parent=44046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/miamifoundation.org\/wp-json\/wp\/v2\/categories?post=44046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/miamifoundation.org\/wp-json\/wp\/v2\/tags?post=44046"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/miamifoundation.org\/wp-json\/wp\/v2\/coauthors?post=44046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}