Wells Fargo will donate $20,000 to the Portland-based nonprofit Albina Opportunities Corporation to help small businesses implement storefront improvements in conjunction with Metro’s Enterprising Places grant program. The innovative public-partnership is good news for business owners in 14 commercial districts around the Portland region that are eligible to participate.
“Wells Fargo believes in small business,” said Tracy Curtis of Portland, Wells Fargo’s Oregon Region president. “Our support of this program complements the wide array of other tools that Wells Fargo offers to help small businesses.”
Prior Wells Fargo grants have helped implement storefront improvement projects in other Oregon communities.
The small business owners who receive our funding assistance and upgrade their storefronts serve as inspiring examples to other entrepreneurs,” Curtis said. “These projects help demonstrate the kind of transformations and results that are possible when entrepreneurs are able to re-invest in their businesses.
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Metro grant program brings good news for small businesses
Metro's Enterprising Places program spurs investment and economic revitalization in downtowns and main streets. The program provides matching grants of up to $50,000 to property and business owners seeking to improve their storefronts.
AOC is a community development financial institution founded in 2006 to provide low-interest loans and advisory services for emerging businesses in the region. It is partnering with Metro to assist business owners in finding the matching funds to secure a grant and implement their projects.
AOC founding executive director Terry Brandt originally identified the opportunity to join with Wells Fargo and help contribute additional funds to Metro’s Enterprising Places program.
“Wells Fargo was looking for a meaningful way to give back to the community by supporting small businesses. We knew that Metro was poised to launch this incentive program to focus investment in local business districts. It seemed like a win-win to combine forces and increase the pool of available resources," Brandt said.
The Wells Fargo funds, to be administered directly by AOC, will help local businesses receiving Enterprising Places storefront grants implement additional key improvements such as storefront signage and lighting to enhance their visibility, attract new customers and boost their bottom line.
“These upgrades help small entrepreneurs grow operations and profitability,” Brandt said. “And they can have a catalytic effect that helps neighboring retailers also grow and improve their businesses.”
“We’re delighted to have Wells Fargo step forward as a partner to help more small businesses benefit from the Enterprising Places program,” said Metro Council President Tom Hughes. “Public-private partnerships like this help downtowns and neighborhood centers achieve their full potential.”
Metro staff and the program's steering committee began reviewing the first round of grant applications in mid-March, and expect to announce the initial group of grants later this spring. Future rounds of grant applications will be considered in May, August and November.
Learn more about the Enterprising Places storefront improvement program