Image via Wells Fargo website

Women-owned businesses and nonprofits are getting a boost through a Wells Fargo program. 

Wells Fargo will start a new wave of support through Connect to More, a business mentoring partnership with the Nasdaq Entrepreneurial Center. This new effort will focus on mentoring 500 women-owned businesses throughout the next 12 months. The businesses will receive access to expertise and specialized resources. The Nasdaq Entrepreneurial Center will provide women entrepreneurs support through its Milestone Mapping Coaching Circles.

“Access to trusted expertise helps small businesses move from surviving to thriving,” said Jenny Flores, head of Small Business Growth Philanthropy at Wells Fargo. “For many small businesses, having access to mentorship and trusted experts in areas like marketing, business planning, technology and legal can be a critical turning point for getting back to growth.”

In addition to the program, Wells Fargo will also release a second phase of funding from its Open for Business Fund, aimed at providing 93 nonprofits with access to experts to help grow their businesses.

In the second phase of funding, Wells Fargo will invest $55 million through its Open for Business Fund. Fresno landed three recipients of the grant – Access Plus Capital, Fresno Area Hispanic Foundation and Fresno Metro Black Chamber Foundation. A range of nonprofits, chambers of commerce and economic development funds were selected with an emphasis on reaching small business owners who were disproportionately affected by the pandemic. The program will invest a total of $420 million in small business recovery efforts. 

Amy Li of Sunnyvale, California and Ruby Taylor of Baltimore, Maryland have experienced firsthand the help that the Nasdaq Entrepreneurial Center has provided through its Milestone Mapping Coaching Circles.

“As an entrepreneur, you don’t always have the time to sit and reflect on your business — it’s always go go go,” said Ruby Taylor, owner of Financial Joy School, and a current Circle participant. “Not only does this program give you that time, but it also includes a support system of amazing women. So far I’ve walked away with concrete marketing and social media strategies to promote more brand awareness for my business.”

Amy Li, founded and CEO of Dance4Healing, also participates in the Circle program. She said it has helped clarify the value and mission of her business. 

“Because my company is all about bridging creative arts and health care using technology, I’ve struggled with how to make it sustainable while also doing good. The Circle has helped me set milestone goals to develop a sales channel strategy and connect with the right support I need for my business to thrive toward a greater ecosystem,” said Li.

Nicola Corzine, executive director of the Nasdaq Entrepreneurial Center, said the program helps women connect back to the “why” of their business. 

“We believe accelerating women business owners’ influence and economic opportunities are critical to addressing the intolerable wealth gap,” said Corzine.