Mayor Turner joins Houston Fund for Social Justice and Economic Equity and Wells Fargo to launch OPEN FOR BUSINESS grant portal

Mayor’s office press release

Mayor Turner joins Houston Fund for Social Justice and Economic Equity and Wells Fargo to launch OPEN FOR BUSINESS grant portal

$20 million for various Houston-area small businesses and nonprofit applications accepted August 9 – 23, 2022

July 28, 2022 — Mayor Sylvester Turner announced that the Houston Fund for Social Justice and Economic Equity, in partnership with Wells Fargo, on Tuesday, July 26, launched an Open for Business grant portal to distribute $20 million to Houston-area nonprofits, small businesses and non-profits. For-profit organizations.

Beginning Tuesday, August 9, business owners will have the opportunity to apply for grants ranging from $10,000 to $65,000.

“Launching this portal is an incredible step forward in the progress we began when we launched the Houston Fund for Social Justice and Economic Equity in May 2021. We’re giving Houston’s small businesses of color and nonprofits access to much-needed funding. It will level the playing field and empower them to thrive,” said Mayor Sylvester Turner, who serves as honorary chair. They enable, reach and support innovation. A long way in a short time and now they’re funding fundamental change in the Houston community.

The Houston Fund for Social Justice and Economic Equity distributes the money over a three-year period in the form of grants for the purchase of property, equipment and other tangible assets, which supports economic development in underserved communities. The funding is estimated to reach more than 500 small businesses in Houston and aims to help business owners and nonprofits find new ways to grow and increase capacity.

“We are honored to work with Wells Fargo to bridge the economic equity gap among Houston’s underrepresented and underfunded minority-owned small businesses and nonprofits,” said Thomas Jones, Board President, Houston Fund for Social Justice and Economic Equity. “The fruits of this partnership will create hope in the community and positively impact business.”

To be eligible, an applicant business or 501c3 nonprofit must be located in the Houston area, have 50 employees or fewer, be led by people of color, and be established by December 31, 2021. All applications must be submitted. Tuesday, August 9 from 9 am to Tuesday, August 23 at 11:59 pm CST can be accessed by visiting the electronic portal link at www.houstonequityfund.com.

The $20 million grant, first announced in February, comes from the Wells Fargo Open Business Fund, a nearly $420 million national small business recovery effort focused on racially and ethnically diverse small business owners who have been disproportionately affected by the pandemic. The fund was created by Wells Fargo in 2011. It is from the total processing fees received from Paycheck Protection Program loans issued in 2020. Wells Fargo has provided funding to Community Development Financial Institutions (CDFIs) and local nonprofits.

About the Houston Fund for Social Justice and Economic Equity
The Houston Equity Fund for Social Justice and Economic Equity creates transformative initiatives that empower and empower resource organizations and communities of color. The Houston Equity Fund is committed to taking action that promotes equitable systems change while operating with transparency and integrity. The Fund is committed to implementing a reporting and evaluation framework that reflects the shared goal of Houston Equity Fund and its supporters—making meaningful and lasting change for marginalized communities of color. A key aspect of Being Change is adopting a rigorous process for selecting and funding organizations with four main focus areas: social and racial justice, youth empowerment and education, community building and economic development.