An estimated 10,000 small business jobs are expected to be saved in local communities, thanks to payment relief and funding efforts by local nonprofit lenders and a boost from the Open for Business Fund.

Launched in July, the Open for Business Fund is an industry-leading commitment by Wells Fargo donating roughly $400 million to nonprofits that are helping small business owners stay open and retain employees during the pandemic. The program has a special focus on supporting minority-owned small businesses.

After receiving more than 200 applications from across the United States, 12 new nonprofit grantees have been chosen so far, which together are expected to help save thousands of small businesses and roughly 10,000 jobs in local communities, including many in the D.C. area.

Local grantees include the National Community Reinvestment Coalition Community Development Fund, which received $5.5 million to offer affordable loans and other support to entrepreneurs locally and nationally, many of whom will be people of color.

Nonprofit ECDC Enterprise Development Group in Arlington, Virginia, received a $500,000 grant to offer business outreach, technical assistance and alternative financing to Black, Latino and other small business owners in D.C., Virginia and Maryland.

The Open for Business Fund also recently allocated approximately $50 million for nonprofits delivering technical expertise to small businesses and will be awarding grants ongoing into 2021.