Wells Fargo & Company and United Health Care recently announced they are committing more than $4 million to help battle the devastation taking its toll on India from Covid-19.

As of Wednesday, India’s medical system continued to be under severe stress, recording 4,529 new covid-19 deaths over 24 hours, the highest daily toll of any country since the pandemic began.

To address the public health crisis, the two corporations are committing funding for a variety of critical needs, from oxygen equipment to portable 200-bed hospital units. 

“It’s been heartbreaking to see the devastating impact of the COVID-19 pandemic in India,” said Bill Daley, Wells Fargo’s vice chairman of public affairs about the effort. “Our priority is to care for our employees and local communities in India.”

Wells Fargo sending $3 million to India for equipment needs 

This month, Wells Fargo announced that it is committing more than $3 million through non-profit and other organizations to increase hospital capacity, supply oxygen concentrators and critical medical equipment, provide emergency transportation, and support health care workers.

“These grants can help nonprofits quickly provide much needed medical equipment and build capacity while providing care for those affected and support for healthcare professionals tirelessly working to save lives,” Daley said.

Grants will go to United Way agencies in Bengaluru, Hyderabad and Chennai; Nirmaan Organization; Akshaya Patra Foundation; Mantra Social Services; and NASSCOM Foundation. 

The funding will aim to:

-Provide portable hospital annex units with 200 beds
-Deploy oxygen concentrators to hospitals
-Deliver COVID-19 isolation kits for people recovering at home
-Support ICU ambulances to help transport patients to hospitals

Wells Fargo has several offices in India, and the company has taken steps throughout the pandemic to help ensure the health and safety of its employees in India and globally through remote work and enhanced benefits. 

Nearly all Wells Fargo employees in India are currently working remotely, and the company has been covering costs for COVID-19 testing and vaccines, as well as offering enhanced medical insurance coverage, COVID-19-related leave, and time away for vaccines.

Last year, the banking giant made a $1.5 million contribution to India to  provide urgent assistance to the country’s most impacted communities, including health care workers, hard-hit and underserved citizens, seniors, and people experiencing homelessness and food insecurity, as well as government labs experiencing a shortage of equipment.

UnitedHealth Group announces $1 million for oxygen equipment 

UnitedHealth Group also recently announced a $1 million contribution from to fund more than 2,500 oxygen concentrators to address India’s nationwide shortage of oxygen as well as other critical medical equipment essential for treating severe COVID-19 infections.  

The grant will be made through the and its affiliate foundation, the US-India Friendship Alliance. The oxygen concentrators will be delivered to Niti Aayog, the government of India’s planning arm, to ensure they are deployed to state hospitals where the need is significant. 

In addition to the monetary contribution, UnitedHealth Group’s relief efforts in India have helped: 

-Deploy health and safety kits and COVID-19 testing supplies
-Support for Optum team members based in Bangalore, Chennai Gurugram, Hyderabad,  Mumbai and Noida
-Expand access to telehealth for more immediate and  convenient medical consultation

“Since the onset of COVID-19, UnitedHealth Group has been committed to combating the pandemic’s impact on the communities where we live and work, while providing resources and  support to ensure the safety and well-being of our team members,” said Laura Ciavola, president of Optum Global Advantage, a UnitedHealth Group business.

The two have donated $325 million for aid since Covid outbreak 

To date, the two companies, which have a strong presence in Arizona,  have committed more than $325 million worldwide to the Covid-19 effort. 
Since the pandemic outbreak in 2020, has made $225 million in philanthropic contributions for COVID-19. has donated more than $100 million to support impacted communities worldwide.

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Last June, the survey showed relatively high optimism among Black and African American small business owners, with 7 out of 10 saying their current financial situation was somewhat or very good. However, another statistic in the survey highlighted an issue that has continued to challenge Black and African American business owners and other diverse business owners in general: more than one third or 35% of Black and African American business owners said they had some level of difficulty accessing credit.

As we celebrate Black History Month, it is as important as ever to acknowledge this ongoing challenge faced by the Black and African American business community and consider solutions to help shift the landscape for better equity and prosperity.

Assessing the problem

According to the National Bureau of Economic Research, Black-owned small businesses are closing at nearly twice the rate of the industry placing a spotlight on the lack of access to credit.

The first step in solving any problem is acknowledging it exists. These businesses are often smaller in terms of number of employees, payroll and startup capital, and they may not have established banking relationships. These factors make them much more susceptible to economic downturns and challenges as they stage a comeback.

Creating an ecosystem of support

Making more credit options available to diverse business owners can be the difference between a business’ survival and its closure. In addition to traditional lending, working with Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) can create an ecosystem of support that provides additional avenues to access capital. These institutions specifically work with underserved populations, including those in low-to-moderate income areas and minority populations.

Supporting these organizations and their mission is at the heart of the creation of our (OBF), Wells Fargo’s industry-leading effort that has donated roughly $400 million to support nonprofits who serve small businesses. 

The OBF provided additional capital for these institutions to continue their important work in supporting diverse business owners. As the larger financial industry continues to work toward solutions to tackle inequity in access to capital, these organizations are critical to bridging the access gap to help smaller and diverse-owned businesses achieve their goals.

Beyond accessing capital

As our work continues toward solving the issue of access to capital, it is also important to highlight the additional challenges outside of (but related to) accessing capital that must be tackled for these businesses to truly thrive. In addition to accessing capital, training, technical support, and long-term resiliency planning are needed to help diverse small business owners find ways to pivot their business models and reimagine their products and services so they can meet the needs of an evolving economy. These actions, coupled with more equitable access to capital can accelerate the recovery of the wider small business ecosystem, creating numerous pathways for entrepreneurs to seek the help they need.

The path forward

As we look ahead, there’s very little about the future that seems predictable right now. As we move forward, let’s start with the things that can be controlled, such as putting customers first, being a community leader, and understanding the to establish good banking relationships. While success is not guaranteed, taking these steps will help to move us in the right direction.

Wells Fargo is committed to improving access to credit for Black and African American business owners, which can be accomplished through effective partnerships and holistic solutions. By working together, communities, financial institutions and business owners can continue to move toward a more equitable landscape where business owners can thrive and prosper.

Don Pearson is the Wells Fargo Lead Region President

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As the American economy wobbles under the outbreak of COVID-19, small businesses across the nation have a lifeline thanks to the Paycheck Protection Program (PPP). Despite this massive federal stimulus, however, private enterprise still faces slumped demand, reduced spending, and regulatory burdens. This has put a strain on wages and forced many long-standing local businesses to close their doors.

In light of these economic conditions, Wells Fargo has transformed its stated commitment to promoting small business into reality. Donating $400 million in PPP transfer fees “back to nonprofits serving the small business community,” Wells Fargo has led the industry in supporting job creators and workers alike.

Open for Business Fund

“Community Development Financial institutions (CDFIs), nonprofit lenders and special purpose funds formed by CDFIs with an emphasis on serving racially and ethnically diverse-owned businesses are encouraged” by the bank to apply for said funds. This is an integral part of Wells Fargo’s commitment to stimulating growth for all Americans, especially those who have been disproportionately excluded from economic opportunity in the past.

As the United States and the rest of the world continues to weather the Coronavirus pandemic, the future is still unclear. But Wells Fargo has assured its customers that “[a]dditional grant cycles around technical assistance and long-term resiliency and recovery” will be open in the  future.

PPP impact

Already, the PPP has benefited thousands of American small businesses directly. And many of those who have received assistance are loyal customers to the stagecoach lender. In fact, 84% of PPP loan recipients through Wells Fargo have been businesses with 10 employees or fewer.

The bipartisan stimulus has provided aid through lending institutions to over , totaling $511 billion. Small businesses employ nearly half of all American workers, thus providing them with the extra liquidity necessary to bridge this recession is viewed as a primary objective of lawmakers in Washington.

More information on the details of the CARES Act’s PPP can be found .

A recovery for all

As corporations and citizens across the United States reconsider their strategies to eliminate racism and foster equal opportunity, Wells Fargo has made sure that in keeping industry afloat, the most vulnerable communities’ needs are at the forefront of the process. 

In its statement on diversity and inclusion, Wells Fargo says it is  “committed to advancing diversity and inclusion by helping ensure that all people across our workforce, our communities, and our supply chain feel valued and respected and have equal access to resources, services, products, and opportunities to succeed.”

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As the United States embarks on the path to economic recovery, the nation’s banks are preparing for an unprecedented post-pandemic boom. Financial institutions are anxious to invest in job creators and workers alike to help fuel a hoped-for V-shaped recovery.

The is clear, according to economists eyeing a rapid recovery: as nations emerge from self-imposed lockdown, they will see tremendous growth.

Despite predictions of up to 20% national unemployment in May of 2020, the Bureau of Labor and Statistics earlier this month that the United States’ unemployment rate dropped from 14.7% in April to 13.3% in May. The economy a whopping 2.5 million  jobs within four weeks.

This all unfolds in the background of another glaring issue facing America. With the murder of George Floyd at the hands of now-charged Minneapolis police officers sparking national outrage, a movement to end police brutality and eradicate racism has swept across every corner of the United States.

Financial institutions and job creators are taking notice, seeking to make more opportunities available for people of color and aiming to be a part of the solution.

Wells Fargo

Wells Fargo CEO Charlie Scharf “commit that [Wells Fargo] will do all we can to support our diverse communities and foster a company culture that deeply values and respects diversity and inclusion.” 

Scharf says that Wells Fargo will take part in creating an “economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity.”

This is in addition to the bank’s “residential property foreclosure sales, evictions, and involuntary automobile repossessions.”

Bank of America

Bank of America has a $1 billion commitment to economic opportunity initiatives over the next four years. The comprehensive program will focus on four main areas: health, job training, small business support, and housing. 

“Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” CEO Brian Moynihan said. “The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live. We all need to do more.”

Recognizing the reality of racism and actively working to solve it, this initiative is focused towards empowering communities too often ignored.

Western Alliance

Western Alliance Bank its intentions to reinvest in America. They have pledged $2 million “to help mitigate the impact of the COVID-19 global pandemic on its local communities, and to strengthen those communities as they emerge from the crisis.”

The bank also $150,000 directly to Arizona’s Coronavirus Relief Fund.

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