Wells Fargo gives Ascendus $1.3 million to back small-business growth

Wells Fargo is awarding Ascendus a $1.3 million grant to help small businesses in four states get loans, coaching and a path to bigger financing. The funding is expected to support about 45 entrepreneurs, 170+ jobs and two years of growth work through June 2027.

Why it matters: - The grant pairs capital with coaching, aiming to help small business owners move from small, early-stage financing to larger credit and, eventually, traditional bank financing. - The program is designed to support growth in local economic corridors across New York, Florida, Georgia and North Carolina. - Wells Fargo’s investment is expected to help create or retain 170+ jobs.

What happened: - Wells Fargo announced a $1.3 million grant to Ascendus through its Open for Business Growth initiative during iHeartRadio New York’s Z100 Summer Bash presented by Wells Fargo. - Wells Fargo Chief Financial Officer Mike Santomassimo shared the announcement on stage with Ascendus Chief Executive Officer Paul Quintero. - The grant funds the Ascendus Path to Growth Program, a two-year effort running through June 2027.

The details: - Ascendus will deploy $900,000 in loans and lines of credit to an estimated 45 entrepreneurs. - The program includes more than 200 hours of one-on-one coaching. - Eligible financing includes the Get Ready Line of Credit, term loans, lines of credit and the Step Up Loan. - The Step Up Loan is intended to help borrowers move to larger capital. - Each borrower follows a roadmap built on the Ascendus FinHealth Score® and the Ascendus Borrower Index. - Quarterly sessions focus on growing revenue, moving from a first line of credit to a larger one, and progressing from a nonprofit lender to a traditional bank. - Ascendus works with small business owners through loans up to $100,000, lines of credit and coaching centered on credit health and long-term financial confidence. - Ascendus describes the program as serving low- and moderate-income entrepreneurs. - The Ascendus Path to Growth Program will operate in New York, Florida, Georgia and North Carolina.

Between the lines: - The grant reflects a broader push to treat coaching as part of the financing stack, not an add-on. - Wells Fargo is targeting businesses that are ready to grow but still need guidance to become bank-ready. - Ascendus positions the model as a ladder: first loan, larger loan, then direct bank financing. - In practice, that structure can recycle capital faster for a nonprofit lender while helping more entrepreneurs move up the financing chain.

What's next: - Ascendus will begin or continue deploying capital and coaching under the program through June 2027. - The nonprofit will use the grant to work with roughly 45 entrepreneurs over two years. - Wells Fargo and Ascendus will likely measure success through job creation, loan progression and movement into traditional bank financing.

The bottom line: - Wells Fargo is betting that small-business growth improves when money and hands-on coaching move together, not separately. - Learn more about Ascendus.