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FAMU is getting new funds to help grow minority businesses

A man stands behind a podium at the top of a staircase.
Patrick Sternad
WFSU Public Media.
Keith Bowers talks to a crowd at the FAMU Small Business Development Center. Wells Fargo is giving $100,000 to help support minority-owned businesses in Tallahassee, Fla.

Wells Fargo is giving $100,000 dollars to support minority businesses. The money is going to Florida A&M University's Small Business Development Center to create a minority business incubator.

FAMU's Keith Bowers says the incubator is going to be crucial to rebuilding minority businesses that were disproportionately impacted by the pandemic.

"It's a one stop shop. They can come in, they can meet with their clients, they can share administrative support and they can also receive the coaching advice and technical assistance they need," Bowers said.

According to the National Bureau of Economic Research, 41% of Black-owned businesses closed during the pandemic, compared with 17% of white-owned businesses.

The incubator will open in the first quarter of 2022. The Small Business Development Center will select 20 small businesses founders per year from the pool of applicants.

Application will be announced through their their website and social media platforms.