Serving small business Small businesses are essential to a vibrant economy and for creating employment opportunities. Wells Fargo proudly serves over three million small business customers by putting the needs of customers front and center, innovating experience through digital enhancements, and evolving its support model to deepen relationships. Wells Fargo's goal is to be the bank of choice for all small businesses, with a strong emphasis on onmental supporting the needs faced by diverse and women- owned small business owners. Wells Fargo has Envir established a number of initiatives, tools, and programs to support small businesses to help them go from surviving to thriving. Wells Fargo has provided approximately 282,000 Paycheck Protection Program (PPP) loans through its 2020 and 2021 lending to support small Social businesses navigating the COVID-19 pandemic. Total lending was nearly $14 billion helping keep 1,739,000 Americans employed. The average loan amount for customers was $50,000, the lowest among all of the participating large 昀椀nancial institutions, and 42% of loans were for to provide grants for Community Development small businesses in low-to-moderate income Financial Institutions (CDFIs) and other nonpro昀椀t ernance neighborhoods, or those historically underserved, v organizations that provide capital and technical Go bringing funding to places where it could make the support to diverse-owned small businesses. In biggest impact. 2021, Wells Fargo ful昀椀lled its roughly $420 million Small business growth philanthropy Open for Business Fund commitment to support an inclusive economic recovery for small businesses Wells Fargo continues to deepen its commitment impacted by the COVID-19 pandemic. Through the to small business growth through supporting Open for Business Fund, from 2020 through the innovative nonpro昀椀t programs aimed at providing end of 2021, grants were awarded to more than entrepreneurs with increased access to a昀昀ordable 235 CDFIs and nonpro昀椀ts, which are estimated sources of capital and training so businesses can to serve more than 152,000 small businesses and grow, build assets, and create local jobs. preserve or create more than 255,000 jobs. Roughly 85% of small businesses served are projected to be Wells Fargo established the Open for Business those hardest hit by the pandemic, including Black Fund in 2020 by voluntarily donating all gross and African American, Hispanic, Native American, processing fees from PPP loans made in 2020 and Asian American-owned small businesses. 22 Environmental, Social, and Governance Report 2022