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41 • Business management – resources to help small business owners understand relevant financials and cash flow, as well as employee management, legal, regulatory, insurance, accounting, tax, and environmental considerations . • Competitive intelligence tool – market and competitive intelligence to help small businesses map competitors, customers, and suppliers and develop a targeted marketing campaign . We strive to support diverse small businesses by making it easier for them to access the capital and training they need to grow, manage their finances, and achieve their business objectives . In 2015, Wells Fargo commissioned a Gallup study to gain insight into the attitudes, needs, and motivations of diverse small business owners related to their use of credit . The study found the group was more likely than their counterparts in the general small business population to: • Report having personal credit challenges and be declined for business credit . • Have annual business revenues of less than $50,000 . • Have a business in the startup and early growth stage . • Be extremely interested in learning how to build a strong business credit application . Our Diverse Community Capital program was created to respond to the needs identified in this study . We provide grants to Community Development Financial Institutions (CDFIs) to support their work to provide diverse small business owners with access to capital and technical assistance . We participated in the Paycheck Protection Program (PPP) and funded approximately 264,000 loans under the PPP totaling $13 .2 billion, and more than $1 billion of principal forgiveness has been provided on qualifying PPP loans . We deferred approximately $420 million of SBA processing fees in 2020 that will be recognized as interest income over the terms of the loans . We voluntarily committed to donate all of the gross processing fees received from PPP loans funded in 2020, and we funded $2 .8 billion of PPP loans in first quarter 2021 . In first quarter 2021, we deferred approximately $200 million of SBA processing fees that will be recognized as interest income over the terms of the loans . We’ve committed to donate any net profits related to PPP loans funded in 2021 . Women-owned businesses are one of the fastest-growing small business segments . To support women aspiring to run science, technology, engineering, and mathematics (STEM) businesses, we’ve partnered with STEM Connector to fund the Million Women Mentors Entrepreneurship Initiative Mentor Program . This one-year business development program pairs women who own well-established small- and medium-sized businesses with accomplished executives who mentor and help them strengthen and grow their STEM businesses .

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