East Bay Asian Local Development Corporation Receives $250,000 Wells Fargo Grant

For Immediate Press Release

December 10, 2021

Press Contact: Vicki Shu, vshu@ebaldc.org, 510-606-1812

Oakland, California – Today, the East Bay Asian Local Development Corporation (EBALDC) announced its receipt of a $250,000 grant from the Wells Fargo Open for Business Fund to support EBALDC’s COVID Commercial Tenant Resiliency Program (CCTRP).

EBALDC envisions an East Bay where everyone has a place to call home; children can access quality education, residents can obtain good jobs, families can enjoy welcoming public spaces, and neighbors can enjoy culture and creativity. EBALDC is the largest nonprofit commercial real estate landlord in the East Bay, managing over 300,000 square feet in commercial space, with over 100 small business and nonprofit tenants in 14 properties across eight Oakland neighborhoods and Emeryville. EBALDC believes the health of our commercial tenants is an essential component of our Healthy Neighborhoodsapproach to community development.

“Wells Fargo’s grant is making it possible for EBALDC to continue to serve our commercial tenants during these unsure times,” said Andy Madeira, EBALDC CEO. “As a nonprofit commercial landlord, EBALDC thoughtfully and intentionally contributes to the economic self-sufficiency of first-time business owners, women, immigrants, and business owners of color and drives equitable economic development in our neighborhoods and our city. We actively recruit businesses deeply engaged in the community and who meet residents’ stated needs and desires. We care deeply about their successes.”

Launched July 2020, the Wells Fargo Open for Business Fund is an approximately $420 million small business recovery effort to support community development financial institutions and nonprofits that serve small businesses.

“We are helping small businesses get back to growing again,” said Christina Pels-Martinez, region bank president, Wells Fargo. “Through the Open for Business Fund, we’re enlisting the expertise of EBALDC and other CDFIs to offer a mix of resources and support systems that can help local minority-owned small business navigate the economic impacts of COVID-19 at this critical time.”    

EBALDC launched its COVID CCTRP program shortly after the pandemic helping 96% of our commercial businesses to stay in business. In 2021 and into 2022, as the economy continues to open back up, funds from the Wells Fargo Open for Business Fund will support CCTRP so that our tenants—21% are women-owned and 46% are BIPOC-owned— remain open, stable, and in place so they can thrive as community anchors.

 To learn more about EBALDC’s Commercial Real Estate program, click here.