ROCHESTER, N.Y. — As our Olympians head home after a triumphant 19-days in Paris, one former gold medalist reminds all of us that there is life after the Olympics. 

On Monday, I chatted with former gymnast and three-time Olympian Dominique Dawes for this Consumer Alert. Dawes was part of the 1996 Magnificent Seven, the team that won the U.S. its first-ever gold medal for women’s team competition. She is now a small business owner and mother of four. She and her husband own the Dominique Dawes Gymnastics and Ninja Academies.

Dawes says running a business is hard work but she knows a bit about hard work as a three-time Olympian and gold medalist

Dominique Dawes: “So, that would be my advice for former athletes and even small business owners, make sure your why, and your vision, and you’re passionate about what you’re doing because that will sustain you.

Deanna Dewberry: “Last quick question for you – funding. You know for so many small business owners, they may have the passion but they don’t have the money. So how do you go about raising the funds?”

Dawes: “There’s the Wells Fargo ‘Open for Business Fund‘. And this was started July 2020, the same time I opened my doors in the middle of the global pandemic where a lot of small businesses were going through very challenging times, not only with staffing but also funding as well. And Wells Fargo ended up during those four years funding $420 million for 330,000 small businesses.”

So, here’s the way this works. Wells Fargo provides grants of $500,000 to $2.5 million to non-profits that support small business. To qualify for the grants, those non-profits must target underserved communities. The non-profits then distribute the money to small businesses that qualify.

Click here for the list of non-profit organizations that received grants.

Eleven New York organizations received grants, most of which target communities in New York City.  Only two, Accompany Capital and BOC Capital appear to support small businesses across New York.

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