Wells Fargo donates $20M to Houston small businesses in underserved communities

pay day

The donation comes from Wells Fargo’s Open for Business Fund, a roughly $420 million initiative focusing on racially and ethnically diverse small business owners disproportionately affected by the pandemic. Photo via Getty Images

More than 500 businesses in the Houston area will benefit from a $20 million donation made by Wells Fargo to the Houston Fund for Social Justice and Economic Equity.

The equity fund will distribute the money in the form of grants for the purchase of property, equipment, and other assets to support economic development in underserved communities throughout the region.

“Small businesses play an important role in the Houston economy, and it is a benefit for our city to provide every tool needed to help them succeed,” Houston Mayor Sylvester Turner says in a Wells Fargo news release. “This Wells Fargo grant program will allow small business owners to innovate, expand, and evolve in a way that improves their investments while also maintaining our reputation as a great place for economic development and company growth.”

For more information about the Houston Equity Fund grants, visit houstonequityfund.com.

The $20 million donation comes from Wells Fargo’s Open for Business Fund, a roughly $420 million initiative focusing on racially and ethnically diverse small business owners who’ve been disproportionately affected by the COVID-19 pandemic.

“Fostering an inclusive economic recovery and helping small businesses sustain themselves and grow in the wake of COVID-19 is a priority for us,” says Charlie Scharf, CEO of Wells Fargo. “As a company, we have a commitment to make the communities where we operate stronger, and to do it at a very local level.”

In the past, Wells Fargo’s Open for Business Fund has supported Houston small businesses through grants to LiftFund and the Houston Community College Foundation, and other local grants enabled nonprofits such as the University of Houston Foundation, Texas Black Expo, Impact Hub Houston, and the Association for the Advancement of Mexican Americans to serve entrepreneurs.

Money from the Open for Business Fund primarily benefits small businesses owned by Black, Hispanic, Asian American, and Native American entrepreneurs.

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Houston chemist lands $2M NIH grant for cancer treatment research

future of cellular health

A Rice University chemist has landed a $2 million grant from the National Institute of Health for his work that aims to reprogram the genetic code and explore the role certain cells play in causing diseases like cancer and neurological disorders.

The funds were awarded to Han Xiao, the Norman Hackerman-Welch Young Investigator, associate professor of chemistry, from the NIH's Maximizing Investigators’ Research Award (MIRA) program, which supports medically focused laboratories.

Xiao will use the five-year grant to develop noncanonical amino acids (ncAAs) with diverse properties to help build proteins, according to a statement from Rice. He and his team will then use the ncAAs to explore the vivo sensors for enzymes involved in posttranslational modifications (PTMs), which play a role in the development of cancers and neurological disorders. Additionally, the team will look to develop a way to detect these enzymes in living organisms in real-time rather than in a lab.

“This innovative approach could revolutionize how we understand and control cellular functions,” Xiao said in the statement.

According to Rice, these developments could have major implications for the way diseases are treated, specifically for epigenetic inhibitors that are used to treat cancer.

Xiao helped lead the charge to launch Rice's new Synthesis X Center this spring. The center, which was born out of informal meetings between Xio's lab and others from the Baylor College of Medicine’s Dan L Duncan Comprehensive Cancer Center at the Baylor College of Medicine, aims to improve cancer outcomes by turning fundamental research into clinical applications.

They will build upon annual retreats, in which investigators can share unpublished findings, and also plan to host a national conference, the first slated for this fall titled "Synthetic Innovations Towards a Cure for Cancer.”

Houston neighbor ranks as one of America's most livable small cities

mo city

Some Houston suburbs stick out from the rest thanks to their affluent residents, and now Missouri City is getting time in the spotlight, thanks to its new ranking as the No. 77 most livable small city in the country.

The tiny but mighty Houston neighbor, located less than 20 miles southwest of Houston, was among six Texas cities that earned a top-100 ranking in SmartAsset's 2024 " Most Livable Small Cities" report. It compared 281 U.S. cities with populations between 65,000 and 100,000 residents across eight metrics, such as a resident's housing costs as a percentage of household income, the city's average commute times, and the proportions of entertainment, food service, and healthcare establishments.

According to the U.S. Census Bureau, Missouri City has an estimated population of over 76,000 residents, whose median household income comes out to $97,211. SmartAsset calculated that a Missouri City household's annual housing costs only take up 19.4 percent of that household's income. Additionally, the study found only six percent of the town's population live below the poverty level.

Here's how Missouri City performed in two other metrics in the study:

  • 1.4 percent – The proportion of arts, entertainment, and recreation businesses as a percentage of all businesses
  • 29.9 minutes – Worker's average commute time

But income and housing aren't the only things that make Missouri City one of the most livable small cities in Texas. Residents benefit from its proximity from central Houston, but the town mainly prides itself on its spacious park system, playgrounds, and other recreational activities.

Missouri City, Texas

Missouri City residents have plenty of parkland to enjoy. www.missouricitytx.gov

The Missouri City Parks and Recreation Departmen meticulously maintains 21 parks spanning just over 515 acres of land, an additional 500 acres of undeveloped parkland, and 14.4 miles of trails throughout the town, according to the city's website."Small cities may offer cost benefits for residents looking to stretch their income while enjoying a comfortable – and more spacious – lifestyle," the report's author wrote. "While livability is a subjective concept that may take on different definitions for different people, some elements of a community can come close to being universally beneficial."

Missouri City is also home to Fort Bend Town Square, a massive mixed-use development at the intersection of TX 6 and the Fort Bend Parkway. It offers apartments, shopping, and restaurants, including a rumored location of Trill Burgers.

Other Houston-area cities that earned a spot in the report include

Spring (No. 227) and Baytown (No. 254).The five remaining Texas cities that were among the top 100 most livable small cities in the U.S. include Flower Mound (No. 29), Leander (No. 60), Mansfield (No. 69), Pflugerville (No. 78), and Cedar Park (No. 85).

The top 10 most livable small cities in the U.S. are:

  • No. 1 – Troy, Michigan
  • No. 2 – Rochester Hills, Michigan
  • No. 3 – Eau Claire, Wisconsin
  • No. 4 – Franklin, Tennessee
  • No. 5 – Redmond, Washington
  • No. 6 – Appleton, Wisconsin
  • No. 7 – Apex, North Carolina
  • No. 8 – Plymouth, Minnesota
  • No. 9 – Livonia, Michigan
  • No. 10 – Oshkosh, Wisconsin

The report examined data from the U.S. Census Bureau's 2022 1-year American Community Survey and the 2021 County Business Patterns Survey to determine its rankings.The report and its methodology can be found on

smartasset.com

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This article originally ran on CultureMap.

Cart.com's $130M payday, Houston sees VC uptick and more top stories

top stories

Editor's note:Let's roundup the most-read Houston innovation news from the week. Trending Houston tech and startup articles from InnovationMap and its daily newsletter included big startup financing and VC funding, a feature on a Houston startup working on data solutions in the wake of Hurricane Beryl, and more.

Houston e-commerce unicorn secures $130M in financing

Cart.com announced a $25 million series C extension round and $105 million in debt refinancing from investment manager BlackRock. Photo courtesy of Cart.com

Houston-based Cart.com, which operates a multichannel commerce platform, has secured $105 million in debt refinancing from investment manager BlackRock.

The debt refinancing follows a recent $25 million series C extension round, bringing Cart.com’s series C total to $85 million. The scaleup’s valuation now stands at $1.2 billion, making it one of the few $1 billion-plus “unicorns” in the Houston area.

Cart.com says the new term loan facility from BlackRock consolidates its venture debt into one package “at competitive terms.” Those terms weren’t disclosed. Continue reading.

Report: Amid difficult market, Houston sees uptick in VC funding

In the first six months of this year, Houston-area startups attracted $760.55 million in VC funding, which is up 17.7 percent from the same time last year. Photo via Getty Images

Houston-area startups saw a healthy increase in venture capital funding during the first half of 2024 compared with the same period last year, new data shows.

In the first six months of this year, Houston-area startups attracted $760.55 million in VC funding, according to the latest PitchBook-NVCA Venture Monitor. That’s up 17.7 percent from the $645.99 million collected in the first six months of 2023. Continue reading.

Houston cardiac health startup raises $43 million series B to grow AI-backed platform

Octagos Health has announced a $43 million series B raise that will bring their technology to many more hearts. Image via octagoshealth.com

A Houston-based tech company that has a product line of software solutions for cardiac health has raised funding.

Octagos Health, the parent company of Atlas AI — a software platform for cardiac devices like pacemakers, defibrillators, ambulatory monitors and consumer wearables — has announced a $43 million series B raise that will bring their technology to many more hearts.

Morgan Stanley Investment Capital led the investment, which also included funds from Mucker Capital and other continuing strategic investors. The goal of the raise is to supply funds to accelerate Atlas AI’s growth across the United States and to expand into other areas of care, including ambulatory monitors, consumer wearables, and sleep. Continue reading.

Houston startup taps into tech to provide key data in the wake of Hurricane Beryl

Resilitix AI is contributing to relief efforts of Hurricane Beryl. Photo by Brandon Bell/Getty Images

A disaster AI startup based in Houston is using tech to aid in the relief effort of Hurricane Beryl and beyond.

Resilitix AI is an AI-based digital twin for “disaster situational awareness” that has partnered with local organizations to assist in the wake of Hurricane Beryl, a Category 1 storm that hit Houston Sunday, July 7, resulting in power outages for over 2 million Houstonians and other structural and environmental damage. The storm is estimated to have had a $3.3 billion impact.

“Our mission statement is that we want to disrupt disaster impact with intelligence — intelligence of knowing what is going on and emergency teams will have the information so it can provide and identify the areas in need since the information they currently have has significant lag, and the effort they need to go to get that information is significant,” Ali Mostafavi, Resilitix's founder, tells InnovationMap. Continue reading.

Energy giant announces deal retail company to bring EV tech to Houston malls

Two malls in town — The Galleria and Katy Mills Mall — soon see bp's EV charging Gigahubs. Photo via Wikipedia

Two Houston-area malls will be getting bp's electric vehicle charging technology thanks to a new global collaboration.

The global energy company will be bringing its global EV charging business, bp pulse, to 75 shopping facilities across the country thanks to a partnership with Simon Malls. Two malls in town — The Galleria and Katy Mills Mall — soon see bp's EV charging Gigahubs. The company will install and operate the chargers at the two area sites.

The deal aims to deliver over 900 ultra-fast charging bays that will support most make and model of EVs with the first locations opening to the public in early 2026. Other Texas locations include Grapevine Mills in Grapevine, and Austin’s Barton Creek Square. Continue reading.

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