Wells Fargo has selected Lancaster-based Community First Fund to receive a $3 million grant as part of its Open for Business Fund, a nationwide small business recovery effort.

“CDFIs are committed to supporting entrepreneurs and small businesses in low-income and underserved communities and that means collectively, these CDFIs will help keep paychecks flowing to employees who may need it the most.”

Combined assets between the two community development financial institutions, which will be organized as a single entity under the name Community First Fund, will total $101 million, and $129 million by 2024, Community First Fund officials said in a Tuesday announcement.