Commemorating the 10-Year Anniversary of Its African American
Business Services Program, Wells Fargo Expands National Lending Goal
After reaching its goal to lend $1 billion to African American business
owners by 2010 earlier this year, Wells Fargo (NYSE:WFC) has announced a
goal to lend an additional $1 billion by 2018, expanding the cumulative
goal to $2 billion. The announcement was made as Wells Fargo celebrates
the 10th anniversary of its African American
Business Services program. Through alliances with national and regional
organizations supporting the African American community, Wells Fargo
provides outreach and education to African American business owners,
increasing their access to capital and other financial services.
“Reaching our $1 billion goal two years early
is a testament to the growth and entrepreneurial vision of this
important segment of the U.S. economy,” said
Brenda Ross-Dulan, senior vice president and national spokesperson for
Wells Fargo’s African American Business
Services program. “It also exemplifies Wells
Fargo’s commitment to satisfying the financial
services needs of African American business owners nationwide.”
As part of the anniversary celebration, Wells Fargo will expand its
relationship with the National Black MBA Association (NBMBAA) by
sponsoring the NBMBAA Entrepreneurial Institute. The Institute, a
daylong session of workshops and panels led by business management
experts, will be held September 17, 2008 in Washington, D.C., at the
start of the NBMBAA 30th Annual Conference and
Exposition.
“We’re excited to
team up with Wells Fargo, a company that shares our mission to empower
visionaries and help them succeed financially,”
said Barbara Thomas, president and CEO of the National Black MBA
Association. “With the launch of the
Entrepreneurial Institute, we continue to support the significant growth
of African American businesses by offering resources for existing
business owners, small business professionals and aspiring entrepreneurs.”
For more information about Wells Fargo’s
African American Business Services program, visit www.wellsfargo.com/biz/aabs.
For more about the NBMBAA Entrepreneurial Institute and the 30th
Annual Conference in Washington, D.C., visit www.nbmbaa.org.
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with
$609 billion in assets, providing banking, insurance, investments,
mortgage and consumer finance through almost 6,000 stores and the
internet (wellsfargo.com) across North America and elsewhere
internationally. Wells Fargo Bank, N.A. is the only bank in the U.S.,
and one of only two banks worldwide, to have the highest possible credit
rating from both Moody’s Investors Service, “Aaa,”
and Standard & Poor’s Ratings Services, “AAA.”
Wells Fargo is America’s #1 small business
lender in total dollar volume according to the most recent Community
Reinvestment Act data (2006) and the #1 SBA 7a bank lender in total
dollar volume. Wells Fargo has loaned more than $36 billion to women,
African American, Latino and Asian business owners since 1995. For more
information, speak with a Wells Fargo banker, visit wellsfargo.com/biz
or call the National Business Banking Center at 1-800-CALL-WELLS.
About National Black MBA Association
Established in 1970, the National Black MBA Association (NBMBAA) is
dedicated to creating partnerships that result in increased intellectual
and economic wealth in the black community through its five channels of
engagement: education, career, leadership, entrepreneurship and
lifestyle. With more than 40 chapters, a 6,000-plus membership and more
than 400 corporate partners, the NBMBAA gives its constituents access
through programs and services such as the Annual NBMBAA Conference (the
nation’s largest, professional,
African-American exposition of its kind), Local Empowerment Initiatives,
etc. To learn more about the NBMBAA, please visit http://www.nbmbaa.org.
Wells Fargo & Company
Allison Olson, 415-975-6291
allison.olson@wellsfargo.com
