Wells Fargo to Lend $5 Billion to Latino Business Owners by 2010
September 15 2005 - 9:30AM
PR Newswire (US)
Latino-Owned Businesses Surge to 1.6 Million, Up 31 Percent
MILWAUKEE, Sept. 15 /PRNewswire-FirstCall/ -- Spurred by the
explosive growth of Latino business owners nationwide, Wells Fargo
& Company has surpassed its goal to lend $3 billion to Latino
Business, and has announced the expansion of this goal to $5
billion by 2010. This is the second time the lending goal has been
increased since the program's inception in 1997. Wells Fargo also
announced the 4th annual Anna Maria Arias Memorial Business Fund
winners, honoring 10 Latina entrepreneurs who personify the ideals
of the late Anna Maria Arias, one of the foremost advocates of
Latina entrepreneurship. Between 1997 and 2002 the number of
Latino-owned businesses nationwide grew 31 percent to 1.6 million,
according to recently released 2002 U.S. Economic Census
information -- versus a 10 percent increase for all U.S. businesses
during the same period. "Latino businesses are experiencing
tremendous growth and are showing no signs of slowing down. We are
honored and excited to do our part in helping facilitate this
growth," said Tim Rios, national spokesperson for Wells Fargo's
Latino Business Services program. "Our goal to lend $5 billion by
2010 demonstrates our unwavering commitment to the Latino business
community. We will continue promoting the growth of this dynamic
segment, helping Latino business owners succeed financially in
business and personally." These announcements were made at the
United States Hispanic Chamber of Commerce (USHCC) national
convention held in Milwaukee today. In partnership with LATINAStyle
Magazine and the USHCC, Wells Fargo presented 10 Latina
entrepreneurs with the Anna Maria Arias Memorial Business Fund
award and a $5,000 cash grant. These Latina small business owners
were chosen for their entrepreneurial spirit and dedication to the
community. "These women prove that hard work, dedication, talent,
and passion can lead to becoming a successful small business
owner," said Rios. "They're excellent role models and demonstrate
the importance of Latina entrepreneurs in building a stronger
economy." The 2005 Anna Maria Arias Memorial Business Fund winners
are: -- Evangelina Holvino -- Chaos Management, Brattleboro, VT. --
a company that provides diversity consulting, workshops and
research in an effort to advance diversity, enhance group and
leadership skills, and promote organizational change and social
equity. -- Olga "Cookie" Mapula -- TCG Technology &
Communications Gateway, El Paso, TX. -- a company that includes
multiple socially responsible entities from technology training for
displaced workers to health- related research and consulting. --
Maria Marin -- Voice of Empowerment, Alhambra, CA. -- author,
newspaper columnist and speaker empowers others by conducting
negotiation and personal growth seminars for women worldwide. --
Sonia Molina -- Molina Endodontics, Downey, CA. -- a dental clinic
specializing in internal oral surgeries. Also owns Nassillon
Development specializing in refurbishing homes and apartment
complexes in low-income communities throughout Los Angeles County.
-- Regina Munroe -- Inproma, San Carlos, CA. -- a promotional
products distributor providing logo-bearing merchandise and
strategic marketing to customers nationwide. -- Teresa Ornelas --
Great Impact, Tempe, AZ. -- a company providing customized
promotional products that reflect an organization's unique culture
and personality, management of inventory and development of client
programs. -- Theresa E. Roderick-Alderete -- Alderete Business
Visions, Newark, CA. -- a marketing and special event/community
outreach company that specializes in the Hispanic community. --
Nannette Rodriguez-Heal -- VIVAMEDIA , Des Moines, IA, -- a
multilingual advertising agency that builds in-language, in-market
graphic and interactive marketing solutions. -- Maria Carolina
Weitzman -- NATEX Corporation Architects, Houston, TX. -- an
architecture, master planning and construction management company
that actively participates in the arts and redevelopment in the
Houston city community. -- Leslie Padilla-Williams -- Hola Language
Services, Oceanside, CA. -- a Spanish language translation company
providing educational translations for parents, bilingual teacher
training, Latino voter outreach and other services throughout San
Diego County school district. Wells Fargo's Latino Business
Services program is an outreach and education program dedicated to
connecting Latino business owners with financial services to
succeed in business and personally. Through seminars and community
activities, this program helps Latino business owners understand
how to access capital, grow their businesses, plan for retirement
and build wealth for their families. About Wells Fargo Wells Fargo
& Company is a diversified financial services company with $435
billion in assets, providing banking, insurance, investments,
mortgage and consumer finance to more than 23 million customers
from more than 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 United States to receive the
highest possible credit rating, "Aaa," from Moody's Investors
Service. Providing financial products and services to more than one
million businesses with annual sales up to $20 million in all 50
states, Puerto Rico and Canada, Wells Fargo is the #1 lender to
small businesses in the United States in total dollar volume
according to the most recent CRA data (2003). The second largest
national SBA lender in dollars, Wells Fargo is an SBA Preferred
Lender in 28 states, and originated 3,555 loans for $495 million in
2004. Wells Fargo has also been ranked the number one SBA 504
lender nationally for the last two years. Its targeted business
services programs provide outreach and education to women, African
American, Latino, and Asian business owners about financial
services. Since 1995, Wells Fargo has loaned more than $25 billion
to women and minority business owners. About LATINAStyle Magazine
In 1994, LATINA Style Magazine launched the first national magazine
dedicated to the needs and concerns of the contemporary Latina
professional workingwoman in the U.S. Focusing on the needs of
Latina professionals, Latina business owners, college students, and
Hispanic influentials, LATINA Style Magazine is the most
influential magazine reaching the Latina workingwoman. With a
national circulation of 150,000 and a readership of over 600,000,
LATINA Style Magazine reaches the U.S. Latina with all the
information needed to succeed. About USHCC The USHCC represents the
interests of more than two million Hispanic-owned businesses in the
United States and Puerto Rico, which earn more than $250 billion
annually. It serves as the umbrella organization for more than 210
local Hispanic chambers nationwide, and it actively promotes the
economic growth and development of Hispanic entrepreneurs.
DATASOURCE: Wells Fargo & Company CONTACT: Sarah E. Pew of
Wells Fargo, +1-415-396-0866, or Web site:
http://www.wellsfargo.com/
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