Minority Business Owner Confidence Surging According to Wells Fargo/Gallup Special Report
April 26 2005 - 9:00AM
PR Newswire (US)
Minority Business Owner Confidence Surging According to Wells
Fargo/Gallup Special Report Survey, Released During National Small
Business Week, Shows Increased Business Owner Expectations for Cash
Flows, Revenues and Hiring SAN FRANCISCO, April 26
/PRNewswire-FirstCall/ -- Minority business owners overwhelmingly
indicate they are pleased to be small business owners and are
optimistic about the future paths of their companies, according to
a special report produced by Wells Fargo and Gallup. Eighty-seven
percent of minority business owners surveyed say they are satisfied
being a small business owner, and nearly 90 percent expressed
feelings of success. "National Small Business Week (April 25-29) is
a great time to celebrate the growth and success of small
businesses nationwide," says Rebecca Macieira-Kaufmann, executive
vice president and small business segment manager for Wells Fargo.
"These latest results show that not only are minority small
business owners driving growth, but they are also increasingly
confident about the future." Sixty-five percent report their
personal financial situation has improved over the last 12 months,
while eight in ten expect to be personally financially better off
next year. Numbers are equally strong for current and future
expectations. Sixty-three percent say their company's current
financial situation is good, and another 78 percent expect their
future financial situation to be positive as well. "While industry
data has long confirmed minority-owned small businesses are the
fastest-growing market segment, this research highlights both
optimism and excitement for future expectations" says
Macieira-Kaufmann. "The confidence shown by minority business
owners is already translating into personal and business success,
which bodes well for the future of minority business owners and the
overall small business segment." Survey respondents also show
tremendous confidence in expectations for their company's future
growth on three key success factors: revenues, cash flow and job
hiring. Expectations for growth over the next 12 months exceed the
performance from the previous 12 months on all three points. (see
chart below for details). (Photo:
http://www.newscom.com/cgi-bin/prnh/20050426/SFTU019 ) "Minority
business owners feel successful because we are successful. We have
every reason to believe the future holds great ventures and growth
opportunities for us," says Lenora Carter of Forward Times
Publishing Company, Inc. in Houston, Texas. "We have worked hard
for our success and our diligence and dedication are starting to
pay off. We predict 2005 to be a year of continued success."
Additional findings include 63 percent of minority owners reporting
they are in a good position for retirement. Forty-three percent say
their company has increased its overall productivity over the past
12 months while only 19 percent say it has decreased. Also,
eighty-five percent of minority business owners say they would do
become a business owner again. These findings are based on a Gallup
survey of approximately 1,000 minority business owners from across
the country. Surveys were conducted from August 2003 to December
2004. The companies surveyed are at least fifty percent or more
owned by minorities. About Wells Fargo Wells Fargo & Company is
a diversified financial services company with $436 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 $23 billion to women and minority business owners. About
the Gallup Organization For more than 60 years, the Gallup
Organization has been a recognized leader in the measurement and
analysis of people's attitudes, opinions and behavior. While best
known for the Gallup Poll, founded in 1935, Gallup's current
activities consist largely of providing marketing and management
research, advisory services and education to the world's largest
corporations and institutions.
http://www.newscom.com/cgi-bin/prnh/20050426/SFTU019
http://photoarchive.ap.org/ DATASOURCE: Wells Fargo & Company
CONTACT: Linadria Porter of Wells Fargo & Company,
+1-415-222-6236, or Web site: http://www.wellsfargo.com/
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