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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