Wells Fargo Lends $22 Billion to Women Business Owners Since 1995; Celebrates 10-Year Anniversary of Women's Business Services P
September 20 2005 - 9:30AM
PR Newswire (US)
Recent Census Bureau Data Confirms Women-Owned Businesses
Continuing Strong Growth Nationwide SAN FRANCISCO, Sept. 20
/PRNewswire-FirstCall/ -- According to the most recent Census data,
women-owned small businesses grew 20 percent from 1997-2002 --
twice the national average of all small businesses. The new Census
data coincides with Wells Fargo's 10-year anniversary of its
Women's Business Services program, an outreach and education effort
that has resulted in more than $22 billion in capital for women
business owners nationwide since 1995. "Over the past decade, more
capital has become available for women business owners as they
continue to be a driving force in today's economy," said Joy Ott,
regional president for Wells Fargo Bank in Montana and Women's
Business Services program national spokesperson. "As the first
financial institution to develop a dedicated program to meet the
needs of women business owners, Wells Fargo recognized early on the
power of women entrepreneurs. We have seen great progress in the
last ten years, and I am confident the growth and success of
women-owned businesses will continue in future decades." Wells
Fargo's Women's Business Services program was established in
September 1995 to build relationships with women business owners
and provide them with increased access to capital and financial
services. At the program's inception, Wells Fargo established a
lending goal of $1 billion over three years. Fueled by the
continued growth of women business owners, the goal was increased
three times and, in 2003, the latest goal to lend $20 billion over
10 years was established. Wells Fargo has lent more than $22
billion to more than 400,000 women business owners nationwide since
1995. To continually learn about the evolving needs of women
business owners, Wells Fargo partners with organizations such as
the Center for Women's Business Research. Wells Fargo is a leading
advocate in sponsoring industry research that examines the
financial and personal characteristics of women business owners.
For example, the latest report from The Center titled "Capital
Choices: What Matters and What Works" explores women business
owners' attitudes toward financing their businesses. Some key
findings include: -- 67 percent of women business owners surveyed
choose financial products or services based on their relationship
with a lender or investor -- Nearly 90 percent of the women
business owners surveyed said their most important business goal
was "doing work I enjoy everyday." "Investing in research and
understanding the unique factors behind the growth of women
business owners is paramount to understanding and addressing their
financial needs," said Ott. "We have seen women business owners
take great risks and establish key relationships to ensure the
success of their businesses. While great progress has been made,
the continued support of public and private organizations is
crucial to ensure the continued success of women entrepreneurs
nationwide." 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
$23 billion to women and minority business owners. Center for
Women's Business Research Center for Women's Business Research is
the premier source of knowledge about women business owners and
their enterprises worldwide. The Center's mission is to unleash the
economic potential of women entrepreneurs by conducting research,
sharing information and increasing knowledge about this
fast-growing sector of the economy. Since 1989, the Center has
generated research-based intelligence that has helped public- and
private-sector leaders, advocates, and individual women business
owners make informed strategic decisions for generating greater
business opportunities. The Center shares its knowledge of the
economic and social aspects of women's entrepreneurship with policy
makers, financial institutions, corporate leaders, government
agencies, academia, and the media through research reports, press
releases, newsletter publications, seminars, speaking engagements,
and worldwide on the Internet at
http://www.womensbusinessresearch.org/. DATASOURCE: Wells Fargo
& Company CONTACT: Kathryn Ellis of Wells Fargo & Company,
+1-415-222-4682, or Web site:
http://www.womensbusinessresearch.org/ Web site:
http://www.wellsfargo.com/
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