Announcing a large expansion of its 18-year-old women’s lending commitment, Wells Fargo earlier this month committed to lending $55 billion to women-owned businesses by 2020.
The announcement comes during National Women’s History Month, and was made by Lisa Stevens, Wells Fargo lead executive for Small Business and West Coast Regional Banking president, at the Hispanas Organized for Political Equality (HOPE) 22nd Annual Latina History Day conference in Downtown Los Angeles.
“Women-owned businesses are among America’s fastest growing segments, and we are honored to support their role in shaping the future of small business,” said Stevens. “As a leader in lending to women, Wells Fargo is dedicated to helping women succeed financially — in business and personally.”
Since first implementing the initiative in 1995, which initially had a goal of lending $1 billion to women in its first three years, Wells Fargo has provided more than $38 billion in capital to women business owners, a group that grew in size by more than 20 percent from 2002 to 2007, according to the latest Census data. The National Women’s Business Council says that approximately 30 percent of the businesses in the U.S. today are owned by women.
In addition to the cumulative lending goal, Wells Fargo supports numerous organizations focused on the education, growth and advancement of women business owners. The company provides a variety of banking and financial services for small businesses. For more information, visit wellsfargo.com/biz or call the National Business Banking Center at 1-800-CALL-WELLS.