Wells Fargo to Lend $55 Billion to Women-Owned Businesses

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Lisa Stevens

Wells Fargo Bank has announced it will lend a total of $55 billion to women-owned businesses by the year 2020.
The announcement was made recently 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 Los Angeles.
In recognition of March as National Women’s History Month, Wells Fargo is celebrating its 18-year commimtent of lending. The bank already has loaned $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.
Today, approximately 30 percent of businesses in the U.S. are owned by women, according to the National Women’s Business Council.
“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.”
Wells Fargo’s first lending commitment in 1995 established a goal to lend $1 billion to women business owners over three years. Fueled by the continued growth of women business owners, the goal was increased, most recently in 2003.
In outreach efforts to build work with women business owners. Wells Fargo supports the National Association of Women Business Owners (NAWBO) and the Women Presidents’ Organization, as well as several other organizations focused on the education, growth and advancement of women business owners.