Wells Fargo announces $2 billion lending goal to black business owners

(August 29, 2008) After reaching its goal to lend $1 billion to African American business owners by 2010 earlier this year, Wells Fargo (NYSE:WFC) has announced a goal to lend an additional $1 billion by 2018, expanding the cumulative goal to $2 billion. The announcement was made as Wells Fargo celebrates the 10th anniversary of its African American Business Services program.

Through alliances with national and regional organizations supporting the African American community, Wells Fargo provides outreach and education to African American business owners, increasing their access to capital and other financial services.

“Reaching our $1 billion goal two years early is a testament to the growth and entrepreneurial vision of this important segment of the U.S. economy,” said Brenda Ross-Dulan, senior vice president and national spokesperson for Wells Fargo’s African American Business Services program. “It also exemplifies Wells Fargo’s commitment to satisfying the financial services needs of African American business owners nationwide.”

As part of the anniversary celebration, Wells Fargo will expand its relationship with the National Black MBA Association (NBMBAA) by sponsoring the NBMBAA Entrepreneurial Institute. The Institute, a daylong session of workshops and panels led by business management experts, will be held September 17, 2008 in Washington, D.C., at the start of the NBMBAA 30th Annual Conference and Exposition.

“We’re excited to team up with Wells Fargo, a company that shares our mission to empower visionaries and help them succeed financially,” said Barbara Thomas, president and CEO of the National Black MBA Association. “With the launch of the Entrepreneurial Institute, we continue to support the significant growth of African American businesses by offering resources for existing business owners, small business professionals and aspiring entrepreneurs.”

For more information about Wells Fargo’s African American Business Services program, visit www.wellsfargo.com/biz/aabs.

For more about the NBMBAA Entrepreneurial Institute and the 30th Annual Conference in Washington, D.C., visit www.nbmbaa.org.


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