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Wells Fargo Surpasses $25 Billion in Lending to Women Business Owners

Nation's #1 Small Business Lender Sets the Standard in Reaching Out to Fast-Growing Women Business Owner Segment, Celebrates 10-Year Anniversary for Its Women's Business Services Program

SB Informer
Wednesday, May 3, 2006; 03:53 AM

NEW YORK - With a little support from Wells Fargo, women business owners again have shown why they are such a critical force powering the U.S. economy. At the Center for Women's Business Research Executive Roundtable in New York, Wells Fargo & Company (NYSE: WFC) today announced it has lent more the $25 billion to women business owners since establishing its Women's Business Services program in 1995. This marks an unprecedented lending milestone in the company's outreach to women small business owners.

"It is very exciting that we have arrived at a point where women business owners are recognized and appreciated for the very important contributions they make to the U.S. economy," said Rebecca Macieira-Kaufmann, executive vice president and head of Wells Fargo's Small Business Segment. "Wells Fargo recognized early on the power, drive, and potential of women entrepreneurs. Surpassing the $25 billion mark in lending to these women is a tribute to women business owners who have allowed us to be a part of their amazing success. The last 10 years have been a great journey, and we can't wait to see what the next 10 years will bring."

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. With an average loan size just under $40,000, Wells Fargo has extended more than 600,000 loans to women business owners over the last ten years.

"We face various challenges as business owners, and the success of our business depends on our ability to meet and overcome those obstacles," said Judi Henderson-Townsend, president and founder of Mannequin Madness. "The continued support of public and private organizations is crucial. Wells Fargo has been 100% committed to helping women entrepreneurs succeed personally and financially, and has been a great partner to women businesses nationwide."

According to the latest economic Census data, between 1997 and 2002, the number of women-owned businesses grew 20% -- nearly twice the rate of all privately held businesses. The top five cities with the highest number of women businesses are New York, Los Angeles, Chicago, Houston, and San Francisco.

To learn about the evolving landscape of the women business owner market, Wells Fargo partners with organizations like 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.

"Wells Fargo transformed the world of finance for women business owners when it launched the first-ever business services program for women-owned businesses," said Marjorie Alfus, chair, Center for Women's Business Research. "As the history of women's entrepreneurship is written, Wells Fargo always will be honored for bringing economic credibility to women business owners -- not only in the financial industry, but throughout corporate America."

About Wells Fargo

Wells Fargo & Company is a diversified financial services company with $492 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 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 (2004).

The second largest national SBA lender in dollars, Wells Fargo (http://www.wellsfargo.com/) is an SBA Preferred Lender in 30 states and the District of Columbia, and originated 4,165 loans for $579 million in 2005. Its diverse 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 $30 billion to women and minority business owners.

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