News by SB Informer

Wells Fargo Loans More Than $2 Billion to Asian-Owned Businesses

SB Informer
Wednesday, February 21, 2007; 02:27 AM

Fueled by the unprecedented growth of Asian business owners -- growing at twice the national average -- Wells Fargo & Company (NYSE: WFC) announced it has loaned over $2 billion to Asian entrepreneurs nationwide since establishing its Asian Business Services Program on February 20, 2002. As it celebrates the program's 5-year anniversary, Wells Fargo is on track to exceed its lending goal of $10 billion to Asian business owners by 2012.

"Over the last five years, we have seen Asian business owners reach new levels of financial success," said Iris Chan, head of Commercial Banking and national spokesperson for Wells Fargo's Asian Business Services program. "Surpassing the $2 billion mark is a tribute to Asian business owners who have allowed us to be a part of their amazing successes. We are honored and excited about helping facilitate their continued growth."

The Wells Fargo Asian Business Services Program provides outreach, education and increased access to capital for Asian-owned businesses nationwide. The program formed community alliances, invested in primary research and sponsored events that support the continued growth and success of Asian-owned businesses owners.

In recognition of the continuing growth and success of Asian small business owners, nationwide Wells Fargo, together with the US Pan Asian American Chambers of Commerce (USPAACC), created the USPAACC/Wells Fargo Asian Business Leadership Award. Each year this award honors three leading Asian business owners for their vision, success, and community contributions. Recipients receive a $5,000 cash prize and national recognition at the USPAACC annual conference. The 2007 USPAACC conference will be held May 9-11 in San Francisco.

"As a business owner, I face various challenges and the success of my company depends on my ability to meet and overcome those challenges," said Vu Thanh Thuy, owner of Radio Saigon Houston and a 2006 recipient of the Wells Fargo/USPAACC Award. "The continued support of public and private organizations is vital to our financial success. The fact that Wells Fargo has loaned more than $2 billion to Asian business owners in just five years is a testament to their commitment and dedication to helping Asian entrepreneurs succeed."

For more information about the Wells Fargo/USPAACC Asian Business Leadership Award including how to apply, please visit http://www.wellsfargo.com/biz/Asian. The deadline for the 2007 applications is March 12, 2007.

Wells Fargo & Company is a diversified financial services company with $482 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only U.S. bank to have the highest possible credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA" and is one of only two banks worldwide to have S&P's "AAA" credit rating.

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 (2005).

The second largest national SBA lender in dollars, Wells Fargo (http://www.wellsfargo.com/) is an SBA Preferred Lender in 28 states and the District of Columbia, and originated 4,937 loans for $578 million in 2006. 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 nearly $34 billion to women and diverse business owners. For more information, please visit http://www.wellsfargo.com/biz.

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