Wells Fargo Meets Goal to Lend $1 Billion to African American Small Business Owners

The stagecoach was two years early.

Salem-News.com Business Report

(PORTLAND, Ore.) - Wells Fargo & Company has already reached its goal to lend $1 billion to African American business owners nationwide by 2010. The company originally set the goal in 1998. It will announce a new multi-year lending goal later this year.

"As we celebrate Black History Month, Wells Fargo is proud to recognize the strength and growth of the African American business community," said Brenda Ross-Dulan, senior vice president and national spokesperson for Wells Fargo's African American Business Services program.

"Wells Fargo's celebration of this significant lending milestone is a testimonial to the entrepreneurial vision and success of African American business owners."

According to the most recent (2002) U.S. Census data, there are more than one million African American-owned businesses in the U.S., a 45 percent increase over the 1997 census figure.

Wells Fargo is committed to the growth of the African American business community and supports African American organizations and activities in the communities it serves. During the past 10 years, Wells Fargo has donated more than $38 million to community organizations throughout the nation that serve African Americans.

Wells Fargo's African American Business Services program provides outreach and education to African American business owners through resources including workshops, seminars, tradeshows, and regional and national alliances. Wells Fargo maintains close relationships with national African American organizations, including the National Black Chamber of Commerce, 100 Black Men of America and the National Black MBA Association (NBMBAA).

Founded in 1852, Wells Fargo is America's #1 small business lender in total dollar volume according to the most recent Community Reinvestment Act data (2006) and the #1 SBA 7a bank lender in total dollar volume. Wells Fargo has loaned close to $35 billion to women, African American, Latino and Asian business owners since 1995.