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

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

Accomplishment reflects strength of African American small business community

SAN FRANCISCO, Feb. 19 /PRNewswire-FirstCall/ -- Recognizing the vitality of African American small business owners throughout the nation, Wells Fargo & Company (NYSE:WFC) said Sunday it has reached its goal, set in 1998, to lend $1 billion to African American business owners nationwide by 2010. A new multi-year lending goal will be announced later this year.

Wells Fargo is celebrating the achievement this year with a number of events, including screenings of the film, "Two Dollars and a Dream" (written and directed by Stanley Nelson and distributed by Filmmakers Library), about Madame C.J. Walker, America's first self-made millionairess. The film illustrates the history of successful entrepreneurship in the African American community. "Two Dollars and a Dream" was shown February 17 during the Pan African Film Festival in Los Angeles, and additional screening events are being planned throughout the year across the country.

"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 regional president of the Los Angeles Crossroads Division at Wells Fargo 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. Over the past ten years, the Wells Fargo Foundation has given more than $38 million to community organizations throughout the nation that serve African Americans. For the past three years, Wells Fargo has sponsored Tavis Smiley's annual State of the Black Union symposium.

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).

About Wells Fargo

Wells Fargo & Company is a diversified financial services company with $575 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."

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. For more information, speak with a Wells Fargo banker, visit wellsfargo.com/biz or call the National Business Banking Center at 1-800-CALL-WELLS.

First Call Analyst:
FCMN Contact:

Source: Wells Fargo & Company

CONTACT: Allison White of Wells Fargo & Company, +1-415-975-6291,
allison.white@wellsfargo.com

Web site:

http://www.wellsfargo.com/

-------
Profile: intent