Wells Fargo Lends $22 Billion to Women Business Owners Since 1995

According to the most recent Census data, women-owned small businesses grew 20 percent from 1997-2002 — twice the national average of all small businesses. The new Census data coincides with Wells Fargo’s 10-year anniversary of its Women’s Business Services program, an outreach and education effort that has resulted in more than $22 billion in capital for women business owners nationwide since 1995.

“Over the past decade, more capital has become available for women business owners as they continue to be a driving force in today’s economy,” said Joy Ott, regional president for Wells Fargo Bank in Montana and Women’s Business Services program national spokesperson. “As the first financial institution to develop a dedicated program to meet the needs of women business owners, Wells Fargo recognized early on the power of women entrepreneurs. We have seen great progress in the last ten years, and I am confident the growth and success of women-owned businesses will continue in future decades.”

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. Wells Fargo has lent more than $22 billion to more than 400,000 women business owners nationwide since 1995.

To continually learn about the evolving needs of women business owners, Wells Fargo partners with organizations such as 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. For example, the latest report from The Center titled “Capital Choices: What Matters and What Works” explores women business owners’ attitudes toward financing their businesses. Some key findings include:

• 67 percent of women business owners surveyed choose financial products or services based on their relationship with a lender or investor
• Nearly 90 percent of the women business owners surveyed said their most important business goal was “doing work I enjoy everyday.”

“Investing in research and understanding the unique factors behind the growth of women business owners is paramount to understanding and addressing their financial needs,” said Ott. “We have seen women business owners take great risks and establish key relationships to ensure the success of their businesses. While great progress has been made, the continued support of public and private organizations is crucial to ensure the continued success of women entrepreneurs nationwide.”