|Jennifer Langan||Jim Seitz|
Wells Fargo Launches Wells Fargo Works for Small BusinessSM
Company sets five-year goal to extend $100 billion in new small business loans as part of initiative to help more businesses succeed
SAN FRANCISCO, May 1, 2014 – Wells Fargo (NYSE: WFC) is introducing Wells Fargo Works for Small BusinessSM, a broad initiative to deliver resources, guidance and services to help more small businesses achieve financial success. With the new initiative, Wells Fargo also is announcing a goal to extend $100 billion in new lending to small businesses by 2018.
Wells Fargo Works for Small Business provides wide-ranging support for business owners throughout the U.S. to help them build knowledge, access capital and expand their community of support. Wells Fargo Works for Small Business encompasses the company’s commitment to helping small businesses grow.
“Wells Fargo Works for Small Businessis our commitment to help small businesses in more ways than ever before. It encompasses the products, services and resources needed for small business owners to take the next step to reach their business goals,” said Jamie Moldafsky, Wells Fargo chief marketing officer. “Most importantly, Wells Fargo Works for Small Business is delivered every day by our bankers who partner with business owners to help them succeed financially.”
For 11 consecutive years, Wells Fargo has loaned more dollars to America’s small businesses than any other bank (CRA 2002-2012). Wells Fargo also is the No. 1 SBA 7(a) lender in dollars for each of last five years and the first lender to approve more than $1 billion in SBA 7(a) loans in a single year.
Key elements of Wells Fargo Works for Small Business include:
- WellsFargoWorks.com, an enhanced online resource that offers useful financial guidance on topics such as building credit and sustaining growth to help business owners increase their knowledge and confidence. The site includes hundreds of feature stories, informational resources and videos, featuring national small business strategy experts and business owners sharing their experiences.
- Wells Fargo Works Project,an online video series – featuring the true stories of five small businesses working with Wells Fargo to achieve their business goals – and a contest for small business owners.
- Online video series: The series chronicles the journeys of five selected business owners – customers of Wells Fargo – as they work to reach their goals with financial help from Wells Fargo and other small business experts retained by Wells Fargo. The businesses featured in the unique experience, offered by the Wells Fargo Works Project online video series, are: Universal Martial Arts Academy, San Francisco; EasyLunchboxes, Los Angeles; Zoey Van Jones Brow Studio, Pasadena, Calif.; Golden Harvest Foods, St. Paul, Minn.; North Pole Air Conditioning and Heating Services, Inc., Orlando, Fla.
- The Contest: Eligible small business owners nationwide will have the chance to compete in a contest where five finalists each win $25,000 along with mentorship and tailored solutions for their business, and a $5,000 charitable donation to a charity in their community. To enter, business owners must submit up to a two and a half-minute video or 600-word essay responding to questions about their business. Twenty-five finalists will be selected to each receive $1,000 for their business. Five grand prize winners will then be selected from the 25 finalists. The contest runs from May 1 – June 30, and winners will be announced in September.
- Wells Fargo is working with national business and community organizations, including the U.S. Hispanic Chamber of Commerce, the National Association of Women Business Owners, the National Urban League, U.S. Black Chambers, Inc., the U.S. Pan Asian American Chamber of Commerce, the National Gay and Lesbian Chamber of Commerce, and other trade associations that allow Wells Fargo to help provide financial education and resources focused on serving the needs of small businesses in diverse communities across America.
Wells Fargo has one of the largest networks of team members serving the financial needs of small business owners nationwide. The company has approximately 32,000 bankers in its retail stores who help provide financial guidance to small business owners and consumers across the country, including small business specialists. Additionally, Wells Fargo has a team of Business Banking relationship managers in locations throughout the U.S., and phone bankers who serve small business owners 24 hours a day, 7 days a week.
The launch of Wells Fargo Works for Small Business will coincide with the company’s Small Business Appreciation Celebration, which runs May 1 – June 30. This annual event, which starts before National Small Business Week in May, highlights the accomplishments of small businesses and provides business owners with time- and money-saving offers on Business Platinum Credit Card with Rewards, Merchant Services and Business Payroll Services.
Go to WellsFargoWorks.com to learn more about Wells Fargo Works for Small Business and how you could win the Wells Fargo Works Project experience for your business.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com and at wellsfargo.com/stories.
Cautionary Statement About Forward-Looking Information
This news release contains forward-looking statements about our future financial performance and business. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC and available on the SEC’s website at www.sec.gov.