Some lenders’ purse strings are starting to loosen up. Wells Fargo, one of the largest banks in the U.S., recently announced plans to lend a total of $55 billion to women-owned businesses by 2020.
It’s an update to lending commitments the lender first set in 1995, when it vowed to lend $1 billion to women-owned businesses over three years.
Lisa Stevens, Wells Fargo lead executive for Small Business and West Coast Regional Banking president, made the announcement at Hispanas Organized for Political Equality (HOPE) 22nd Annual Latina History Day conference in Los Angeles earlier this month.
“Women-owned businesses are among America’s fastest growing segments, and we are honored to support their role in shaping the future of small business. As a leader in lending to women, Wells Fargo is dedicated to helping women succeed financially — in business and personally,” Stevens explained in the announcement.
Women-owned businesses are among the fastest-growing in the U.S. That segment grew 20 percent from 2002 to 2007. Nearly 30 percent of businesses in the U.S. today are women-owned, according to the National Women’s Business Council.
You can find out more on the Women’s Business Owners section of the Wells Fargo website.
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 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries.
Wells Fargo has loaned more money to small businesses in the United States than any other bank for 10 years, based on 2002-2011 Community Reinvestment Act government data.