Wells Fargo Lending at Rate of 119% of Its 10-Year, $3 Billion Lending Goal
SAN FRANCISCO, May 26 /PRNewswire-FirstCall/ -- Demonstrating continuing
support of Asian business owners, Wells Fargo & Company (NYSE: WFC) today
announced it has lent over $1 billion to Asian businesses through its Asian
Business Services program, and is on track to surpass its 10-year, $3 billion
lending goal.
"Asian Pacific American Heritage Month is a great time to recognize and
celebrate this milestone," said Iris Chan, head of Commercial Banking and
national spokesperson for Wells Fargo's Asian Business Services program.
"Wells Fargo will continue to promote the growth of this dynamic market to
ensure Asian business owners succeed financially -- in business and
personally. This achievement is a testament to the success of Asian
entrepreneurs and as this segment continues to prosper, I'm confident we'll
meet or exceed our lending goal."
The Wells Fargo Asian Business Services Program provides outreach,
education and increased access to capital among Asian businesses. Since its
inception in 2002, the program has formed key community alliances, invested in
primary research and sponsored various events that support the continued
growth and success of Asian business owners.
"As a business owner, the success of our company depends on our ability to
meet our clients' needs," said Nancy Tom, co-owner of The Architecture Company
in Tucson, Arizona. "Wells Fargo provides the financial services and products
tailored to the needs of small business owners, allowing us to deliver on our
customer promises and continues to demonstrate their commitment to the success
and strength of Asian entrepreneurs."
According to the most recent Economic Census data (1997), Asian-owned
businesses in the U.S. reached 913,000 with annual receipts of $206.0 billion
-- averaging $336,000 in annual sales per firm. Through the five-year period
from 1992-1997, Asian owned firms grew 30.2% in number and 68% in receipts,
faster than any other minority-owned business segment.
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with
$428 billion in assets, providing banking, insurance, investments, mortgage
and consumer finance to more than 23 million customers from more than 6,000
stores and the internet (wellsfargo.com) across North America and elsewhere
internationally. Wells Fargo Bank, N.A. is the only bank in the United States
to receive the highest possible credit rating, "Aaa," from Moody's Investors
Service.
Providing financial products and services to more than one million
businesses with annual sales up to $20 million in all 50 states, Puerto Rico
and Canada, Wells Fargo is the #1 lender to small businesses in the United
States in total dollar volume according to the most recent CRA data (2003).
The second largest national SBA lender in dollars, Wells Fargo is an SBA
Preferred Lender in 28 states, and originated 3,555 loans for $495 million in
2004. Wells Fargo has also been ranked the number one SBA 504 lender
nationally for the last two years. Its targeted business services
programs provide outreach and education to women, African American, Latino,
and Asian business owners about financial services. Since 1995, Wells Fargo
has loaned more than $23 billion to women and minority business owners.
SOURCE Wells Fargo & Company
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Related links:
http://www.wellsfargo.com
CONTACT:
Kathryn Ellis of Wells Fargo & Company,
+1-415-222-4682, or Kathryn.d.ellis@wellsfargo.com
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