Wells Fargo Initiatives To Benefit Latina Business Owners.

Wells Fargo & Company announced the results of the Women Business Owners of Color Survey and presented $5,000 grants to the first 10 awardees of the Anna Maria Arias Memorial Business Fund. Wells Fargo made both announcements at the United States Hispanic Chamber of Commerce 23rd Annual National Convention (USHCC). The study, conducted by Center for Women’s Business Research (CWBR) and Wells Fargo, and the business fund, a joint effort between Wells Fargo, LATINA Style Magazine and the USHCC, represent the latest offerings of Wells Fargo’s Latino Business Services program. In 1997, Wells Fargo became the first major financial services provider with a program specifically for Latino business owners, establishing a public lending goal of $1 billion that was later increased to $3 billion over 10 years.

“With continued research, we have learned much more about what drives the Latina entrepreneur,” said Rebecca Macieira-Kaufmann, Wells Fargo Executive Vice President of Business Direct Lines and Loans, Small Business Cash Management and Small Business Marketing. “We know she feels a strong sense of commitment to her family and community, and is likely to rely on both groups for business advice. With the success of Latina business owners, we are seeing them access increasing levels of credit and capital, growing their businesses to new heights of success.”

The study results and awards demonstrate Wells Fargo’s ongoing commitment to understanding the needs of Latina business owners, while increasing access to capital among one of the fastest growing small business segments. Wells Fargo’s efforts have resulted in lending at a rate that is 115% of its program objective as of Q2-02. The announcements follow Wells Fargo’s earlier announcement that its Latino Business Services program has provided more than $1.6 billion in loans and financial service products to more than 40,000 Latino-owned businesses nationwide.

The Anna Maria Arias Memorial Business Fund is another major initiative of Latino Business Services, honoring the efforts of the late publisher of LATINA Style Magazine, a key advocate in promoting Latina entrepreneurship. Wells Fargo joined with the United States Hispanic Chamber of Commerce and LATINA Style Magazine to establish the fund, which this year awarded cash grants to Latina business owners across the nation who exemplify those business practices and principles which Anna Maria championed.

“This year, we are proud to be awarding cash grants of $5,000 to 10 unique women who exemplify the principles that Anna Maria championed,” said Laura Schulte, President Wells Fargo Bank, California, Nevada & Border Banking. “We received more than 150 applications from across the country, and as you can imagine, narrowing this down to 10 awardees was incredibly challenging. Based on the tremendous quality of applications received, it is easy to understand why Latina small businesses are the fastest growing segment in the country.”

The awardees include:

— Danita Rodriguez — The Aroma Tree, Tucson, AZ — manufactures personal care products using only pure, non-chemical, non-synthetic products.

— Betty Swinners — Diversity Speakers, Dallas, TX — provides a speakers bureau for corporations and individuals needing Latino and other ethnic minority speakers and trainers.

— Josefina Aguilar — Espresso Mi Cultura, Hollywood, CA — community and performance studio for local Latino performers, literature on Latin America and Latino culture, and coffee.

— Alice C. Knagge — Sasabe Store & Adobe, Sasabe, AZ — provides food, supplies, adobe, and money transfers to the community of Sasabe, AZ and residents of Sonora, Mexico.

— Margarita De Leon — BRAVO!, Toledo, OH — a bilingual newsmagazine to address the language and information needs of active Latino populations in Ohio.

— Cecilia Protas — Competitive Edge Consulting, Inc., Mesa, AZ — helps advise human resources professionals to meet the needs of their people to benefit an entire organization.

— Carmen Luisa Ruiz — El Latino Newspaper, San Francisco, CA — a weekly Spanish-language newspaper with a circulation of 20,000.

— Noreen Carro — LMN Printing Co., Inc., Valley Stream, NY — a minority certified/women-owned commercial printing company with offices in Florida and New York.

— Alicia Hinson — Optimum Translation, Franklin, TN — offers translation services to bridge the communication gap between the Spanish and English population in Middle Tennessee.

— Reyna Trevino — Trevino Enterprises, North Hollywood, CA — specializes in booking and coordinating special events for clients in the Latin, Urban and general markets.