Wells Fargo Latino Business Initiative.

Wells Fargo & Company announced the latest lending numbers for their Latino Business Services Program. With a lending goal increased in 1999 to $3 billion over 10 years to Latino-owned small businesses, Wells Fargo is on pace to achieve 115 percent of their lending objective. As of Q4 2001, Wells Fargo’s Latino-Owned Business Program reached nearly $1.5
billion. In so doing, Wells Fargo has achieved nearly 50 percent of its goal in a period of only 17 quarters since Q4 1997.

“Our lending numbers are a testament to both the strength and promise of Latino-owned businesses and the success of Wells Fargo’s Latino Business Services program,” said Tim Rios, vice president, Community Development Group for Wells Fargo and National Spokesperson for the Latino Business Services Program. “This is a great way to kick off Small Business Week, and we are looking forward to continuing our strong tradition of supporting the growth of Latino-owned small businesses.”

Since the inception of Latino Business Services program in 1997, Wells Fargo has provided loans to more than 43,000 Latino-owned businesses nationwide. Wells Fargo is one of the few financial service providers in the country to have a public lending goal directed to small business owners. The Wells Fargo Latino Business Services program delivers comprehensive business services to small businesses, including credit cards and lines of credit, cash flow and payroll management services, and employee benefits.