In 1995, Wells Fargo made a commitment to lend $1 billion to women who owned businesses. Fueled by the continued growth of female business ownership, the goal was increased three times. Today, during National Women’s History Month, Wells Fargo has said it will commit to lend $55 billion by 2020.
“Our commitment speaks to the growth we see in the small business arena,” said Brenda Ross-Dulan, southern New Jersey regional president for Wells Fargo. “It’s a trend we see going forward. There are 225,000 women-owned businesses in New Jersey, so the impact they have is huge. We want to be seen as the bank that really supports that growth.”
In the announcement, Wells Fargo said it has a long history of providing female business owners with access to its capital and financial services. Since the bank’s initial commitment in 1995, it has provided more than $38 billion in capital to a sector that today owns about 30 percent of U.S. businesses, according to the National Women’s Business Council.