Wells Fargo sets new lending goal at $3 billion to Latino-owned business
San Francisco — December 6, 1999
To meet the needs of the growing number of Latino small businesses across the country, Wells Fargo today set a new goal of lending $3 billion to Latino business owners over the next 10 years to provide funding for the growth and expansion of Latino-owned firms.
In the past two years, Wells Fargo has lent $490 million under its Latino Loan Program to Hispanic businesses nationwide. This pace exceeds, by 49 percent, the company's expectation of lending $1 billion by 2003. Today, Wells Fargo has set a higher goal of $3 billion in lending by 2009.
"Due to the growth of Latino small businesses, we're pleased to report that we're lending at a far faster rate to Latino business owners than we had anticipated when we started our program," said Tim Rios, Wells Fargo's national spokesperson for the program and vice president in the company's Corporate Community Development Group. "By creating a new goal, we're increasing our commitment to the growth and success of Latino businesses in this country."
Wells Fargo was recently ranked among the "most friendly banks for small business" by the Small Business Administration. The SBA reviewed 1998 lending practices of the country's 57 largest banks (those with assets greater than $10 billion) and assigned each a "friendliness" score. The former Norwest Corporation ranked first and the former Wells Fargo ranked fourth.
To qualify for a Wells Fargo small business loan, business owners must be in business for at least three years, have no declared bankruptcy within the past 10 years, have a satisfactory personal and business credit record, have a profitable business, and have an established bank account for business.
The loan application process is quick and hassle-free. Information about applying for the loan program can be obtained by fax anytime in either English or Spanish by calling Wells Fargo at 1-888-275-7245.
Latino business owners across the country can apply for loans up to $100,000 by contacting Wells Fargo between 7 a.m. and 7 p.m. (PST) at 1-800-35-WELLS, extension 350. In addition, all types of business loans, including those over $100,000, are available in the 21 states where Wells Fargo and Norwest have banking stores.
Wells Fargo & Company is a $207 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores, the Internet and other distribution channels across North America, including all 50 states, and elsewhere internationally.