Wells Fargo Announces $2 Billion, 10-Year Lending Goal to African American Business Owners

SAN FRANCISCO--(BUSINESS WIRE)--After reaching its goal to lend $1 billion to African American business owners by 2010 earlier this year, Wells Fargo (NYSE:WFC) has announced a goal to lend an additional $1 billion by 2018, expanding the cumulative goal to $2 billion. The announcement was made as Wells Fargo celebrates the 10^th anniversary of its African American Business Services program. Through alliances with national and regional organizations supporting the African American community, Wells Fargo provides outreach and education to African American business owners, increasing their access to capital and other financial services.

“Reaching our $1 billion goal two years early is a testament to the growth and entrepreneurial vision of this important segment of the U.S. economy,” said Brenda Ross-Dulan, senior vice president and national spokesperson for Wells Fargo’s African American Business Services program. “It also exemplifies Wells Fargo’s commitment to satisfying the financial services needs of African American business owners nationwide.”

As part of the anniversary celebration, Wells Fargo will expand its relationship with the National Black MBA Association (NBMBAA) by sponsoring the NBMBAA Entrepreneurial Institute. The Institute, a daylong session of workshops and panels led by business management experts, will be held September 17, 2008 in Washington, D.C., at the start of the NBMBAA 30^th Annual Conference and Exposition.

“We’re excited to team up with Wells Fargo, a company that shares our mission to empower visionaries and help them succeed financially,” said Barbara Thomas, president and CEO of the National Black MBA Association. “With the launch of the Entrepreneurial Institute, we continue to support the significant growth of African American businesses by offering resources for existing business owners, small business professionals and aspiring entrepreneurs.”

For more information about Wells Fargo’s African American Business Services program, visit www.wellsfargo.com/biz/aabs.

For more about the NBMBAA Entrepreneurial Institute and the 30^th Annual Conference in Washington, D.C., visit www.nbmbaa.org.

About Wells Fargo

Wells Fargo & Company is a diversified financial services company with $609 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 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 U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”

Wells Fargo is America’s #1 small business lender in total dollar volume according to the most recent Community Reinvestment Act data (2006) and the #1 SBA 7a bank lender in total dollar volume. Wells Fargo has loaned more than $36 billion to women, African American, Latino and Asian business owners since 1995. For more information, speak with a Wells Fargo banker, visit wellsfargo.com/biz or call the National Business Banking Center at 1-800-CALL-WELLS.

About National Black MBA Association

Established in 1970, the National Black MBA Association (NBMBAA) is dedicated to creating partnerships that result in increased intellectual and economic wealth in the black community through its five channels of engagement: education, career, leadership, entrepreneurship and lifestyle. With more than 40 chapters, a 6,000-plus membership and more than 400 corporate partners, the NBMBAA gives its constituents access through programs and services such as the Annual NBMBAA Conference (the nation’s largest, professional, African-American exposition of its kind), Local Empowerment Initiatives, etc. To learn more about the NBMBAA, please visit http://www.nbmbaa.org.