Wells Fargo Provides $7 Million to Grameen America
February 11 2016 - 9:00AM
Business Wire
Increases Access to Capital for Women-owned
U.S. Small Businesses
Wells Fargo & Company (NYSE:WFC) announced today it has
provided $7 million to Grameen America, a leading U.S. non-profit
microfinance organization, to support microloans for entrepreneurs.
The $1 million equity equivalent (EQ2) investment and $6 million
senior debt facility, which act as revolving funds, are estimated
to yield over a three-year period an additional $42 million in
loans for start-ups and expansions to more than 10,000 low-income
women entrepreneurs.
“With the right tools and support, women across the country
are becoming engines of economic growth,” said Andrea Jung,
president and CEO of Grameen America. “We are fortunate to have
Wells Fargo’s support as we empower women entrepreneurs through
access to capital, savings and credit-building.”
With Wells Fargo’s support, Grameen also will deepen its
national footprint in cities such as New York City, Los Angeles and
San Francisco through increased microlending, and will help more
women facing poverty join the financial mainstream.
“Working with Grameen helps us make a bigger impact on small
businesses in their early stages of development, and that is
critical to the success of women entrepreneurs, ” said Sarah
Bennett, SVP, Wells Fargo Community Lending & Investment.
In November of 2015, Wells Fargo launched the Diverse Community
Capital program, which is providing $75 million in grants and
lending capital over a three-year period to Community Development
Financial Institutions serving diverse small businesses.
This commitment from Wells Fargo builds on the Gallup study
of small business owners commissioned by Wells Fargo in 2015
with the goal of expanding access to financial services for diverse
small businesses. The study found that many diverse small business
owners are likely to be in the startup and early growth stages of
their business and as a result may not qualify for conventional
bank loan products.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.8 trillion
in assets. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through 8,700 locations, 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 36 countries to support customers who conduct business
in the global economy. With approximately 265,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 30 on Fortune’s 2015
rankings of America’s largest corporations. Wells Fargo’s vision is
to satisfy our customers’ financial needs and help them succeed
financially. Wells Fargo perspectives are also available at Wells
Fargo Blogs and Wells Fargo Stories.
About Grameen America
Founded by Nobel Peace Prize recipient Muhammad Yunus, Grameen
America is a 501(c)(3) nonprofit microfinance organization
dedicated to helping women who live in poverty build small
businesses to create better lives for their families. The
organization offers microloans, training and support to transform
communities and fight poverty in the United States. Since opening
in January 2008, Grameen America has invested nearly $380 million
in more than 64,000 low-income women entrepreneurs. Started in
Jackson Heights, Queens, Grameen America has expanded across New
York City and in Indianapolis, IN, Omaha, NE, Oakland, CA,
Charlotte, NC, Los Angeles, CA, San Jose, CA, Austin, TX, Union
City, NJ, San Juan, PR and Boston, MA. Learn more at
www.grameenamerica.org.
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version on businesswire.com: http://www.businesswire.com/news/home/20160211005400/en/
Wells FargoShelley Beason,
704-715-2471shelley.beason@wellsfargo.comorGrameen
AmericaBecky Asch, 718-704-0431b.asch@grameenamerica.org
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