SAN FRANCISCO–(BUSINESS WIRE)–June 14, 2022–
Wells Fargo announced today that it is doubling down on its support for women-owned businesses through its Connect to More℠ program after providing more 500 mentoring opportunities for women last year. This year, Wells Fargo will expand its partnership with the Nasdaq Entrepreneurial Center to provide more than 1,000 free mentoring opportunities through its 12-week Milestone Circles mentoring program and approximately 13,000 hours of technical support.
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Wells Fargo announces that it is doubling down on its support for women-owned businesses. (Photo: Wells Fargo)
“Many women entrepreneurs tell us that owning and operating a business is isolating and can be difficult for those without access to the right resources,” said Derek Ellington, director of Small Business for Wells Fargo. “In addition to that, 48% of women entrepreneurs report that the lack of available advisors and mentors limits their professional growth. 1 By providing women business owners with access to trusted experts who can help them solve business challenges, plan for the future, network and grow, we are giving them the tools and opportunities to build a strong foundation and thrive.”
connect to more program impact and next phase
connect to more was a program launched last summer to support the success and sustainability of women-owned businesses through access to expertise and specialized resources. As part of the program, Wells Fargo has partnered with the Nasdaq Entrepreneurial Center to offer free support through its exclusive Milestone Circles. During the first year, more than 500 women participated in the Circles and graduated, overcoming challenges, celebrating milestones, attending workshops, and connecting with small business experts and mentors to improve their businesses:
- “Throughout my 12 weeks in the Circles program, I was able to document a large number of processes and standard operating procedures that allowed me to bring in four new team members and no longer be directly involved in each customer product. This has allowed me to scale my business from $9,000 in revenue to over $20,000 in monthly revenue and a team of 11 amazing humans.” – Raquel Pereya, owner of Mastermind Business Services.
- “The Milestone Circles program really impressed me with its approach to linking ‘vision’ with ‘goals.’ The team created an environment for success with exercises that challenged me to dig deeper into our vision, which opened up so many opportunities. I was able to clearly consider our desired funding journey and received expert feedback from mentors. As a result, our company has identified financial partners that support our vision and mission. FeaturesFirst Auto’s future is much brighter with more clarity and funding!” – Lisa Bailey, owner of FeaturesFirst Auto
- “Thanks to Milestone Circles, we implemented a new brand strategy and relaunched our brand. We also took the tools we learned and took a more assertive approach to our social media accounts. Our YouTube account grew from 1,500 views to over 66,000 views in 2 months.” – Selmin Karatas, owner of kazani hair
“The Nasdaq Entrepreneur Center has been inspired by the learnings and results of the incredible women we have been fortunate to support in this inaugural year of this program,” said Nicola Corzine, founding CEO of the Nasdaq Entrepreneur Center. “We are tremendously excited to connect with more than 1,000 women business owners in the next 12 months thanks to the generous contributions of the Wells Fargo Foundation.”
This year, connect to more will continue to offer Milestone Circles with a goal of helping more than 1,000 women-owned businesses and adding more mentorship and one-on-one technical assistance opportunities for participants, including milestone planning workshops, bi-weekly peer support groups, access to experts and mentors Industry, and Alumni Networking Opportunities. Each Circle is open to all female-identifying female business owners in the U.S. Those interested in applying should complete an applicationand when accepted, it will be placed in a Circle.
Cycle of conferences for women entrepreneurs
Wells Fargo is also reaching out to women entrepreneurs through a quarterly speaker series that covers a variety of topics and challenges with small business experts and female founders. The next virtual panel discussion will take place on Wednesday, June 22, and will help women learn how to grow and cultivate a strong network that will support building trust, making key decisions, and new business opportunities. More details are below:
This virtual session will be held via Zoom on Wednesday, June 22, 2022 (12:00 p.m. to 1:00 p.m. Pacific Time / 2:00 p.m. to 3:00 p.m. Central Time / 3:00 p.m. to 4:00 p.m. :00 p.m. Eastern Time).
Derek Ellington, Director of Small Business at Wells Fargo
Ann Marie Lynch, Director of Small Business Deposits at Wells Fargo and President of Women’s Connection ERN
Kamy Taylor, Program Manager, Nasdaq Entrepreneur Center
Terriekka Cardenas, Founder, Perceptive Engineering and Construction Services
Theresa Bozhor, Founder of Momentum Tutoring
please click here to register Please register no later than Wednesday, June 22, 2022.
Wells Fargo’s overall support for women entrepreneurs
These latest initiatives build on Wells Fargo’s legacy of supporting diverse, women-owned small businesses. In 1995, the company first announced a $1 billion four-year loan goal to support women-owned small businesses. This goal was met in just one year and served as the catalyst for several additional diverse lending commitments to women, Hispanics/Latinos, Blacks/African Americans, and Asian-owned small businesses.
Wells Fargo also recently Shared resources designed to help increase the growth of women-owned small businessesincluding a $1.5 million How Women Lead grant aimed at disrupting the unequal venture capital (VC) system for female founders and shared new data and an interactive toolkit on how to close the economic gaps that women entrepreneurs face.
Additionally, in 2020, Wells Fargo created an approximately $420 million national small business recovery effort called the Open for Business Fund. It gave $250 million for capital to Community Development Financing Institutions (CDFIs), more than $55 million to nonprofit organizations that provide technical assistance, and more than $100 million for long-term resiliency programs. Through December 2021, $420 million in grants have been deployed to nonprofits, estimated to serve more than 152,000 small businesses and preserve or create more than 255,000 jobs. Approximately 85% of small businesses served by Open for Business Fund grantees are projected to be hardest hit by the pandemic, including Black, African American, Hispanic, Native American, Asian American, and female-owned small businesses.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company with approximately $1.9 trillion in assets, proudly serving one in three US households and more than 10% of small businesses and is a leading provider of mid-market banking services in the US. We provide a diversified set of banking, investment and mortgage products and services, as well as commercial and consumer financing, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo was ranked 37th in Fortune’s 2021 ranking of America’s Largest Corporations. In the communities we serve, the company focuses its social impact on building a sustainable and inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-income economy. carbon. Wells Fargo news, insights and perspectives are also available on Wells Fargo Stories.
Additional information can be found at www.wellsfargo.com | Twitter: @WellsFargo
1 Challenges Facing Women Entrepreneurs and Some of the Most Successful Women to Follow, Business News Daily, June 2020
Press release category: WF-SB
See source version at businesswire.com:https://www.businesswire.com/news/home/20220614005684/en/
Brittany Anthony, Wells Fargo
[email protected] Paget, The Nasdaq Entrepreneur Center
KEY WORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: WOMEN FINANCE BANKING CONSULTING PROFESSIONAL SERVICES SMALL BUSINESSES DEI (DIVERSITY, EQUITY AND INCLUSION) CONSUMER ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)
SOURCE: Wells Fargo & Company
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PUB: 06/14/2022 10:00 AM/DISC: 06/14/2022 10:02 AM