News/Noticias
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Contact: Chris Buckley, Wells Fargo
(415) 396-0866
Contact: Jim Estrada, Estrada Communications Group, Inc.
213.623.2446

Wells Fargo's Latino Business Services Program On Target With Ambitious 10 Year, $3 Billion Small Business Lending Goal

The Leader in Small Business Announces Growth Numbers and Makes $125,000 Contribution to the California Hispanic Chamber of Commerce to Kick Off National Small Business Week.

SACRAMENTO, May 07, 2002 -- Wells Fargo & Company (NYSE: WFC), the nation's leading provider of small business loans, today announced the latest lending numbers for their Latino Business Services Program. With a lending goal increased in 1999 to $3 billion over 10 years to Latino-owned small businesses, Wells Fargo is on pace to achieve 115 percent of their lending objective. As of Q4 2001, Wells Fargo's Latino-Owned Business Program reached nearly $1.5 billion. In so doing, Wells Fargo has achieved nearly 50 percent of its goal in a period of only 17 quarters since Q4 1997.

"Our lending numbers are a testament to both the strength and promise of Latino-owned businesses and the success of Wells Fargo's Latino Business Services program," said Tim Rios, vice president, Community Development Group for Wells Fargo and National Spokesperson for the Latino Business Services Program. "This is a great way to kick off Small Business Week, and we are looking forward to continuing our strong tradition of supporting the growth of Latino-owned small businesses."

Since the inception of Latino Business Services program in 1997, Wells Fargo has provided loans to more than 43,000 Latino-owned businesses nationwide. Wells Fargo is one of the few financial service providers in the country to have a public lending goal directed to small business owners. The Wells Fargo Latino Business Services program delivers comprehensive business services to small businesses, including credit cards and lines of credit, cash flow and payroll management services, and employee benefits.

As the nation's leading provider of small business loans, Wells Fargo recognizes the importance of minority owned businesses. Wells Fargo also has established three other programs for small business owners - the Women's Business Services program in 1995, the African American Business Services program in 1998, and most recently, the Asian American Business Services program in February of this year.

Announced at the 8th Annual California Hispanic Chambers of Commerce (CHCC) Legislative Conference in Sacramento, the statistics reaffirm Wells Fargo's commitment to Latino and minority-owned small businesses. In addition to providing an update for the Latino Business Services Program, Wells Fargo also announced a new community alliance with the CHCC - a major advocate for this growing small business community. Wells Fargo presented representatives from the CHCC with a grant of $125,000 at the event's legislative reception.

Wells Fargo has extended its support of Latino-owned small businesses with the creation of a business fund that memorializes the outstanding efforts of the late Anna Maria Arías, founder and publisher of LATINA Style magazine. The magazine was the first of its kind dedicated to the needs and concerns of Latina professionals across the nation. Arías, who passed away in October 2001, is recognized as one of the foremost advocates for Latina entrepreneurship and professional career development in the nation. The Fund will recognize the accomplishments and successes of Latina businesswomen who exemplify the principles and ideals that Arías championed.

About Wells Fargo

Wells Fargo & Company is a diversified financial services company with $312 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from more than 5,400 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo provides capital and financial services to more than 1.5 million businesses with annual sales up to $10 million in the 50 United States, Puerto Rico, and Canada. As a leading financial services provider to the small-business market, Wells Fargo is the largest small-business lender in the nation of loans up to $100,000. Through its targeted programs alone, Wells Fargo has lent more than $13 billion to African-American, Latino, and Women owned businesses since 1995.

"Wells Fargo & Company promotes the growth of Latino-owned small businesses by making a grant of $125,000 to the California Hispanic Chambers of Commerce. Pictured (left to right) are Melinda Guzman Moore, CHCC President, Julian Canete, CHCC Executive Director, Tim Rios, Wells Fargo Vice President Community Development Group and National Spokesperson for the Latino Business Services program, Bill Dewhurst, Wells Fargo Central California Regional President, and Pam Conboy, Wells Fargo Northern California Regional President."

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