Wells Fargo Provides $7 Million to Grameen America
“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.