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The United States Hispanic Chamber of Commerce Applauds Wells Fargo on Its Pledge to Lend $55 Billion to Women-Owned Businesses

WASHINGTON, April 10, 2013 (GLOBE NEWSWIRE) -- The United States Hispanic Chamber of Commerce (USHCC) applauds longstanding partner,Wells Fargo, on their commitment to lend $55 billion to women-owned businesses by the year 2020.

Well Fargo's lending goal for women-owned enterprises was originally set at $1 billion upon its launch in 1995. To-date, the financial leader has provided more than $38 billion in capital to women business owners and is committed to increase funding for these enterprises in the upcoming years.

"At Wells Fargo, we are proud of the long-standing relationships we have developed with women and Latina business owners, who are making valuable contributions to our workforce and economy," said Lisa Stevens, Wells Fargo lead executive for Small Business. "Through our lending commitment, we are building relationships with women business owners and increasing awareness that Wells Fargo is committed to supporting women- and diverse-owned businesses. We want to provide these businesses the resources they need to succeed financially."

While Hispanic-owned businesses are the fastest growing segment of American enterprise, Latina entrepreneurs are leading the charge within this demographic, starting companies at six times the national average. Latina-owned businesses alone contribute an estimated $56 billion to America's economy each year.

"Wells Fargo's commitment to fund and develop women-owned businesses is exactly the type of leadership initiative the USHCC is proud to endorse. America's women-entrepreneurs and their contributions have proven to be a vital force in our nation's economy. We are pleased Latina-owned businesses will greatly benefit from these funding efforts and are honored to call Wells Fargo our trusted partner on this front," said USHCC President & CEO Javier Palomarez.

The USHCC is committed to empowering and elevating the profile of Latina entrepreneurs through strategic partnerships, training and education efforts, as well as a renewed emphasis on women's leadership on our Board of Directors and among Hispanic Business Enterprise (HBE) membership.

"Businesswomen are at the forefront of our nation's economic growth and Latinas play a major role in this effort," said USHCC Chairman Emeritus Nina Vaca. "As the leader of the USHCC's women's initiatives and a Latina business owner, I am proud to see Well Fargo's commitment to fostering the entrepreneurial spirit of our nation's women. This initiative gives me confidence that it will make great contributions to the future development and emergence of the next generation of women in business."

About the USHCC

Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of over 3 million Hispanic-owned businesses across the United States that contribute in excess of $465 billion to the American economy each year. It also serves as the umbrella organization for more than 200 local Hispanic chambers and business associations in the United States and Puerto Rico. Follow us on Twitter @USHCC.

CONTACT: Valentina Pereda, USHCC Communications Manager 202-735-7729 vpereda@ushcc.comSource:United States Hispanic Chamber of Commerce