Wells Fargo has lent more than $25 billion to women business owners since establishingitsWomen's Business Services program in 1995.
With an average loan size just under $40,000, Wells Fargo has extended more than 600,000 loans to women business owners in the last 10 years.
"It is very exciting that we have arrived at a point where women business owners are recognized and appreciated for the very important contributions they make to the U.S. economy," said Rebecca Macieira-Kaufmann, executive vice president and head of Wells Fargo's Small Business Segment.
"Wells Fargo recognized early on the power, drive and potential of women entrepreneurs," she said. "Surpassing the $25 billion mark is a tribute to women business owners who have allowed us to be a part of their amazing success. The last 10 years have been a great journey, and we can't wait to see what the next 10 will bring."
Wells Fargo's Women's Business Services program was established in September 1995 to build relationships with women business owners and provide them with increased access to capital and financial services.
According to the latest economic census data, between 1997 and 2002, the number of women-owned businesses grew 20 percent, nearly twice the rate of all privately held businesses.
To learn about the evolving landscape of the women business-ownermarket, Wells Fargo partners with organizations like the Center forWomen'sBusiness Research. Wells Fargo is a leading advocate in sponsoring industry research that examines the financial and personal characteristics of women business owners.
"Wells Fargo transformed the world of finance for women business owners when it launched the first-ever business services program for women-owned businesses," said Marjorie Alfus, chair of the Center for Women's Business Research. "As the history of women's entrepreneurship is written, Wells Fargo always will be honored for bringing economic credibility to women business owners — not only in the financial industry, but throughoutcorporate America."