Wells Fargo to Lend $5 Billion to Latino Business Owners by 2010

Spurred by the explosive growth of Latino business owners nationwide, Wells Fargo & Company has surpassed its goal to lend $3 billion to Latino Business, and has announced the expansion of this goal to $5 billion by 2010. This is the second time the lending goal has been increased since the program’s inception in 1997. Wells Fargo also announced the 4th annual Anna Maria Arias Memorial Business Fund winners, honoring 10 Latina entrepreneurs who personify the ideals of the late Anna Maria Arias, one of the foremost advocates of Latina entrepreneurship.

Between 1997 and 2002 the number of Latino-owned businesses nationwide grew 31 percent to 1.6 million, according to recently released 2002 U.S. Economic Census information — versus a 10 percent increase for all U.S. businesses during the same period.

“Latino businesses are experiencing tremendous growth and are showing no signs of slowing down. We are honored and excited to do our part in helping facilitate this growth,” said Tim Rios, national spokesperson for Wells Fargo’s Latino Business Services program.

“Our goal to lend $5 billion by 2010 demonstrates our unwavering commitment to the Latino business community. We will continue promoting the growth of this dynamic segment, helping Latino business owners succeed financially in business and personally.”

These announcements were made at the United States Hispanic Chamber of Commerce (USHCC) national convention held in Milwaukee today. In partnership with LATINAStyle Magazine and the USHCC, Wells Fargo presented 10 Latina entrepreneurs with the Anna Maria Arias Memorial Business Fund award and a $5,000 cash grant. These Latina small business owners were chosen for their entrepreneurial spirit and dedication to the community.

“These women prove that hard work, dedication, talent, and passion can lead to becoming a successful small business owner,” said Rios. “They’re excellent role models and demonstrate the importance of Latina entrepreneurs in building a stronger economy.”

The 2005 Anna Maria Arias Memorial Business Fund winners are:

• Evangelina Holvino — Chaos Management, Brattleboro, VT. — a company that provides diversity consulting, workshops and research in an effort to advance diversity, enhance group and leadership skills, and promote organizational change and social equity.
• Olga “Cookie” Mapula — TCG Technology & Communications Gateway, El Paso, TX. — a company that includes multiple socially responsible entities from technology training for displaced workers to health- related research and consulting.
• Maria Marin — Voice of Empowerment, Alhambra, CA. — author, newspaper columnist and speaker empowers others by conducting negotiation and personal growth seminars for women worldwide.
• Sonia Molina — Molina Endodontics, Downey, CA. — a dental clinic specializing in internal oral surgeries. Also owns Nassillon Development specializing in refurbishing homes and apartment complexes in low-income communities throughout Los Angeles County.
• Regina Munroe — Inproma, San Carlos, CA. — a promotional products distributor providing logo-bearing merchandise and strategic marketing to customers nationwide.
• Teresa Ornelas — Great Impact, Tempe, AZ. — a company providing customized promotional products that reflect an organization’s unique culture and personality, management of inventory and development of client programs.
• Theresa E. Roderick-Alderete — Alderete Business Visions, Newark, CA. — a marketing and special event/community outreach company that specializes in the Hispanic community.
• Nannette Rodriguez-Heal — VIVAMEDIA , Des Moines, IA, — a multilingual advertising agency that builds in-language, in-market graphic and interactive marketing solutions.
• Maria Carolina Weitzman — NATEX Corporation Architects, Houston, TX. — an architecture, master planning and construction management company that actively participates in the arts and redevelopment in the Houston city community.
• Leslie Padilla-Williams — Hola Language Services, Oceanside, CA. — a Spanish language translation company providing educational translations for parents, bilingual teacher training, Latino voter outreach and other services throughout San Diego County school district.

Wells Fargo’s Latino Business Services program is an outreach and education program dedicated to connecting Latino business owners with financial services to succeed in business and personally. Through seminars and community activities, this program helps Latino business owners understand how to access capital, grow their businesses, plan for retirement and build wealth for their families.