Wells Fargo donates $500,000 to WWBIC to support minority-owned small businesses

Published Tuesday, August 27, 2019
by Milwaukee Business Journal

The Wisconsin Women’s Business Initiative Corp. received a $500,000 grant from Wells Fargo to support the organization’s lending operations.

The San Francisco-based financial services firm announced the grant this week. Wells Fargo & Co. (NYSE: WFC) provided the funds as part of its Diverse Community Capital program under its small businesses initiative. The program offers capital and technical assistance to minority-owned small businesses to create local jobs and strengthen neighborhoods, according to a news release.

WWBIC, an economic development corporation, can use the funds to advance infrastructure for its lending operations and enhance customer service. The organization expects the funds to have an impact on Hispanic and veteran entrepreneurs and business owners.

Wendy Baumann, president of WWBIC, said in the release that the investment is “extremely helpful.”

“The funds will allow us to build our infrastructure – further and faster is ideal as we continue to serve the many diverse business owners in need of financial support,” Baumann said.

Wells Fargo is focusing on three areas through a philanthropic strategy the company announced in June: housing affordability, small business growth and financial health. The Diverse Community Capital program is a component of the small business strategy and supports under-represented business owners, according to the release.



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