Wells Fargo has plans to give out $100 billion in loans over the next five years as part of its new small business initiative, which provides business owners with tools to help them build credit, expand community support, and access capital.
“We know America needs small businesses to grow, add jobs and prosper for our economy to fully thrive,” said Lisa Stevens, Wells Fargo’s head of Small Business.
Getting the works
The Wells Fargo Works website provides visitors with information on how to grow their business. It featues stories and videos of experts talking about a wide range of issues, including training employees, hiring do’s and don’ts, and resources for women business owners.
They are also spotlighting five stories of businesses who have already teamed up with Wells Fargo to build their business and achieved their goals. The line up includes:
Universal Martial Arts Academy, San Francisco
EasyLunchboxes, Los Angeles
Zoey Van Jones Brow Studio, Pasadena, California
Golden Harvest Foods, St. Paul, Minnesota
North Pole Air Conditioning and Heating Services, Inc., Orlando, Fla.
Businesses can also enter a contest being run by Wells Fargo, offering $25,000 in winnings to five grand prize winners, who will also receive mentoring and a business plan to help them reach their goals. A $5,000 donation to a charity in their community is also part of the winner’s purse. Twenty-five finalists will receive $1,000 each.
To enter the contest small businesses must submit a video (up to 2 ½ minutes long) or an essay (600 words) telling their story. The contest is open though June 30. Winners will be announced in September 2014.
Businesses get rewarded
The launch of this new program is also tied to Wells Fargo’s Small Business Appreciation Celebration, running from now until the end of June. It will be highlighting some of the accomplishments of successful businesses. During that time owners who have a Business Platinum Credit Card with Rewards will get access to special offers.