With the news headlines these days frequently littered with grim news about the big banks, it’s a welcome change of pace to hear about a financial services giant making an important investment in California’s small business landscape.
Wells Fargo announced on Friday a $200,000 grant to be delivered to the California Hispanic Chambers of Commerce (CHCC). The money is expected to be used to spur economic recovery and growth among Hispanic-owned businesses in the area.
The company intends for the money to be used in a variety of leadership training seminars, business development courses and economic development programs geared specifically to the Hispanic business owner community.
"Hispanic business owners are an important force in California and this grant will help provide them new tools and resources to further their success," said Tim Rios, the national spokesperson for Wells Fargo’s Latino Business Services program.
Wells Fargo’s partnership with the CHCC was established in 2000 but its commitment to serving the Hispanic-owned business community through its product offerings officially dates to 1997 when the financial firm established its Latino Business Services unit.
Since that launch date, Wells Fargo has made loans totaling $5 billion to thousands of Latino business owners around the country.
However, working with the CHCC gives Wells Fargo unique insight into the specific needs of business owners in California. The CHCC’s primary mandate is to represent the 720,000 Hispanic-owned businesses across the state.
The CHCC liaises with private corporate America, lawmakers and regulators, and its own members to boost the resources afforded California’s Hispanic business owners.