Wells Fargo’s commitment to helping customers and communities achieve greater financial success came through loud and clear at the Woman Evolve Conference 2024 in Arlington, Texas. Committed to empowering diverse and Black women-owned businesses and entrepreneurs, the bank took center stage at the conference to highlight the importance of unlocking growth for small businesses and entrepreneurs. Women eagerly arrived ready to learn, connect, and grow. It was a testament to Wells Fargo’s commitment to ensuring that diverse businesses have access to capital, financial education, mentorship, and community.
This same commitment drives Wells Fargo’s DE&I strategic priorities: increasing diverse representation and inclusion through an inclusive culture and workplace environment, better serving and growing diverse customer segments, and supporting and increasing spend with diverse suppliers.
Kristy Fercho, head of Diverse Segments, Representation and Inclusion (DSRI) at Wells Fargo, said, “Our commitment to DE&I is more than a strategy; it’s core to who we are as a company. We are striving to integrate DE&I into everything we do because we understand it’s critical to our ability to serve the evolving needs of our customers.” This approach recognizes the unique challenges faced by many diverse and Black women-owned small businesses and to deliver products and services that resonate with their needs.
During Woman Evolve, Wells Fargo hosted a “Purpose, Passion, and Business” showcase that featured Dallas small businesses that received support through a $100,000 grant provided by the Wells Fargo Foundation to the Start.Pivot.Grow. Accelerator. Founded by Cynthia Nevels, Start.Pivot.Grow. is a national accelerator and business development program that aims to empower small to midsize businesses through access to capital and financial education. Nevels said, “I wanted to empower owners by providing four key components, which included an introduction to business model design, step-by-step growth strategy development, access to Fortune 500-level business advising services, and the opportunity to access grant capital to invest in pivotal areas of their businesses to generate more revenue.”
Black women are launching businesses at unprecedented rates. The Wells Fargo 2024 Impact of Women-Owned Businesses Report reveals that Black women-owned businesses make up 14.8% of all women-owned enterprises and 52.1% of all Black-owned businesses. These aren’t just statistics– they represent a wave of resilience and innovation as Black women drive economic growth in their communities.
Deana Young, a Start.Pivot.Grow. participant and the founder of the healthy meal-delivery service, LifePlate, found the program critical to her company’s journey. “The Start.Pivot.Grow. Accelerator helped us to understand our business. It allowed us to see what growth in our business could be,” said Young. “The support of Wells Fargo made this program accessible. Additionally, it helped us to truly understand what financial tools, resources, and funding are available to us as a small business.”
The energy at Woman Evolve was palpable, a testament to the resilience and ambition of the attendees. Women exchanged ideas, forged connections, inspired each other, and created a vibrant tapestry of support. They also felt the impact of Wells Fargo’s commitment to their success.
For aspiring Black woman-owned businesses, the path to success can be daunting, but it is paved with opportunities. Experts provide these tips for navigating this journey: build a strong network that values mentorship, access financial resources and support tailored to your business needs and embrace your unique story. Financial literacy is crucial, so take time to understand your finances. Remain resilient, knowing the entrepreneurial journey may be challenging, but persistence can lead to incredible growth.
Monisha Edwards, the founder of Scent and Fire, a clean and inclusive fragrance label and Start.Pivot.Grow. participant, said, “For any business, big or small, go after your dreams and don’t take no for an answer. Wells Fargo opened so many doors for my brand, including being able to attend Essence Festival of Culture as a vendor for the first time. The funding came right on time and set me on a path for more growth in my business.”
Through initiatives like its partnership with Woman Evolve, Wells Fargo is not only advocating for financial empowerment; it is actively shaping it. Gigi Dixon, head of External Engagement for DSRI at Wells Fargo, said, “We are here [at Woman Evolve] because Wells Fargo, The Bank of Doing, is committed to supporting women along their financial journeys. Financial education is more accessible than ever and it’s our responsibility to empower small businesses by providing resources needed to grow.”
The economic potential of women entrepreneurs is vast. The latest statistics show that women-owned businesses contribute significantly to the U.S. economy, generating $2.7 trillion in revenue and employing 12.2 million workers. As women-owned businesses continue to grow, it’s essential to recognize the progress made, particularly among Black women, during challenging times.