Photo: Women Evolve
Wells Fargo’s commitment to helping its customers and communities achieve greater financial success was made clear at Women Evolve Conference 2024 in Arlington, Texas. The bank, which is committed to empowering diverse Black women-owned businesses and entrepreneurs, took center stage at the conference, highlighting the importance of unlocking growth for small businesses and entrepreneurs. The women arrived ready and eager to learn, connect, and grow. This was a testament to Wells Fargo’s commitment to ensuring diverse businesses have access to capital, financial education, mentorship and community.
This same effort drives Wells Fargo’s DE&I strategic priorities. That means increasing diverse representation and inclusion through an inclusive culture and work environment to better serve and grow, support and increase diverse customer segments. Work with diverse suppliers.
“We are thrilled to be partnering with Diversity, Representation and Inclusion (DSRI) at Wells Fargo,” said Kristy Fercho, head of Diversity, Representation and Inclusion (DSRI) at Wells Fargo. It’s core to who we are as a company. We strive to incorporate DE&I into everything we do because we understand its importance to meeting the evolving needs of our customers. ” This approach recognizes the unique challenges faced by many diverse small businesses owned by Black women and aims to provide products and services that resonate with their needs.
During Woman Evolve, Wells Fargo hosted the “Purpose, Passion, Business” Showcase, supporting Dallas small and medium-sized businesses supported through a $100,000 grant from the Wells Fargo Foundation to Start.Pivot.Grow. We featured companies. accelerator. Start.Pivot.Grow, founded by Cynthia Nevels. is a national accelerator and business development program designed to strengthen small businesses through access to capital and financial education. Nevels said: “We empower owners by providing four key components, including an introduction to business model design, the development of a step-by-step growth strategy, access to Fortune 500-level business advisory services, and the opportunity to access grants. “We wanted to give back” by investing in key areas of the business to generate more revenue. ”
Black women are launching businesses at an unprecedented pace. Wells Fargo’s 2024 Women-Owned Business Impact Report found that Black women-owned businesses account for 14.8% of all women-owned businesses and 52.1% of all Black-owned businesses. More than just statistics, these represent a wave of resilience and innovation as Black women drive economic growth in their communities.
Deanna Young, Start.Pivot.Grow. As a participant and founder of healthy meal delivery service LifePlate, she felt the program was critical to her company’s journey. “Start, Pivot, Grow. Accelerator helped us understand our business. It helped us see how our business could grow,” Young said. I did. “Wells Fargo’s support has made this program more accessible. It has also helped us 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 those in attendance. Women exchanged ideas, forged connections, and inspired each other, creating a vibrant tapestry of support. They also felt the impact of Wells Fargo’s commitment to success.
For ambitious Black women-owned businesses, the road to success may be difficult, but it’s filled with opportunity. Experts offer 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 very important, so take the time to understand your financial situation. Stay resilient, understanding that the entrepreneurial journey can be difficult, but persistence can lead to incredible growth.
Monisha Edwards is the founder of Scent & Fire and Start.Pivot.Grow, a clean and inclusive fragrance label. Attendees said, “In any business, big or small, pursue your dreams and never take no for an answer. Wells Fargo was the first to be a vendor at the Essence Festival of Culture. It opened a lot of doors for my brand. The funding came in on time and put me on track to further grow my business.”
Through initiatives like our partnership with Woman Evolve, Wells Fargo not only advocates for economic empowerment; We are actively shaping it. “We’re here[at Women Evolve]because Wells Fargo, as a bank, is committed to supporting women’s economic journey,” said Gigi Dixon, head of DSRI external engagement at Wells Fargo. “Because I do.” Financial education is more accessible than ever, and it’s our responsibility to empower small businesses by providing them with the resources they need to grow. ”
The economic potential for women entrepreneurs is enormous. Women-owned businesses make a significant contribution to the U.S. economy, generating $2.7 trillion in revenue and employing 12.2 million workers, according to the latest statistics. As women-owned businesses continue to grow, it is essential to recognize the progress made, especially among Black women, during difficult times.
