At the Woman Evolve Conference 2024 in Arlington, Texas, Wells Fargo reaffirmed its commitment to empowering Black women-owned businesses and entrepreneurs. The bank took center stage, highlighting its dedication to supporting diverse small businesses through access to capital, financial education, mentorship, and community. Women gathered at the event to connect, learn, and grow—a reflection of Wells Fargo’s mission to empower diverse businesses and communities.
This commitment aligns with Wells Fargo’s broader goals in diversity, equity, and inclusion (DE&I): fostering diverse representation and inclusion within the company, expanding services to diverse customer segments, and supporting diverse suppliers. Kristy Fercho, Head of Diverse Segments, Representation and Inclusion (DSRI) at Wells Fargo, emphasized, “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.”
During Woman Evolve, Wells Fargo hosted a “Purpose, Passion, and Business” showcase featuring Dallas-based businesses that benefited from a $100,000 grant from the Wells Fargo Foundation to the Start.Pivot.Grow. Accelerator. Founded by Cynthia Nevels, this accelerator program aims to help small businesses grow through business model design, growth strategies, and access to funding and professional advice. Nevels stated, “I wanted to empower owners by providing business model design, growth strategy development, access to business advising, and grant capital to invest in pivotal areas of their businesses.”
Wells Fargo’s 2024 Impact of Women-Owned Businesses Report highlights the growth of Black women-owned businesses, which account for 14.8% of all women-owned enterprises and 52.1% of all Black-owned businesses. Deana Young, founder of healthy meal-delivery service LifePlate and a participant in Start.Pivot.Grow., shared, “The Start.Pivot.Grow. Accelerator helped us to understand our business. It allowed us to see what growth in our business could be.”
Attendees at Woman Evolve exchanged ideas, formed connections, and inspired each other, feeling Wells Fargo’s commitment to their success. Monisha Edwards, founder of fragrance brand Scent and Fire and another Start.Pivot.Grow. participant, expressed gratitude for Wells Fargo’s support. “For any business, go after your dreams and don’t take no for an answer. Wells Fargo opened so many doors for my brand, including attending the Essence Festival of Culture as a vendor.”
Through initiatives like Woman Evolve, Wells Fargo is fostering financial empowerment for diverse businesses. Gigi Dixon, head of External Engagement for DSRI at Wells Fargo, noted, “Financial education is more accessible than ever, and it’s our responsibility to empower small businesses by providing resources needed to grow.”
Women-owned businesses contribute significantly to the U.S. economy, generating $2.7 trillion in revenue and employing over 12 million workers. Wells Fargo’s ongoing support for Black women entrepreneurs highlights the bank’s role in supporting economic growth and community development.
