Changing the way we drive: Wells Fargo and Woman Evolve champion Black women entrepreneurs

Wells Fargo’s commitment to helping customers and communities achieve greater financial success was loud and clear at the Woman Evolve 2024 conference in Arlington, Texas. Committed to strengthening diverse Black women-led businesses and entrepreneurs, the bank took center stage at the conference to spotlight the importance of unlocking growth for small businesses and entrepreneurs. Women eagerly arrived, able to learn, network and grow. This was a testament to Wells Fargo’s commitment to providing diverse businesses with 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 work environment, higher serving and developing diverse customer segments, and supporting and increasing spend with a wide range of suppliers.

Kristy Fercho, director of diverse segments, representation and inclusion (DSRI) at Wells Fargo, said: “Our commitment to DE&I is more than a strategy; it’s the foundation of who we are as a company. We strive to incorporate DE&I into everything we do because we understand it is critical to our ability to meet the evolving needs of our customers.” This approach recognizes the unique challenges faced by many diverse Black women-owned small businesses and strives to supply products and services that meet their needs.

During Woman Evolve, Wells Fargo hosted a “Purpose, Passion and Business” presentation highlighting Dallas small businesses that received support in the type of a $100,000 grant from the Wells Fargo Foundation to Start.Pivot.Grow. Accelerator. Founded by Cynthia Nevels, Start.Pivot.Grow. is a national acceleration and business development program geared toward strengthening the position of small and medium-sized enterprises through access to capital and financial education. Nevels said: “I wanted to empower owners by providing four key elements which included an introduction to business model design, developing a step-by-step growth strategy, access to Fortune 500-level business advisory services, and the ability to access grant capital to invest in key areas of their business to generate more revenue.”

Black women are starting businesses at an unprecedented rate. The Wells Fargo’s 2024 Impact Report on Women-Owned Businesses shows that Black women-owned businesses account for 14.8% of all women-owned businesses and 52.1% of all Black women-owned businesses. These should not just statistics – they represent a wave of resilience and innovation as Black women drive economic growth of their communities.

Deana Young, Start.Pivot.Grow. participant and founding father of LifePlate, an organization dealing in the delivery of healthy meals, considered the program to be crucial for the development of her company. “Start.Pivot.Growth. The accelerator helped us understand our business. It allowed us to see how our company could grow,” Young said. “Thanks to the support of Wells Fargo, this program has become available. Additionally, it helped us really understand what financial tools, resources and funding were 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, made connections, inspired one another and created a vibrant tapestry of support. They also felt the impact of Wells Fargo’s involvement of their success.

For aspiring Black women-owned businesses, the road to success may be daunting, nevertheless it is paved with opportunities. Experts provide tips about methods to embark on this journey: construct a powerful network that values ​​mentorship, access financial resources and support tailored to your organization’s needs, and advocate on your unique story. Financial literacy is essential, so take the time to know your funds. Stay resilient, knowing that the entrepreneurial journey may be difficult, but persistence can result in incredible growth.

Monisha Edwards, founding father of Scent and Fire, a clean and inclusive fragrance brand, and Start.Pivot.Grow. participant said: “In any company, big or small, pursue your dreams and don’t take no for an answer. Wells Fargo has opened many doors for my brand, including the opportunity to participate in the Essence Cultural Festival for the first time as a retailer. The financing came at the right time and set me on a path to further develop my business.”

Through initiatives like its partnership with Woman Evolve, Wells Fargo not only advocates for financial empowerment; actively shapes it. Gigi Dixon, director 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 on their financial journey. Financial education is more accessible than ever, and it is our responsibility to empower small businesses by providing the resources they need to thrive.”

The economic potential of women entrepreneurs is gigantic. 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 staff. As women-owned businesses proceed to grow, it is necessary to acknowledge the progress being made, especially amongst Black women, during difficult times.