Wells Fargo 2011 Annual Report Download - page 19

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A few years ago, a low-income
entrepreneur in the city’s Mission
District would have had a tough
time finding working space, capital,
and an understanding of how to
navigate all the red tape involved in
starting anew food business. Today
32business owners are generating
$2million in annual revenue, creating
nearly a hundred community jobs,
and introducing thousands of people
to flavors of the world — thanks to
WellsFargo and LaCocina.
WellsFargo was an early supporter of
LaCocina (“the kitchen,” inSpanish),
which is a nonprofit business incubator
originally focused on helping women
entrepreneurs. The organization
helps clients make the transition from
catering from their homes or on the
streets to growing their businesses and
contributing to avibrant, local economy.
Initially, WellsFargo provided a below-
market-rate loan of $500,000 to renovate
LaCocina’s facility from a house to a
commercial kitchen. As the organization
grew, WellsFargo arranged another
$500,000 loan to expand capacity
and purchase commercial equipment,
and provided $300,000 in foundation
grants. WellsFargo team members are
involved, too, regularly volunteering
to teach budding entrepreneurs the
financial basics of running a business.
Elvia Buendia, owner of LaLuna
Cupcakes, said, “Now I am able to help
out my daughter financially as she
goes to college. I have taught both of
my children that dicult goals can
be accomplished. They are motivated
and know that with hard work and
perseverance, they too can accomplish
whatever they set their minds to.”
Helping small businesses grow in a tough economy
is a goal many financial companies espouse but few
achieve. WellsFargo has done just that — as 32small
business owners in SanFrancisco can attest.
1,000s flavors, one of bank
No. 1
WellsFargo is the nation’s leading
small business lender in dollars.
$ 5 7. 4 million
Since 2001, WellsFargo has
invested $57.4million in
microbusiness incubators
across the U.S., helping low- and
moderate-income entrepreneurs
start or expand their businesses.