August 27, 2007
Wells Fargo has made a $400,000 equity-equivalent investment in West Central Initiative (WCI), a Fergus Falls-based nonprofit providing economic development support in nine west central Minnesota counties. The investment supports WCI’s Business and Employment Initiative by generating loans to small and micro businesses in the area.
“With Wells Fargo’s support, we are able to increase the number of loans made to small businesses in West Central Initiative’s nine-county service area,” said Nancy Straw, president of WCI. “This investment will play a critical role in further promoting economic development in rural areas. We are grateful for the opportunity to put these funds to use in our communities.”
With this investment, Wells Fargo will extend funding to hard-to-reach areas of rural Minnesota to create jobs through business start-ups and expansions. The initiative aims to create, retain or improve at least 200 employment opportunities each year by providing annual economic development loans and equity investments.
“Wells Fargo is as strong as the communities we serve, and we want to do our part to support economic development by helping local families,” said Phil Frederick, Community Banking president for Wells Fargo in Fergus Falls. “With its long and distinguished track record of lending and promoting community development, we know our investment will bring positive results for the entire west central community.”
WCI focuses its programs to meet the current needs of west central Minnesota residents. Grants, loans, training and technical assistance are all tools used by WCI to further their vision: uniting ideas and resources to help people and their communities create a better tomorrow.
Wells Fargo in Minnesota provides financial services from 245 locations and employs more than 21,000 team members. Wells Fargo & Company is a diversified financial services company with $540 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”
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