Wells Fargo and Woman Evolve Partner to Empower Black Women Entrepreneurs at 2024 Conference

At the Woman Evolve Conference 2024 in Arlington, Texas, Wells Fargo reinforced its commitment to supporting Black women entrepreneurs and small businesses. As a key sponsor of the event, the bank took center stage to emphasize the importance of unlocking growth opportunities for diverse, women-owned businesses.

With an enthusiastic crowd of women eager to learn, connect, and grow, Wells Fargo’s involvement highlighted its dedication to providing access to capital, financial education, mentorship, and community support.

This partnership aligns with Wells Fargo's broader Diversity, Equity, and Inclusion (DE&I) strategy, which focuses on increasing diverse representation within the company, better serving diverse customer segments, and supporting diverse suppliers. Kristy Fercho, head of Wells Fargo’s Diverse Segments, Representation, and Inclusion (DSRI), explained, “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.”

One of the key highlights of the conference was the “Purpose, Passion, and Business” showcase, where Wells Fargo spotlighted several Dallas-based small businesses that had received support through a $100,000 grant from the Wells Fargo Foundation. The grant was allocated to the Start.Pivot.Grow. Accelerator, a national business development program founded by Cynthia Nevels. The program offers small to midsize businesses access to capital, financial education, and growth strategy development. Nevels shared her vision for the program, saying, “I wanted to empower owners by providing four key components: business model design, growth strategy development, Fortune 500-level business advising, and grant capital to invest in pivotal areas of their businesses.”

The Start.Pivot.Grow. initiative is especially timely, given the rapid growth of Black women-owned businesses. According to Wells Fargo’s 2024 Impact of Women-Owned Businesses report, Black women now represent 14.8% of all women-owned businesses and 52.1% of all Black-owned businesses in the U.S. These numbers reflect a wave of resilience, determination, and innovation as Black women continue to drive economic growth in their communities.

Real Success Stories from the Accelerator Program

The impact of the Start.Pivot.Grow. program was evident in the stories of women like Deana Young, founder of LifePlate, a healthy meal delivery service. As a participant in the accelerator, Young noted, “The Start.Pivot.Grow. Accelerator helped us understand our business and see what growth could look like. The support from Wells Fargo made the program accessible and helped us understand the financial tools and resources available to small businesses like ours.”

Monisha Edwards, the founder of Scent and Fire, a clean fragrance brand, also benefited from the program. Edwards, who attended the Essence Festival of Culture as a vendor for the first time thanks to funding from Wells Fargo, shared her advice for entrepreneurs: “For any business, big or small, go after your dreams and don’t take no for an answer. Wells Fargo opened so many doors for my brand.”

Supporting Black Women Entrepreneurs for Long-Term Growth

The energy at the Woman Evolve Conference was palpable, as attendees exchanged ideas, forged connections, and inspired one another. Wells Fargo’s presence at the event underscored the importance of financial education and support for women entrepreneurs, particularly those from marginalized communities. Gigi Dixon, head of External Engagement for Wells Fargo’s DSRI, summed it up: “We are here at Woman Evolve because Wells Fargo, The Bank of Doing, is committed to supporting women along their financial journeys. Financial education is more accessible than ever, and it’s our responsibility to empower small businesses by providing the resources they need to grow.”

As more women start and scale businesses, the economic impact is substantial. Women-owned businesses contribute $2.7 trillion in revenue and employ 12.2 million workers in the U.S. As Black women continue to launch businesses at unprecedented rates, initiatives like Wells Fargo’s partnership with Woman Evolve provide critical support at every stage of the entrepreneurial journey.

For aspiring Black women entrepreneurs, the road to success can be challenging, but it’s also filled with opportunity. Experts recommend building strong networks, accessing financial resources, and embracing your unique story. Financial literacy remains key, so it’s important to understand your finances, remain resilient, and stay focused on long-term goals.

Through its partnership with Woman Evolve, Wells Fargo is helping to shape the future of women’s entrepreneurship by providing access to the tools, resources, and community support that foster growth, success, and economic empowerment.