Wells Fargo understands that women-owned businesses drive innovation, create jobs and support economic growth across the nation––and they’re also a smart investment. That’s why Wells Fargo recently announced it is extending its commitment to diverse businesses with $100,000 to fund an additional 24 scholarships for diverse business owners to attend graduate school at the Tuck School of Business of Dartmouth College.
The Wells Fargo Scholarship Fund for Diverse Businesses, in collaboration with the Tuck School of Business, funds 24 scholarships annually for minority-, women-, veteran-, LGBT- and disability-owned businesses. In the past two years, the Fund has provided more than $200,000 in scholarships to support 48 businesses.
As Regina Heyward, Senior Vice President and Head of Supplier Diversity at Wells Fargo, explains, the program has positively affected many participants. “The Tuck scholarship program has been rewarding not only for the recipients, but also for me. I often receive notes from graduates of the program, telling me how attending Tuck has changed the way they think about operating their businesses,” she says. “Some specific examples that graduates have shared with me include hiring new employees, launching new products/services, increasing bottom lines through cash flow management and collaborating with other business owners who have been part of the Tuck program.”
In addition to being a NAWBO National corporate partner and a sponsor of the National Women’s Business Conference, Wells Fargo will also hold supplier diversity appointments during the annual conference in September. The Wells Fargo Supplier Diversity team will hold 1:1 matchmaking meetings to help NAWBO members build relationships with Wells Fargo, and take advantage of their various opportunities for business development and growth.
“The 1:1 meetings held during the conference are a great way for participants to meet members of our Supplier Diversity team and gain an understanding of the supplier diversity process at Wells Fargo,” Regina says. “While we may not have immediate contract opportunities in a given area, it is important for participants to build relationships with our team and ensure we have an understanding of their business capabilities for potential future opportunities.”
Looking ahead, Regina notes that Wells Fargo will be a strong partner to women business owners, and focuses on supporting growth for diverse businesses in all industries. “Our Supplier Diversity team is committed to working with women-owned businesses to find procurement opportunities. In 2017, we spent 11.4 percent of our controllable budget, or $1.27 billion, with diverse suppliers—$337 million of that was with certified women-owned businesses,” she says. “We have set an ambitious, but achievable, goal of spending at least 15 percent of our controllable spending with certified diverse-owned businesses by 2020.”
Easy Ways to Connect with Wells Fargo at the WBC
- Sign up for a 1:1 matchmaking meeting with the Wells Fargo Supplier Diversity team at the National Women’s Business Conference in September.
- Attend the Wells Fargo-sponsored breakout session, “Lead Well: Growing Your Business by Knowing Its Lifecycle,” which will feature Roby Schapira with Wells Fargo Small Business’s Relationship Banking.
- Visit the Wells Fargo booth in the exhibit hall, which will be staffed throughout the NAWBO conference.