From left: Marianne Watson, senior vice president of Wells Fargo in San Antonio and Accion Texas board member; Janie Barrera, Accion Texas president and CEO; Steve Arnold, Wells Fargo area president for the San Antonio market; and Jennifer Moriarty, Wells Fargo vice president of community development.
Accion Texas Inc. – which manages the nation’s largest microloan portfolio – has received a $300,000 grant from Wells Fargo to create a small business incubator at the nonprofit organization’s future two-acre campus on the city’s West Side.
Earlier this year, Accion announced a $5.5 million capital campaign to build a new Lending and Learning Entrepreneurial Center. The Wells Fargo grant is earmarked for that campaign and will fund a free-standing 2,000-square-foot Wells Fargo Small Business Incubator on the new campus. The incubator will help entrepreneurs start, sustain and grow new enterprises throughout San Antonio and South Texas.
“We are honored and delighted to receive this generous gift from Wells Fargo,” said Accion Texas President and CEO Janie Barrera. “Not only does it bring us closer to our capital campaign goal, it is a vote of confidence in our work and mission – and it demonstrates our shared commitment to creating a nurturing environment for small businesses to obtain the tools they need to succeed. The new incubator will substantially expand our outreach.”
Steve Arnold, Wells Fargo area president for the San Antonio market, said the gift celebrates the company’s ongoing partnership with Accion. “We have worked with Accion since the first day it opened its doors in 1994 as board member, funder and as a referral partner. Our missions are very much the same.
We strongly believe in helping small businesses and entrepreneurs realize their dreams,” Arnold added. “Financial success takes hard work and vision. This new incubator will provide hands-on experience and training for men and women who have the desire to create their own businesses and to build a better future for themselves and their families. This is economic development at the grassroots level and it will translate to a stronger, more vibrant San Antonio community.”
Accion’s $5.5 million capital campaign, “We Believe,” was publicly announced on June 15. More than half of the goal has been raised to date.
The Accion Lending and Learning Entrepreneurial Center – to be located on a two-acre site at 2015 W. Martin Street in the historic Prospect Hill area — will consolidate the organization’s San Antonio operations under one roof, creating a “one stop” location for small business lending, education, technical assistance, training and support.
“Our new campus will allow us to better serve San Antonio, the state of Texas and some of the most economically challenged areas of the country,” Barrera said.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (www.wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
About Accion Texas Inc.
Established in 1994 in San Antonio, Accion Texas Inc.’s financial and business-support services help entrepreneurs strengthen their businesses, stabilize and increase their incomes, create employment and contribute to the economic revitalization of their communities. Accion has the nation’s largest microlender portfolio and is committed to providing capital to entrepreneurs who do not have access to loans from commercial sources. Since its inception, Accion has made nearly 13,000 loans totaling more than $130 million. Accion now operates in eight states – Alabama, Arkansas, Kentucky, Louisiana, Mississippi, Missouri, Tennessee and Texas. For more information, visit www.acciontexas.org.