Wells Fargo last week announced new resources designed to help increase the growth of female-owned small businesses, including a $1.5 million grant to How Women Lead. The San Francisco-based banking company said the initiative is “aimed at disrupting the unequal venture capital system for women founders.”
Wells Fargo said the grant is meant to seed a $1 billion fund to inspire 10,000 women to invest with venture capital for the first time. Additionally, Wells Fargo is sharing new data and an interactive toolkit on closing the economic gaps facing female entrepreneurs. According to the Center for Venture Research, only 5% of accredited female investors have access to invest in VC funds, even though women control 50% of wealth today.
“Supporting women and women in business has always been a huge priority at Wells Fargo and this month we are underscoring our year-round commitment,” said Mary Mack, CEO of Wells Fargo Consumer and Small Business Banking. “If we come together on actionable steps to close the gender equity gap, we can accelerate the trajectory of women entrepreneurs and their contributions to the economy.” How Women Lead, led by founder and CEO Julie Castro Abrams, has a national network of 14,000 senior executives, according to its website.