Wachovia Corp., a leading financial services provider to 19 million retail and corporate customers through the U.S., recently announced its goal of lending $5 billion to women-owned businesses through 2005. The news comes on the heels of the results from Center for Women's Business Research www.nfwbo.org study on women-owned businesses showing the strongest growth rate, a study that was underwritten by Wachovia.

Said Dr. Sharon Hadary, Executive Director of Center for Women's Business Research, "Wachovia clearly takes women business owners seriously as a vital market. As a result, the bank has become a leader in building relationships, sharing knowledge and providing services for women entrepreneurs. These activities illustrate its high level of commitment to serving this dynamic segment."

The Center for Women's Business Research study, "Removing the Boundaries: The Continued Progress and Achievement of Women-Owned Enterprises," takes an in-depth look at the characteristics of commercially active women-owned firms in the United States between December 1997 and December 2000, focusing on growth and financial strength. It uncovered that, during this time, the expansion in the number of women-owned businesses with 100 or more employees, as well as those with $1 million or more in revenues, is outpacing the growth rate of all businesses of the same size.

"By sponsoring the Center's study, we can equip our bankers with a better understanding of the needs of women-owned businesses and enhance our relationships with this underserved market," said John Guy, small business segment executive for Wachovia. "The loan goal demonstrates the commitment Wachovia has to provide financial and educational support to this rapidly growing market."

Among other things, the study found that the number of women-owned firms with 100 or more employees increased by 43.9%, which was 68% faster than all businesses breaking the "100 employee mark" during the 1997 to 2000 period.

The ranks of women-owned firms with 500 or more employees are expanding even faster. The number of these firms increased by 124.3% over the same period, nearly triple the growth rate among all firms of this size. The study also reaffirmed that women-owned businesses are just as financially robust and creditworthy as the average U.S. firm.

Wachovia's commitment to women business-owners doesn't begin here. In 1999, the company launched the first-ever financial services company-funded program designed to expand relationships with women business owners. The company-wide program, entitled "Focus on Women-Owned Businesses," consists of an alliance with the National Association of Women Business Owners (NAWBO) on national level, and "market champions" who focus on providing educational programs and sponsorships to support NAWBO chapters at the local level.

The program also supports procurement opportunities for women-owned businesses through Wachovia's Supplier Diversity Program and an alliance relationship with the National Women Business Owners Corporation (NWBOC).

For more information on NFWBO and the "Removing the Boundaries: The Continued Progress and Achievement of Women-Owned Enterprises" study, visit www.nfwbo.org.

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