Seeking African-American Entrepreneurs (SmartMoney.com)
on March 15th, 2006 at 1:09 amCom’on y’all!
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A FEW YEARS AGO, a sterile Wells Fargo branch in southwest Los Angeles got some soul. Bland white walls were painted vivid red and African sunset yellow. A nondescript carpet was ripped up and replaced with an earthy brown zebra-striped rug. Framed and matted swaths of African kente cloth were hung on the walls; a mural of Buffalo soldiers was painted behind the tellers.
The transformation, completed in 2004, illustrates Wells Fargo’s ongoing effort to tap the fast-growing African-American business market. Like many financial firms, including Merrill Lynch and Bank of America, Wells Fargo has been studying statistics that show a dramatic rise in the number of black entrepreneurs, who represent a new market for credit lines, cash-management services and investment advice. Marketing and image consultants also want to serve this burgeoning field, offering everything from tips on creating business cards to a web site where African-American entrepreneurs can buy or sell merchandise to members of the black community.
U.S. Census data released last year showed that black-owned businesses grew by 45% between 1997 and 2002, the fastest rate of all minority-owned businesses, which in general are increasing faster than the national average of 10%. (more…)
