"Asian Pacific American Heritage Month is a great time to recognize and celebrate this milestone," said Iris Chan, head of Commercial Banking and national spokesperson for Wells Fargo's Asian Business Services program. "Wells Fargo will continue to promote the growth of this dynamic market to ensure Asian business owners succeed financially -- in business and personally. This achievement is a testament to the success of Asian entrepreneurs and as this segment continues to prosper, I'm confident we'll meet or exceed our lending goal." The Wells Fargo Asian Business Services Program provides outreach, education and increased access to capital among Asian businesses.

Since its inception in 2002, the program has formed key community alliances, invested in primary research and sponsored various events that support the continued growth and success of Asian business owners. "As a business owner, the success of our company depends on our ability to meet our clients' needs," said Nancy Tom, co-owner of The Architecture Company in Tucson, Arizona. "Wells Fargo provides the financial services and products tailored to the needs of small business owners, allowing us to deliver on our customer promises and continues to demonstrate their commitment to the success and strength of Asian entrepreneurs."

According to the most recent Economic Census data (1997), Asian-owned businesses in the U.S. reached 913,000 with annual receipts of $206.0 billion -- averaging $336,000 in annual sales per firm. Through the five-year period from 1992-1997, Asian owned firms grew 30.2% in number and 68% in receipts, faster than any other minority-owned business segment.

About Wells Fargo

Wells Fargo & Company is a diversified financial services company with $428 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, "Aaa," from Moody's Investors Service. Providing financial products and services to more than one million businesses with annual sales up to $20 million in all 50 states, Puerto Rico and Canada, Wells Fargo is the #1 lender to small businesses in the United States in total dollar volume according to the most recent CRA data (2003). The second largest national SBA lender in dollars, Wells Fargo is an SBA Preferred Lender in 28 states, and originated 3,555 loans for $495 million in 2004. Wells Fargo has also been ranked the number one SBA 504 lender nationally for the last two years. Its targeted business services programs provide outreach and education to women, African American, Latino, and Asian business owners about financial services. Since 1995, Wells Fargo has loaned more than $23 billion to women and minority business owners.