Arcata, Calif. – June 23, 2010 – Wells Fargo & Company (NYSE: WFC) announced today that Arcata Economic Development Corporation (AEDC), a technical-assistance provider to small businesses, is one of fourteen nonprofit agencies throughout California that will share in a $1.4 million grant from Wells Fargo called the Technical Assistance Initiative.

AEDC and thirteen other winners (see below) will receive $50,000 per year during this two year initiative, to increase the scope and quality of technical-assistance programs they offer to small businesses run by owners who are disabled, have low incomes, or are women or people of color.

“Wells Fargo understands the important role that technical-assistance providers play in increasing the productivity and efficiency of small businesses,” said Donald Terry, Wells Fargo Community Development Officer. These providers strengthen small businesses, and through our grant, we want to help them provide further outreach to small businesses.”

AEDC will use their funding to grow their Prosperity Individual Development Account Scholarship program for low to moderate income micro-enterprise business owners. The program combines business and financial literacy education with individual business counseling and a savings match for participants of $2 for every dollar saved.  

Since AEDC began the program in 2007, twenty-two participants have completed the program, purchasing nearly $77,000 in business assets. Forty-two participants in Humboldt County have completed 278 hours in financial literacy classes taught by Consumer Credit Counseling Services. Graduates have also completed approximately 350 hours of business workshops through North Coast SBDC, with an additional 600 hours working with business advisors and writing business plans.