Why Helping LGBTQ+-Owned Businesses Succeed Helps Everyone

December 16, 2024 at 01:00 AM EST

SPONSORED CONTENT -- (StatePoint) The United States’ estimated 1.4 million LGBTQ+ business owners employ tens of thousands of Americans and contribute 1.7 trillion dollars to the national economy. However, barriers persist that make it harder for LGTBQ+-owned businesses to thrive.

Fortunately, some corporations and organizations in a position to make a difference recognize the vital role LGTBQ+ enterprises play. The National LGBT Chamber of Commerce (NGLCC) was founded to address the unique financial and educational needs of LGBTQ+-owned businesses, and to showcase the diversity of talent in the community. And, as the first financial institution to join NGLCC, Wells Fargo has been serving its diverse customer base for many years.

“Uplifting LGTBQ+ businesses remains part of our commitment to advancing economic equality for all and promoting a healthy economy,” says April Schneider, head of Small & Business Banking, Wells Fargo.

If you’re a member of the LGBTQ+ community, here are a few NGLCC initiatives that Wells Fargo supports that could potentially advance the health of your business:

• Becoming a Certified Lesbian Gay Bisexual Transgender Business Enterprise (LGBTBE) through NGLCC can provide you with mentorship and networking opportunities, access to a nationwide network of LGBTQ+ businesses and chamber networks, the ability to compete for sourcing contracts with NGLCC’s 450+ corporate partners, and additional resources that will position your business to succeed. In fact, certified LGBTQ+-owned businesses received more than $100 million from Wells Fargo over the last three years alone.

• XLR8 is a partnership between NGLCC and Wells Fargo. This comprehensive initiative is designed to help Certified LGBTBE businesses grow and succeed in a highly competitive market. The program provides online executive management education whereby academic institutions, private sector companies and subject matter experts work with business owners on projects of importance to their company, ranging from capital and financial literacy to marketing, communications and branding. Interested? Sign up to learn when applications open for the next round of programming by visiting: nglcc.org/programs-initiatives/xlr8.

• With a goal of empowering some of the most vulnerable members of the LGTBQ+ community, Wells Fargo works with NGLCC on its Transgender & Gender Expansive (TGX) Initiative and Communities of Color Initiative (CoCi) to provide LGBTBE certification scholarships and opportunities for professional development for TGX- and minority-owned businesses, as well as resources and trainings for affiliate LGBTQ+ chambers across the country.

“When LGBTQ+ businesses thrive, so do individuals, communities, and the economy at-large. That’s just one of the many reasons why it’s so important that we connect these enterprises to resources that drive their growth and sustainability,” says Schneider.

Photo Credit: (c) Dacharlie / iStock via Getty Images Plus

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Why Helping LGBTQ+-Owned Businesses Succeed Helps Everyone

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