WASHINGTON, May 20, 2020 /PRNewswire/ -- Wells Fargo & Company and the National LGBT Chamber of Commerce (NGLCC), the business voice of the LGBT community, are proud to announce an unprecedented program for LGBT entrepreneurs: The NGLCC XLR8 Program.
The XLR8 Program is designed to help LGBT-owned businesses grow and succeed in a highly competitive market. XLR8 will consist of a series of by-application cohorts of NGLCC Certified LGBT Business Enterprise® (Certified LGBTBE®) companies distinguished by revenue.
"Wells Fargo is a proud and steadfast supporter of the incredible work NGLCC does each and every day to help advance LGBT-owned businesses throughout the country," stated Regina Heyward, senior vice president and Head of Supplier Diversity for Wells Fargo. "In today's times of uncertainty and disruption, it is imperative that we all come together to ensure that diverse businesses continue to have access to meaningful support, resources and opportunities. Our collaboration with NGLCC on the launch of the XLR8 program is a demonstration of Wells Fargo's strategic commitment to developing strong, sustainable LGBT-owned businesses that can help corporations create and capture value."
XLR8 will focus on businesses ranging from $100,000 to $750 million in annual revenues and will help them create sustainable and meaningful growth for their companies. Start-up companies and those with less than $100,000 in annual revenues that have high growth potential will also be considered. Businesses identified through the NGLCC's Trans Inclusion Task Force and Communities of Color Initiative will be identified and included in each cohort.
"During these unprecedented and trying times, we believe the NGLCC XLR8 Program is the kind of innovation that the 1.4 million LGBT business owners -- and the $1.7 trillion they add to the US economy each year -- expect and need to weather COVID-19. We are proud to collaborate with one of our longest-standing, most trusted partners in LGBT economic opportunity, Wells Fargo, to ensure every LGBT entrepreneur has every resource they need to scale and thrive in this difficult marketplace," said NGLCC Co-Founder & President Justin Nelson.
Key areas of NGLCC XLR8's focus include: Economic and business recovery from the COVID-19 pandemic, management and leadership innovation, access to capital and financial literacy, pre- and post-event mentorship, team development, digital transformation, as well as marketing, communications and branding.
This comprehensive initiative will expand many of NGLCC's award-winning programs to fund, train, and elevate LGBT-owned businesses by utilizing the extensive resources of one of NGLCC's Founding Corporate Partners, Wells Fargo. NGLCC and Wells Fargo are thrilled to bring together the first virtual cohort of XLR8 companies in the first week of June 2020.
"Pride month is the perfect time to launch this important initiative and be forward-looking for what lies ahead for our businesses as we work to recover and ensure this vital part of our American small business engine is poised for success," said Nelson.
To help ensure growth and skills development as a part of this program, XLR8 will:
Provide three executive management education programs throughout the remainder of 2020. For this program NGLCC will team with academic institutions, private sector companies, and subject matter experts who can work with these owners on a project of importance to their company that will result in tangible and measurable outcomes related to the education received through the XLR8 program
In year one, two (2) programs will be held virtually in June and August 2020. NGLCC also plans to host (1) in-person program at the NGLCC headquarters in Washington, DC in November 2020
NGLCC seeks to ensure intersectional Certified LGBTBE® companies are represented in all of cohorts
This program is the latest in a series of recent NGLCC programming innovations designed to create a nationwide ecosystem of opportunity and resource sharing for LGBT entrepreneurs. These programs include: The NGLCC Engagement Center; The Chamber Leadership Development Program; NGLCC LGBT Biz Pitch Competition; and interactive webinar / digital matchmaking experiences.
About the National LGBT Chamber of Commerce: The National LGBT Chamber of Commerce (NGLCC) is the business voice of the LGBT community and is the largest global advocacy organization specifically dedicated to expanding economic opportunities and advancements for LGBT people. NGLCC is the exclusive certification body for LGBT-owned businesses, known as LGBT Business Enterprise® (Certified LGBTBE®) companies. www.nglcc.org
About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.98 trillion in assets. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune's 2019 rankings of America's largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.