Wells Fargo Grants Line of Credit to Experiential Learning Program at The University of La Verne Col
Wells Fargo Grants Line of Credit to Experiential Learning Program at The University of La Verne College of Business & Public Management
LA VERNE, Calif.--(BUSINESS WIRE)-- Wells Fargo's Los Angeles Education and Nonprofit Banking Group has teamed up with the University of La Verne College of Business & Public Management's Experiential Learning Program for the second year, providing a "line of credit" grant for a student team's business plan.
"Partnering with Wells Fargo has been a monumental success, which we look forward to continuing in the future," Dean of the College of Business & Public Management Abe Helou said. "Our students were able to start up and effectively run a business that gave all of its profits to charity because of the line of credit grant extended to the class."
Founded in 1891, the University has been a Wells Fargo client since 1979. In October 2011, Margot Golding, regional vice president for Wells Fargo, and Norm Liversidge, portfolio manager for Wells Fargo, attended the inauguration of the University's president, Dr. Devorah Lieberman. At the ceremony, the group discussed potential opportunities for Wells Fargo to play a greater role with the university's students. In May 2012, the team launched the inaugural Experiential Learning Program course, part of the undergraduate Integrative Business Curriculum and Practicum at the College of Business & Public Management.
The partnership's first year (Spring 2012 semester) enabled a group of eight students to prepare a comprehensive business model for their company, LV Tech Designs, to present to the loan committee, with the goal of securing a $5,000 line of credit to provide working capital. Due to the program's popularity, it is now offered twice per semester, with a $2,500 grant offered to each class.
The spring 2013 semester saw Reverie Outfitters, the students' business, produce several styles of T-shirts to be sold on campus. The students designed a new University of La Verne logo for certain of the designs. In addition, the students worked with two organizations - an on-campus sorority and Megan's Wings, a local charity in Upland, California - to produce custom designs.
"I had no idea how to start a business before this class, and I feel like I am leaps and bounds smarter than I was before the class," said business major Matthew Monterroso. "The fact that Wells Fargo is willing to give that money to students and give them that chance to learn is incredible."
In March 2013, James Do, Relationship Manager in Wells Fargo's Western Education and Nonprofit Banking Group, served as the loan committee for the project. After the presentation from the students, he provided critique and feedback on the business plan. Do then analyzed the business plan (assumptions, projections) and granted approval for the $2,500 line of credit (including pricing, covenants, reporting requirements). The goal was to show the students how banks analyze credit requests and operate the business in accordance with the terms of the credit agreement. The loan will be repaid through cash flow, and the students intend to give all proceeds to charity.
In May, Do and Liversidge attended a final presentation of the project's results. The team generated more than $10,000 in sales, with $4,000 in profit donated to Megan's Wings, the Upland, California organization assisting families with children fighting cancer. The $4,000 donation from Reverie Outfitters helps secure housing for families while their children are receiving treatment. (http://www.meganswings.org/home.aspx).
"I am so pleased with the strong student reception and continued success of this program," said Liversidge. "We maintain a long banking relationship with the University of La Verne and welcome any opportunity to support its students with hands-on learning opportunities. The students' meaningful contributions to outstanding nonprofit organizations like Megan's Wings is icing on the cake."
Wells Fargo in California
With deep roots in California, Wells Fargo employs approximately 46,000 team members statewide. Through corporate and foundation giving, Wells Fargo donated almost $58 million to California non-profits and schools, donated more than $19 million through the annual team member Community Support and United Way Campaign, and contributed nearly $5 million in team member matching gifts to educational institutions, foundations, and Habitat for Humanity. Team members contributed more than 187,500 volunteer hours with organizations in California.
About Wells Fargo
Wells Fargo & Company (NYS: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2012 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
About The University of La Verne
The University of La Verne is an independent university providing rich educational opportunities for both the academic and personal development of its students in a friendly, engaged setting. Ranked among America's Best Colleges by U.S. News & World Report and Forbes, the university serves both traditional-aged and adult learners at its main campus, at regional campuses located throughout California, and online. La Verne fosters learning and nurtures character by stressing the importance of a values-based education, provides students a better appreciation of the responsibilities and rewards of serving the human and ecological community, and promotes a continuing respect for differing cultural and philosophical perspectives.
Wells Fargo & Company
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