Wells Fargo Grants Line of Credit to Experiential Learning Program at The University of La Verne College of Business & Public Management
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 (NYSE: 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.
Copyright Business Wire 2013