Wells Fargo backs Hello Alice fund to help underserved small businesses get capital

The Global Entrepreneurship Network and Houston-based fintech Hello Alice have launched a $70 million fund backed by Wells Fargo to improve access to credit and capital for small-business owners who are members of underserved groups, including women.

San Francisco-based Wells Fargo & Co. (NYSE: WFC) provided the initial grant to start The Equitable Access Fund, and financing partners include First National Bank of Omaha.

The fund will be developed and deployed over the next five years and will…