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Wells Fargo/Gallup Survey: Despite Economic Stress, Business Owners Maintain Personal Pursuits |
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The economy is taking a toll on the day-to-day lives of business owners, but most said they still have a balance between their work and outside interests. The latest Wells Fargo/Gallup Small Business Index, surveyed April 1-14, shows nearly one third (31 percent) of respondents said they’re working more hours than they used to. Three-quarters (76 percent) said they feel more stress due to the economy, and the majority (60 percent) said the economy has caused them to cancel or scale back vacations due to cost or to spend more time at work.
Despite that, 69 percent said they’re satisfied with the balance they strike between their work life and personal life, slightly more than when the question was last surveyed in 2005 (67 percent). While sixty- four percent said they work at least 50 hours a week (with almost a quarter of these saying they work 70 hours or more per week), many still find time for other interests: 63 percent said they have spent time on a hobby in the last 12 months, and 59 percent said they volunteered in their communities.
The Index is a quarterly survey of small business owners, about a timely trend or topic in the context of the current environment. It also is used to gauge small business owners’ ratings of the current situation of their businesses and how they expect their business to perform over the next 12 months. Results are based on telephone interviews with 602 small business owners nationwide conducted April 1-14.
“The Index provides insight into the lives of business owners and the challenges they face, especially in this difficult economy,” said David Pope, Wells Fargo Small Business Segment Manager. “This quarter’s Index survey results show us that while many business owners may be facing difficult times, they remain passionate about their businesses, while maintaining a satisfying balance between their work, personal interests and communities.”
About Gallup
For more than 70 years, Gallup has been a recognized leader in the measurement and analysis of people’s attitudes, opinions and behavior. While best known for the Gallup Poll, founded in 1935, Gallup’s current activities consist largely of providing marketing and management research, advisory services and education to the world’s largest corporations and institutions.
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,400 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.
Wells Fargo is America’s #1 small business lender in total dollar volume according to the most recent Community Reinvestment Act data (2007) and the #1 SBA 7a national bank lender in total dollar volume (2008). Wells Fargo has loaned close to $39 billion to women, African American, Latino and Asian business owners since 1995. For more information, speak with a Wells Fargo banker, visit wellsfargo.com/biz or call the National Business Banking Center at 1-800-CALL-WELLS.
Note: Survey results available upon request.
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SunPower, Wells Fargo Team to Finance $100 Million in Solar Projects First Projects with University of California, Merced and Western Riverside County Regional Wastewater Authority |
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Wells Fargo (NYSE: WFC) and SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced a new collaborative effort to fund up to $100 million in SunPower commercial-scale solar systems.
Under the financing program, SunPower will enter into power purchase agreements with qualified customers and Wells Fargo will finance the solar power systems that SunPower will design, build, operate, and maintain. Customers hosting the systems will buy the electricity from SunPower at prices that are competitive with retail rates, providing them with a long-term hedge against rising power prices and the ability to take advantage of the environmental and financial benefits of solar power with no initial capital investment.
“We see increasing opportunities over the next several years to support renewable energy markets,” said Barry Neal, director of Wells Fargo’s Environmental Finance. “By teaming up with SunPower, we intend to support growth in the solar energy market by making it easier and more affordable for businesses and public entities to benefit from solar electricity today.”
The first projects financed under the program include a 1.1-megawatt system for University of California, Merced, and a 1-megawatt system for the Western Riverside County Regional Wastewater Authority. Scheduled for completion by year end, both will be ground-mounted systems using the patented SunPower® T20 Tracker technology, which follows the sun throughout the day and delivers up to 30 percent more energy than fixed-tilt ground systems.
“SunPower offers high performance solar technology and financing expertise that helps customers maximize savings on their electricity expenditures. Our relationship with Wells Fargo strengthens our project finance efforts, streamlining the implementation of clean, renewable solar power for SunPower’s large commercial and public customers throughout the US,” said Mac Irvin, managing director of SunPower’s structured finance group.
SunPower has more than 500 large public and commercial solar power systems installed or under contract, representing more than 400 megawatts. The company pioneered the use of solar power purchase agreements in 2000.
Wells Fargo has provided more than $1.75 billion in financing for renewable energy projects since 2006. That includes funding for 27 wind projects, more than 150 commercial-scale solar projects and 1 utility-scale solar thermal project.
About SunPower
Founded in 1985, SunPower Corporation (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,400 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally. The Company promotes economic growth and self-sufficiency, education, social services, the arts and the environment in thousands of communities across North America. In 2008, the Company gave $226 million in grants to 14,000 nonprofits. Team members contributed 1.4 million volunteer hours and served on 16,000 nonprofit boards. The merger of Wells Fargo and Wachovia makes our presence stronger in the communities we serve. For more about Wells Fargo’s achievements in Social Responsibility: www.wellsfargo.com/about/csr.
Forward-Looking Statements
This news release has forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not represent historical facts and may be based on assumptions. The company uses words and phrases such as “to finance,” “to help fund,” “will,” “increasing,” “next,” “growth,” and “scheduled,” to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) SunPower designing and building up to $100 million in solar projects financed by Wells Fargo; (b) customers entering into power purchase agreements with SunPower at prices competitive with retail rates, providing customers with long-term hedges against risking power prices; (c) opportunities in the renewable energy markets increasing over the next several years; and (d) SunPower completing solar system projects for University of California, Merced and Western Riverside County Regional Wastewater Authority before 2010. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) construction difficulties or potential delays in the project implementation process; (ii) unanticipated delays or difficulties securing necessary permits, licenses or other governmental approvals; (iii) the risk of continuation of supply of products and components from suppliers; (iv) unanticipated problems with deploying the systems on the sites; (v) actual electricity generation; (vi) the actual energy consumption rate; (vii) unexpected changes in utility service rates; (viii) systems qualifying for financing under the facility; and (ix) other risks described in SunPower's Quarterly Report on Form 10-Q for the quarter ended March 29, 2009, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SUNPOWER and the SUNPOWER logo are trademarks or registered trademarks of SunPower Corporation. All rights reserved. All other trademarks are the property of their respective owners.
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AT&T and TDC Build Alliance to Deliver Comprehensive 'Local To Global' Services in Nordics |
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AT&T* and TDC today announced an agreement to jointly develop and deploy global service bundles and networking solutions for multinational companies, either headquartered or doing business in the Nordics, a region considered to be among the most technologically advanced and competitive in the world.
Under terms of the “go-to-market agreement” the two companies will jointly develop and deploy solutions and bundled service offers for companies operating in the Nordics region by combining TDC’s portfolio, resources and coverage with AT&T’s complementary portfolio of services and intelligent, highly-secure global networking platform. This will allow both companies to develop cost effective joint solutions for customers that neither company could offer alone.
TDC is the leading provider of communications solutions in Denmark and a strong player in the Nordic business market. AT&T’s global customers – which include all of the Fortune 1000 companies - will benefit from enhanced access to TDC’s extensive network resources in Denmark, Sweden, Norway and Finland, enabling AT&T to better meet their networking requirements for Internet Protocol (IP) based services in these local markets.
TDC will offer its locally-based customers with multiple global locations, more service offerings and better access to worldwide markets via AT&T’s world-class IP network infrastructure and services through an agreement with AT&T's global wholesale organization.
AT&T will also use its expanded agreement with IBM to develop and deploy solutions to companies in the Nordics. TDC will play a key role in helping AT&T to transition network management services for these customers to the new arrangement with AT&T.
“It is a win-win situation for TDC and AT&T. Our two companies can benefit from combining TDC’s portfolio, resources and coverage in the Nordic region and AT&T’s premier services and global, highly-secure networking platform,” said Jens Munch-Hansen, Senior Executive VP in TDC Business Nordic.
Carsten Dilling, Senior Executive VP in TDC Operations, with responsibility for TDC's wholesale department, said ”The deal enhances TDC’s ability to serve customers in the Nordic telecom market and TDC, working with AT&T, looks forward to bringing global coverage and service to more companies through the agreement.”
“I am delighted to be able to combine the capabilities and reach of AT&T’s global networking resources with the breadth and depth of TDC’s comprehensive local footprint in the Nordics, where some of the most demanding, sophisticated companies reside” said Steve Sobolevitch vice president, Strategy & Business Development, AT&T Business Solutions. “It’s a winning combination of expertise for companies whose needs are global, but require local presence in this dynamic region.”
AT&T will continue to maintain a direct relationship with its multinational customers headquartered in the Nordics, as well as with AT&T customers from other regions who need service and connectivity in the region.
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AT&T Drives Home a Win for One Lucky Sweeps Winner and Three Friends for VIP Access to AT&T National |
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With one quick text message, die-hard golf fan Don Landrum of Texas was today named the winner of the AT&T* “Favorite Foursome” AT&T National Sweepstakes, granting him and three friends front-row access to watch golf’s finest tee off over July 4 weekend.
“I enjoy watching PGA tournaments on TV and I’ve always wanted to see the players live in action,” said Landrum of West, Texas. “Thanks to this opportunity from AT&T, my wife, two friends and I are making my dream a reality. And what’s cooler is that I was able to enter using text messaging — which I use several times a day.”
Between June 8 and June 22, AT&T invited golf-lovers to enter for the chance to win four VIP tickets to the final two days of the 2009 AT&T National Tournament. Landrum, who entered the sweepstakes via text message, along with three friends will receive VIP tickets to the AT&T National, round-trip travel to and from the event, hotel accommodations, $400 spending cash to purchase merchandise on-site, and exclusive access to tournament events between June 30 and July 5 at Congressional Country Club in Bethesda, Md.
Connecting fans with the technology they love most, AT&T offered a variety of ways to enter to win the “Fan Favorite Foursome” sweepstakes, including entry through AT&T’s page on Facebook and via text message, in which all wireless users across carriers could enter to win by texting TRIP** to 21234 from their wireless phone. Alternative free methods not requiring texting were also available through mail-in participation.
“We’re pleased to give Don and his friends VIP access to a premier golf tournament this year – the AT&T National,” said Tim McGhee, executive director, AT&T Corporate Sponsorships. “We opened the contest to text message entries and notified Don about the exciting news via e-mail. Using these channels, we have been able to engage and excite more golf fans than ever before, and we’re excited to continue to use them to bring our fans closer to the action in the future, too.”
**No purchase necessary. Standard text messaging rates apply. For details and the Official Rules of the Sweepstakes, including alternate method of entry, visit www.att.net/golf.
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