WACHOVIA SPONSORS SMALL BUSINESS GROWTH PROGRAM IN CALIFORNIA – WACHOVIA,
                              FAME AND VEDC HOSTED PROGRAM LAUNCH WITH MAYOR ANTONIO VILLARAIGOSA

             UNW/HGSTAR1
             Los Angeles Mayor Antonio Villaraigosa, and First A.M.E. pastor John hunter
                 enjoy a moment at the kickoff breakfasts Thursday morning for the
                 Wachovia-sponsored small business growth program.
 
Los Angeles, CA. – FAME Assistance Corporation and Valley Economic Development Center (VEDC) will provide technical and financial assistance to minority and women owned small businesses via the Wachovia sponsored Small Business Growth Program.  On Thursday, January 24, 2008, FAME, VEDC and Wachovia launched the $2 million Small Business Growth Program during a breakfast at the FAME Conference & Expo Center. Los Angeles Mayor Antonio Villaraigosa, California Secretary of Business, Transportation and Housing Dale Bonner, Councilman Bernard Parks and many more addressed a crowd of over 250 guests at the Breakfast.
 
“FAME is thrilled to be on board with this Wachovia-sponsored small business growth program,” said Denise Hunter, president and COO of FAME Assistance Corporation. “Wachovia’s investment in this program directly supports our mission to provide California’s population with the means to not only own their own businesses, but to thrive and succeed.”

The breakfast attracted women and minority business owners interested in benefitting from the small business growth program. Thousands of small businesses across California will receive business-development assistance over the next two years as a result of a $2 million Wachovia-sponsored small business growth program. As part of the program, FAME and VEDC will launch a three-pronged initiative, Build, Business Growth 100, and Connect, working directly with small businesses with revenues of less than $5 million in California. Designed to educate owners on topics relevant to growing their business and provide resources that foster business development, the $2 million program is one of many Wachovia initiatives that comprise Wachovia’s $150 billion commitment to California to strengthen communities.

“Wachovia is honored to work with FAME and VEDC to equip small businesses with the tools and resources they need to develop and flourish,” said Bob Ash, Wachovia’s national sales director for small business. “With small businesses proving to be the backbone of the California economy, there is a clear need to support these entrepreneurs in further developing their business strengths as they strive to reach the next level of success.”
 
To learn more, contact Chuck Bray of FAME at (800) 283-0347 or Cynthia Ibarra of VEDC at (800) 304-1755.

ABOUT FAME ASSISTANCE CORPORATION
With an annual operating budget of $4.1 million, the FAME Assistance Corporation (FAC) provides Entrepreneurial Training, Business Incubation, Financing, and Financial Literacy Counseling, to Small Businesses in California. FAC has provided over $11.0 million in direct small business financing since 1992. FAME Housing Corporation (FHC), with annual revenues of $3.0 million, provides affordable housing to Los Angeles area residents with approximately 310 units under management. Together FAC and FHC are the primary vehicles that manage the community development efforts of the 17,000 member First African Episcopal Church (AME) of Los Angeles.
 
ABOUT VALLEY ECONOMIC DEVELOPMENT CENTER
The VEDC is the largest non-profit business development corporation in the metropolitan Los Angeles area with an annual budget of $3.1 million and 35 employees in seven offices. VEDC has over 30 years experience in providing affordable business assistance services, direct financial assistance, entrepreneurial training and economic development to individuals and businesses in Los Angeles County, with a focus on the City of Los Angeles and the San Fernando Valley. In 2006, VEDC provided consulting for 5,000 businesses; graduated 250 business owners from Microenterprise Training Programs, was responsible for $20 million in direct and guaranteed lending. These efforts resulted in the creation of 600 jobs and 155 new businesses.
  
ABOUT WACHOVIA CORPORATION
Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, with assets of $754.2 billion and market capitalization of $95.3 billion at September 30, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers. Wachovia has 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $800 billion in client assets through 11,400 registered representatives in 786 offices nationwide. The acquisition of A.G. Edwards, Inc., following the end of the third quarter, added approximately 740 offices, 6,300 financial consultants and $384 billion in brokerage client assets. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.