Wake Technical Community College and Wachovia announced this morning that they're forming a new center to help local entrepreneurs.
Wachovia, owned by Wells Fargo, will contribute $150,000 to the center. Wake Tech is seeking other sponsors.
"Entrepreneurs are the life blood of our economy and their success will help our city and country emerge from this economic downturn," said Jack Clayton, Triangle East Regional President for Wachovia, in a prepared statement.
The Wachovia Wells Fargo Center for Entrepreneurship will be managed by Wake Tech's Business and Industry Center.
The news comes as lawmakers increase pressure on banks to lend more money to support businesses and spur job creation. On Monday, President Barack Obama met with executives from some of the country's biggest banks and urged them to increase lending.