Wells Fargo is America’s Top SBA Lender for Small Businesses in 2015
12 October 2015 - 11:12PM
Business Wire
U.S. Small Business Administration data shows
Wells Fargo approved more SBA 7(a) loan dollars and units than any
other lender for 2015 federal fiscal year
Wells Fargo & Company (NYSE: WFC) approved more SBA 7(a)
loans and dollars for America’s small businesses than any other
lender in federal fiscal year 2015 (October 2014 – September 2015),
according to recently released U.S. Small Business Administration
(SBA) data. During the year, Wells Fargo approved 7,254 SBA 7(a)
loans totaling more than $1.9 billion nationwide – an increase of
79 percent in loans and 18 percent in dollars to small businesses
compared to the same period a year ago.
“It’s rewarding to know that every SBA loan we approve is
helping more American small business owners succeed financially and
grow their businesses,” said Donna Serres, head of Wells Fargo’s
SBA Lending Division.
“At Wells Fargo, we are proud of our year-over-year growth in
the number of SBA loans we have extended as it shows we are meeting
the credit needs of even more business owners, particularly
smaller, newer businesses and diverse-owned businesses,” said Marc
Bernstein, head of Wells Fargo Business Direct, which focuses on
making small business loans under $100,000.
In Orlando, Fla., one business that received an SBA 7(a) loan
through Wells Fargo was The Fighter Law Firm. An active military
veteran, business owner Thomas Feiter had been renting space for
his law firm for several years. The SBA loan provided financing for
his firm to purchase and improve an existing office building.
“While I was deployed in the Middle East as part of my military
duties, I dreamed of returning home and owning a place for my
business,” said Feiter. “Working with Wells Fargo helped me realize
that dream and also gave me the opportunity to complete additional
improvements to the business, which has yielded greater
revenues.”
Wells Fargo is the No.1 SBA 7(a) lender in dollars in 13 states
– Arizona, California, Colorado, Connecticut, Iowa, Minnesota,
Montana, Nebraska, Nevada, New Mexico, South Carolina, South Dakota
and Texas – and the No.1 SBA 7(a) lender in number of loans (units)
in 16 states – Alaska, Arizona, California, Colorado, Florida,
Georgia, Minnesota, Montana, North Carolina, Nebraska, Nevada, New
Mexico, South Carolina, South Dakota, Virginia and Wyoming.
“SBA Lending is an important part of Wells Fargo’s support for
small businesses because it gives us the ability to provide
essential financing for small business customers who may not be
able to obtain a conventional loan,” said Serres. “Whether we’re
extending an SBA 7(a) loan or referring a business to a lender in
the SBA’s Community Advantage Loan program, we want to do
everything we can to meet the financial needs of more small
businesses in every market and help them propel our economy
forward.”
Wells Fargo recently established referral relationships with
more than 20 nonprofits and other lenders in cities across the
country participating in the SBA’s Community Advantage program.
Participants in the SBA’s program specialize in providing hands-on
guidance to small businesses and offering credit to qualifying
businesses in underserved markets. The referral network is one part
of Wells Fargo’s four-point plan to help diverse-owned small
businesses become credit-ready, access credit and achieve financial
success.
In addition to being the nation’s No.1 SBA lender, Wells Fargo
is America’s No.1 lender to small businesses in
low-and-moderate-income neighborhoods for both loans under $100,000
and under $1 million lending categories, according to the most
recent Community Reinvestment Act (CRA) data (2002-2014 CRA
data).
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide,
diversified, community-based financial services company with $1.7
trillion in assets. Founded in 1852 and headquartered in San
Francisco, Wells Fargo provides banking, insurance, investments,
mortgage, and consumer and commercial finance through 8,700
locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 36 countries to support customers who
conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2015 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and
help them succeed financially. Wells Fargo perspectives are
also available at Wells Fargo Blogs and Wells Fargo Stories.
Wells Fargo serves approximately 3 million small business owners
across the United States and loans more money to America’s small
businesses than any other bank (2002-2014 CRA government data). To
help more small businesses achieve financial success, in 2014 Wells
Fargo introduced Wells Fargo Works for Small Business℠ – a broad
initiative to deliver resources, guidance and services for business
owners – and a goal to extend $100 billion in new lending to small
businesses by 2018. For more information about Wells Fargo Works
for Small Business, visit: WellsFargoWorks.com. Follow us on
Twitter @WellsFargoWorks.
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version on businesswire.com: http://www.businesswire.com/news/home/20151012005536/en/
Wells Fargo & CompanyJim Seitz,
612-328-6221@JimSeitzWFJim.Seitz@wellsfargo.comorBrittany Anthony,
415-396-4486@BrittAnthonyWFBrittany.Anthony@wellsfargo.com
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