Wells Fargo Extends the Most SBA Loan Dollars for Small Businesses in 2014
For the sixth straight year, Wells Fargo & Company (NYSE:WFC) is America’s top SBA lender in dollar volume, approving a record $1.6 billion in SBA 7(a) loans for small businesses in federal fiscal year 2014 (Oct. 1, 2013 – Sept. 30, 2014). The company increased its dollar volume of SBA 7(a) loans by 10 percent from a year ago. An SBA preferred lender in all 50 states, Wells Fargo also is the second largest SBA lender by units, extending 4,036 SBA 7(a) loans in federal fiscal year 2014, a 16 percent increase in units from the prior year.
“At Wells Fargo, we work hard to help America’s small business owners, and we are incredibly proud to earn their business and increase our lending to businesses across the country each of the last six years,” said Donna Serres, new head of Wells Fargo’s SBA Lending Division. “Through the SBA loan program, we know the financing that we provide helps drive economic growth at a very local level, and helps communities we serve succeed financially by providing local businesses access to the capital they need to thrive and grow.”
During the six-year period Wells Fargo has been the No. 1 SBA lender, the company has increased its SBA 7(a) lending 72 percent in units and 96 percent in loan dollars from federal fiscal year 2009 to 2014.
“Our growth in SBA lending during the last few years underscores the importance of SBA loan programs for thousands of creditworthy small businesses,” said Serres. “SBA loans provide options for creditworthy entrepreneurs and small business owners who may not be able to obtain a conventional loan that meets their business needs.”
Among the customers who worked with Wells Fargo to expand a business with an SBA loan this year is business owner, Larry Chavez. His Albuquerque-based business, Dreamstyle Remodeling, is a leading home improvement and remodeling company in the Southwest. Over the past seven years, the company has gone from 40 employees to 240.
“To grow and strengthen our business for the future, it was important for us to find the right financing,” said Chavez. “Working with Wells Fargo, we secured an SBA loan that gave us the opportunity to expand into new markets, and introduce innovative ideas and products.”
Wells Fargo is the No. 1 SBA 7(a) lender in dollars in 10 states: Arizona, California, Colorado, Minnesota, North Dakota, Nevada, New Mexico, Oregon, South Carolina and Texas – and the No.1 SBA 7(a) lender in number of loans (units) in 8 states: Alaska, Arizona, California, Georgia, North Carolina, New Mexico, South Carolina and Virginia.
In addition to being the No. 1 SBA lender in dollars, for the 12th consecutive year Wells Fargo continues to be the nation’s No. 1 small business lender for loans under $100,000 and loans under $1 million categories, according to the most recent Community Reinvestment Act (CRA) data (2002-2013).
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all 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 (2002-2013 CRA government data). To help more small businesses achieve financial success, in 2014 Wells Fargo introduced Wells Fargo Works for Small BusinessSM- a broad initiative to deliver resources, guidance and services for business owners. For more information about Wells Fargo Works for Small Business, visit: WellsFargoWorks.com.
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