Wells Fargo Approves Most SBA Dollars to U.S. Small Businesses to Date in Federal Fiscal Year 2013
SBA Loans in Dollars Up 16 percent, Year Over Year, to $739 Million
SAN FRANCISCO, May 31, 2013 – Wells Fargo & Company (NYSE: WFC) approved more SBA 7(a) loan dollars for America’s small businesses than any other lender to date in federal fiscal year 2013. Over a seven month period (Oct. 1, 2012 – April 30, 2013), Wells Fargo extended 1,903 SBA 7(a) loans nationwide totaling more than $739 million – a more than 16 percent increase in dollars and more than 10 percent increase in number of loans from the same period a year ago.
“It’s a very positive sign to see the overall growth in SBA lending this year because it means more entrepreneurs and business owners are pursuing financing to expand, purchase real estate and equipment, and buy businesses that create jobs and drive America’s economic growth,” said David Rader, head of Wells Fargo’s SBA Lending Division. “We’re honored to be the leader in SBA lending and that more business owners are choosing Wells Fargo for SBA financing and working with our team to build their businesses. We want to do everything we can to help them succeed financially.”
For the first seven months of federal fiscal year 2013, Wells Fargo is the No. 1 SBA 7(a) lender in dollars in 10 states: Arizona, California, Colorado, Florida, Iowa, North Carolina, New Mexico, Pennsylvania, Texas and Virginia. Wells Fargo is the No.1 SBA 7(a) lender in number of loans in 11 states: Alaska, Arizona, California, Colorado, Florida, Georgia, North Carolina, Nevada, New Mexico, South Carolina and South Dakota.
One SBA 7(a) loan extended by Wells Fargo in December provided the financing that veterinarian Dr. Mary Katherine Cross needed to start her own practice by acquiring the Old Shell Road Small Animal Hospital in Mobile, Ala. With a Wells Fargo SBA 7(a) loan to finance the purchase and an SBA Express line of credit for working capital, Dr. Cross had the financing she needed to fulfill her business ownership dream. Her practice has six employees today, and she plans to add three more in the next year.
“It’s a great feeling to run my own business, and have the opportunity to serve my neighbors and their pets every day,” said Dr. Cross. “I’m new to owning a business, so I appreciated having the Wells Fargo team explain everything I needed to help me achieve this goal.”
Wells Fargo approved a record $1.24 billion in Small Business Administration (SBA) loans in federal fiscal year 2012 (Oct. 1, 2011 – Sept. 30, 2012). An SBA preferred lender in all 50 states, Wells Fargo has been America’s leading SBA 7(a) lender in dollar volume for four consecutive years.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 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 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 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 loans more money to America’s small businesses than any other bank (2002-2011 Community Reinvestment Act government data) and is a leading lender to women- and diverse-owned businesses. With the nation’s largest network of retail banking stores, and an award-winning online library of videos, articles and webcasts known as the Business Insight Series (www.wellsfargobusinessinsights.com), Wells Fargo provides business owners with timely advice and information to educate and help them succeed financially. For more information, or to speak with a Wells Fargo banker, visit wellsfargo.com/biz or call the National Business Banking Center at 1-800-CALL-WELLS.