San Francisco, (PRESS RELEASE – Oct 28, 2010) – Wells Fargo & Company (WFC 25.75, -0.16, -0.62%) today announced it is the nation’s #1 SBA 7(a) lender to small business owners in dollars for the second consecutive year, extending two times as many dollars as the nearest competitor. For the federal fiscal year 2010, which ended September 30, 2010, Wells Fargo extended $871 million in SBA 7(a) financing to small business owners, up more than five percent from 2009 levels when Wells Fargo extended over $827 million in SBA 7(a) loans. Wells Fargo, an SBA preferred lender in all 50 states, is the third largest lender in units extending 2,469 loans in 2010, up from 2,348 loans in 2009. The company is the #1 SBA lender in dollars in 13 states and the #1 SBA lender in both dollars and units in three states.
“The changes that came about as a result of the recently passed Small Business Jobs Act will help America’s small businesses grow, and we stand ready to do our part by providing the credit to meet their financing needs,” said David Rader, head of Wells Fargo SBA Lending Division. “As the nation’s #1 SBA lender in dollars, we remain committed to ensuring business owners have access to the capital they need and we want to say ‘yes’ to as many qualified borrowers as possible. The success of business owners remains crucial to the nation’s overall economy, and Wells Fargo’s position as #1 SBA lender gives us an important opportunity to support an economic recovery.”
Business owner Jasmine Lybrand of Wet Noses Natural Dog Treats Company in Monroe, Washington was able to obtain the SBA 7(a) loan she needed to buy much needed equipment and facilities to fill the orders that were rapidly coming in.
“From the moment we turned our new ovens on, we haven’t turned them off,” says Lybrand. “We had orders on the table that could not have been fulfilled without new ovens. Obtaining funding through Wells Fargo allowed us to purchase the equipment and space we needed, which has tripled our capacity and allowed us to double our workforce.”
In addition to being the #1 SBA 7(a) lender, according to the recently released Community Reinvestment Act government data for 2009, Wells Fargo ranked as the #1 small business lender and the #1 lender to small businesses in low- and moderate-income neighborhoods for both loans under $100,000 and total business lending under $1 million categories. Wells Fargo is the #1 lender in 25 states for loans less than $100,000 and the #1 lender in 18 states for loans less than $1 million.
About Wells Fargo
Wells Fargo & Company (WFC 25.75, -0.16, -0.62%) is a nationwide, diversified, community-based financial services company with $1.2 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, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune’s 2009 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 is America’s #1 small business lender (2009 Community Reinvestment Act government data) and a leading lender to women- and diverse-owned businesses. Through its award-winning online advice library of business resources, including topical videos and webcasts, Wells Fargo provides business owners with timely advice and information to help them succeed financially.