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Wells Fargo Bank N.A. News

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Wells Fargo Lends More Dollars to America's Small Businesses Than Any Other Lender

October 19, 2011

Wells Fargo & Company (NYSE: WFC) today announced it is America's No. 1 Small Business Administration (SBA) lender in dollar volume for the third consecutive year � approving a record $1.2 billion in SBA 7(a) loans to America's small businesses for the 2011 federal fiscal year (Oct. 1, 2010 through Sept. 30, 2011). The company increased SBA 7(a) financing to small business owners nearly 40 percent from 2010 levels when the company approved over $871 million. An SBA preferred lender in all 50 states, Wells Fargo also is the second largest SBA lender in units extending 3,142 loans in 2011, up 27 percent from 2010.

"In today's challenging economy, SBA Lending is an important option for small business owners seeking financing to sustain and build their businesses," said David Rader, head of Wells Fargo SBA Lending Division. "Wells Fargo is proud to be the leading SBA 7(a) dollar lender for 2011. Small businesses create jobs, drive economic growth and are essential to our nation's recovery. By extending more dollars to more small businesses, we give them the ability to invest today in their businesses and in their communities."

Earlier this year, Wells Fargo announced that it was the first lender to loan more than $1 billion in SBA 7(a) loans to small businesses in a federal fiscal year. Also earlier this year, the U.S. Small Business Administration presented its SBA Large 7(a) Lender of the Year award to Wells Fargo. The award is given based on lender size, portfolio performance, growth in approval volume for the previous fiscal year, and a demonstrated, steadfast commitment to supporting the growth and expansion of small businesses across the country.

In addition to being the #1 SBA lender in dollars, Wells Fargo also is America's#1 small business lender and #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 for 2010.

 
 

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