Small Business Finance News
Wells Fargo Leads The Nation In SBA Lending
Written by Tim Morral
With more than a half billion dollars in SBA 7(a) lending during the first half of the year, Wells Fargo tops the list of SBA lenders.
Lending plays an important role in the health and vitality of U.S. small businesses. From financing startups to expanding successful companies, entrepreneurs need financing to succeed. Without reliable access to capital lending, entrepreneurs are limited in their ability to grow their companies and may miss opportunities leverage strategic marketplace opportunities.
During the first half of their current fiscal year (October 1 through March 31), Wells Fargo outpaced all other lenders in SBA 7(a) funding, the Small Business Administration's primary lending program for start-up and existing small businesses that may not be eligible for business loans through normal lending channels. The total volume of SBA funds financed by Wells Fargo for this time period came in at more than $548 million.
"SBA loans are an important financing tool for many small business owners and we want to do everything we can to help small businesses stay competitive and grow," said David Rader, head of SBA Lending for Wells Fargo.
On a state-by-state basis, Wells Fargo captured the SBA lending lead (dollar volume) in a dozen states during the same six month time period, including Alaska, Arizona, California, Colorado, Florida, Minnesota, North Carolina, Nevada, New Mexico, Oregon, Texas and Wyoming.
As government backed loans to small businesses, SBA 7(a) loans are designed to assist qualifying businesses with average revenue of less than $20 million and 500 or fewer employees. Loan proceeds can be used for a variety of purposes including the purchase of real estate, equipment and other kinds of business capital.
For more information about SBA lending programs, visit the Small Business Administration website.
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