Wells Fargo No.1 In SBA Lending For Second Straight Year
Written by Jenna Weiner
Bank lent $871 million to small business in FY 2010
One of the many banks that received a bailout from taxpayers is well on its way to making amends, after it recently announced that it was the leader in small business lending.
Wells Fargo announced recently that it had become the No. 1 lender to small businesses under the U.S. Small Business Administration's 7(a) program. During federal fiscal year 2010, which ended on September 30, 2010, the bank lent $871 million to companies throughout the United States, up 5 percent from last year. The numbers were considered positive news for small businesses, many of whom have struggled to obtain funding since the credit crunch began.
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 No. 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."
Wells Fargo made other news for small business when it honored small companies in Arizona. Nine businesses were honored on October 23 with the Wells Fargo Copper Cactus Award for being one of the best places to work, Inside Tucson Business reports.
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