Wells Fargo approves more SBA loan dollars for small businesses than any other lender
May 17, 2012
Leading SBA lender recognizes small businesses with annual
Small Business Appreciation Celebration
SAN FRANCISCO, CA – May 17, 2012 – Wells Fargo approved morethan $548 million in SBA 7(a) loans nationwide in the first-half offederal fiscal year 2012 (Oct. 1, 2011, through March 31, 2012), andcontinues to provide more SBA loan dollars to America’s small businessesthan any other lender. These results were announced as the companykicked off its annual Small Business Appreciation Celebration.
“During a time of year when we celebrate the importance of smallbusiness to our nation’s economic recovery, it’s rewarding for us tomeet the financing needs of thousands of small business customers,” saidDavid Rader, head of SBA Lending for Wells Fargo. “SBA loans are animportant financing tool for many small business owners and we want todo everything we can to help small businesses stay competitive andgrow.”
Wells Fargo also is the No. 1 SBA 7(a) lender in dollars in 12 statesfor the first 6 months of the federal fiscal year 2012: Alaska, Arizona,California, Colorado, Florida, Minnesota, North Carolina, Nevada, NewMexico, Oregon, Texas and Wyoming. In addition, Wells Fargo is the No.1SBA 7(a) lender in number of loans in nine states: Alaska, California,Colorado, Georgia, Iowa, Minnesota, New Mexico, South Carolina andWyoming.
SBA 7(a) loans are extended to qualifying businesses in a wide range ofindustries that in general have average revenue of less than $20 millionand 500 or fewer employees. In federal fiscal year 2011, Wells Fargowas the first lender to approve more than $1 billion in SBA 7(a) loansto small businesses in a year.
One of the hundreds of businesses that recently received an SBA loanthrough Wells Fargo was Ballast Point Brewing Company, San Diego. Theloan helped business owner Jack White to add employees, new tanks andreinforced floors for his expanding brewery business. White wasrecently named 2012 SBA California Small Business Person of the Year bythe U.S. Small Business Administration.
“I started this business 20 years ago in my backyard with a simple lovefor brewing good beer,” said White. “Today, we have a dedicated team ofindividuals who share that same passion and incorporate it into everybottle. It’s a good problem to have when demand is outpacingproduction, and this loan was necessary to increase our capacity toproduce more of our award-winning beer.”
Celebrating Small Businesses
Wells Fargo is saying “thank you” to small businesses across the nation with the launch of its annual Small Business Appreciation Celebration.During this time, team members are reaching out to small businessowners in their communities and providing money-saving offers onfinancial products and services for small businesses as part of thiscelebration. Business owners can save more than $400 on appreciationoffers for select products. Wells Fargo’s recognition of smallbusinesses coincides with various local and national events conducted bythe U.S. Small Business Administration during National Small BusinessWeek (May 20-26).
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,community-based financial services company with $1.3 trillion in assets.Founded in 1852 and headquartered in San Francisco, Wells Fargoprovides banking, insurance, investments, mortgage, and consumer andcommercial finance through more than 9,000 stores, 12,000 ATMs, theInternet (wellsfargo.com),and other distribution channels across North America andinternationally. With more than 270,000 team members, Wells Fargo servesone in three households in America. Wells Fargo & Company wasranked No. 23 on Fortune’s 2011 rankings of America’s largestcorporations. Wells Fargo’s vision is to satisfy all our customers’financial needs and help them succeed financially.
Wells Fargo is America’s No.1 small business lender (2010 CommunityReinvestment Act government data) and a leading lender to women- anddiverse-owned businesses. Wells Fargo provides a wide range of financialsolutions to meet the needs of business owners nationwide. Through theWells Fargo Business Insight Resource Center, business owners can accessan informative selection of videos and articles featuring expert adviceand best practices. For more information visit wellsfargo.com/biz orcall the National Business Banking Center at 1-800-CALL-WELLS.
