WASHINGTON - May 20, 2011
Wells Fargo & Company (NYSE: WFC) has been named the U.S. Small Business Administration’s (SBA) 2011 Large 7(a) Lender of the Year. The award was presented to Wells Fargo – America’s #1 SBA 7(a) lender in dollars to small business owners – today at SBA’s National Small Business Week celebration event in Washington, D.C. The award, presented by Karen Mills, administrator of the U.S. Small Business Administration, recognizes Wells Fargo’s SBA leadership and role in driving our nation’s economic growth as an SBA lender.
“Our partnerships with SBA lenders over the past two years have played a crucial role in putting capital in the hands of America’s strongest economic engine – small businesses,” said Mills.
For the first six months of the federal fiscal year (Oct. 1, 2010 - March 31, 2011), Wells Fargo has extended more than $677 million in SBA 7(a) financing to small business owners. An SBA preferred lender in all 50 states, Wells Fargo is the second largest lender in units, extending 1,652 loans through March 31.
“At Wells Fargo, we have the privilege of helping small businesses thrive in communities across the country by providing access to the capital they need to succeed financially," said David Rader, head of Wells Fargo SBA Lending Division. “We are honored to be recognized by the SBA for our work, and we thank our customers for the opportunity to work with them and be part of their success."
The SBA Large 7(a) Lender of the Year honor is awarded annually by the SBA. The award is 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, even beyond the scope of SBA loans.
For the federal fiscal year 2010, which ended Sept. 30, 2010, Wells Fargo extended $871 million in SBA 7(a) financing to small business owners and 2,469 loans. The company is the #1 SBA lender in dollars in 13 states, Arizona, California, Colorado, Florida, Kansas, Minnesota, Montana, Nebraska, Nevada, New Mexico, Oregon, Texas and Virginia, and the #1 SBA lender in both dollars and units in three states, California, Colorado and Nevada.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) 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 approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 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. With the nation’s largest network of retail banking stores, and an award-winning online Business Insight Series including videos, webcast and articles, Wells Fargo provides business owners with timely advice and information to help them succeed financially. For more information, or to speak with a Wells Fargo banker, visit wellsfargo.com/biz or call the National Business Banking Center at 1-800-CALL-WELLS.