SAN FRANCISCO - May 17, 2012
Wells Fargo approved more than $548 million in SBA 7(a) loans nationwide in the first-half of federal fiscal year 2012 (Oct. 1, 2011, through March 31, 2012), and continues to provide more SBA loan dollars to America’s small businesses than any other lender. These results were announced as the company kicked off its annual Small Business Appreciation Celebration.
“During a time of year when we celebrate the importance of small business to our nation’s economic recovery, it’s rewarding for us to meet the financing needs of thousands of small business customers,” said David Rader, head of SBA Lending for Wells Fargo. “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.”
Wells Fargo also is the No. 1 SBA 7(a) lender in dollars in 12 states for the first 6 months of the federal fiscal year 2012: Alaska, Arizona, California, Colorado, Florida, Minnesota, North Carolina, Nevada, New Mexico, Oregon, Texas and Wyoming. In addition, Wells Fargo is the No.1 SBA 7(a) lender in number of loans in nine states: Alaska, California, Colorado, Georgia, Iowa, Minnesota, New Mexico, South Carolina and Wyoming.
SBA 7(a) loans are extended to qualifying businesses in a wide range of industries that in general have average revenue of less than $20 million and 500 or fewer employees. In federal fiscal year 2011, Wells Fargo was the first lender to approve more than $1 billion in SBA 7(a) loans to small businesses in a year.
One of the hundreds of businesses that recently received an SBA loan through Wells Fargo was Ballast Point Brewing Company, San Diego. The loan helped business owner Jack White to add employees, new tanks and reinforced floors for his expanding brewery business. White was recently named 2012 SBA California Small Business Person of the Year by the U.S. Small Business Administration.
“I started this business 20 years ago in my backyard with a simple love for brewing good beer,” said White. “Today, we have a dedicated team of individuals who share that same passion and incorporate it into every bottle. It’s a good problem to have when demand is outpacing production, and this loan was necessary to increase our capacity to produce 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 business owners in their communities and providing money-saving offers on financial products and services for small businesses as part of this celebration. Business owners can save more than $400 on appreciation offers for select products. Wells Fargo’s recognition of small businesses coincides with various local and national events conducted by the U.S. Small Business Administration during National Small Business Week (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 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 other distribution channels across North America and internationally. With more than 270,000 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 No.1 small business lender (2010 Community Reinvestment Act government data) and a leading lender to women- and diverse-owned businesses. Wells Fargo provides a wide range of financial solutions to meet the needs of business owners nationwide. Through the Wells Fargo Business Insight Resource Center, business owners can access an informative selection of videos and articles featuring expert advice and best practices. For more information visit wellsfargo.com/biz or call the National Business Banking Center at 1-800-CALL-WELLS.