- Fifth consecutive year Wells Fargo is the No. 1 SBA 7(a) lender by dollar volume
- Approved 18 percent more SBA 7(a) loan dollars than prior year, based on 2013 Small Business Administration data
- More than $5.6 billion in SBA 7(a) loan approvals since 2009
- Increased SBA 504 loan dollars by 38 percent in 2013
SAN FRANCISCO - October 28, 2013
For the fifth straight year, Wells Fargo & Company (NYSE: WFC) is America’s top SBA lender in dollar volume, approving a record $1.47 billion in SBA 7(a) loans for small businesses in federal fiscal year 2013 (Oct. 1, 2012 – Sept. 30, 2013). The company increased its dollar volume of SBA 7(a) loans by 18.3 percent from a year ago. An SBA preferred lender in all 50 states, Wells Fargo also is the second largest SBA lender by units, extending 3,481 SBA 7(a) loans in federal fiscal year 2013.
The company also provided more small business financing through SBA 504 real estate and equipment loans, extending 211 SBA 504 loans over the last year totaling more than $248 million.
“Each and every SBA loan we extend not only helps a small business thrive and grow, it also helps drive economic recovery and development in that community,” said David Rader, head of Wells Fargo’s SBA Lending Division. “We’re humbled by the trust America’s small business owners have placed in us, and immensely proud of our role in helping our customers and our communities overcome the challenges they have faced over the last five years.”
During the five-year period Wells Fargo has been the No. 1 SBA lender, the company has increased its SBA 7(a) lending 48 percent in units and nearly 78 percent in loan dollars from federal fiscal year 2009 to 2013.
“Our overall growth in SBA lending during the last few years shows the importance of SBA loan programs for thousands of creditworthy small businesses,” said Rader. “SBA loans provide options for entrepreneurs and business owners who may not be able to obtain a conventional loan or loan terms that meet their business needs.”
Among the customers who Wells Fargo helped become business owners with an SBA loan are military veterans Bradley and Barbara Frey of Tucson, Ariz. The couple secured an SBA 7(a) loan to buy a mobile home parts manufacturing business, M&M Home Supply Warehouse, earlier this year.
“My wife and I have always dreamed of running our own small business together,” said Brad Frey. “As new small business owners, it was a daunting task to get our business up and running, but Wells Fargo helped us from the beginning and is a significant reason why we are thriving. My wife and I had tears of happiness when we were signing our loan documents because we could not believe our dream was now a reality.”
Another Wells Fargo customer who used SBA loans to realize his dream of starting his own business is Art Dovlatian of Sylmar, Calif. In 2006, Dovlatian – an Armenian immigrant – started AcuFast Aircraft Products, an aerospace manufacturing company, by financing the business with a Wells Fargo SBA 7(a) loan. Since then, the manufacturer has grown into a $10 million enterprise expanding with additional SBA financing from Wells Fargo.
“At the beginning stages of the company, my money ran out within the first two months. That’s when we quickly developed a business plan for an SBA loan,” said Dovlatian. “We worked with Wells Fargo to develop a realistic three-year business plan, before we were approved for a loan that was sufficient to make things happen for our business.”
Wells Fargo is the No. 1 SBA 7(a) lender in dollars in 12 states: Arizona, California, Colorado, Florida, Georgia, Iowa, Minnesota, New Mexico, Pennsylvania, South Dakota, Texas and Virginia – and the No.1 SBA 7(a) lender in number of loans (units) in 11 states: Alaska, Arizona (tied), California, Colorado, Florida, Georgia, Nevada (tied), New Mexico, South Carolina, South Dakota and Virginia.
Earlier this year, the U.S. Small Business Administration named Wells Fargo the 2013 Large 7(a) Lender of the Year in recognition of the company’s leadership in SBA lending and role in driving our nation’s economic growth. It was the second time in three years Wells Fargo has received this award.
In addition to being the No. 1 SBA lender in dollars, for the 11th consecutive year Wells Fargo is the nation’s No. 1 small business lender for loans under $100,000 and loans under $1 million categories, according to Community Reinvestment Act (CRA) data (2002-2012).
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 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, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 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 loans more money to America’s small businesses than any other bank (2002-2012 Community Reinvestment Act government data) and is 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.