WELLS FARGO IS NOW AN SBA PREFERRED LENDER IN 26 STATES
MINNEAPOLIS — April 25, 2000
Wells Fargo & Company's performance as one of the nation's top Small Business Administration (SBA) lenders has earned it preferred lender status in six more states: Michigan, Missouri, Tennessee, Kentucky, North Carolina and Florida. The new designations mean Wells Fargo is now a preferred lender in 26 states and 41 SBA District Offices.
Preferred lenders can approve SBA loan applications in as little as a day without having to submit the loans to the SBA for approval. The designation endorses a lender's loan review and approval process.
"We've worked hard to build a business that responds quickly to the needs of our customers while meeting the standards of the SBA," said Jerry Gray, president of Wells Fargo SBA Lending. "We have loan originators in 38 cities whose only job is to help small businesses get SBA loans, and hundreds of Wells Fargo and Norwest business bankers who offer SBA products as part of their large menu of business services. We're committed to building the nation's best SBA lending team and are focused on finding new and better ways to serve our customers."
Wells Fargo and its subsidiaries originated 1,118 loans valued at $205 million for the fiscal year ending Sept. 30, 1999. That ranks the combined company second among all SBA lenders in number of loans.
Congress created the U.S. Small Business Administration (SBA) in 1953 to help America's entrepreneurs. Today, SBA's program offices in every state offer financing, training and advocacy for small firms. In addition, the SBA works with thousands of lending, educational and training institutions nationwide.
Wells Fargo & Company is a diversified financial services company with $222 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from about 5,300 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally.