Daily News: June 3, 2013

Wells Fargo Approves Most SBA Dollars to Date

Wells Fargo said it has approved more SBA 7(a) loan dollars for America’s small businesses than any other lender to date in federal fiscal year 2013.

Over a seven month period (Oct. 1, 2012 – April 30, 2013), Wells Fargo extended 1,903 SBA 7(a) loans nationwide totaling more than $739 million – a more than 16% increase in dollars and more than 10% increase in number of loans from the same period a year ago, the company said.

“It’s a very positive sign to see the overall growth in SBA lending this year because it means more entrepreneurs and business owners are pursuing financing to expand, purchase real estate and equipment, and buy businesses that create jobs and drive America’s economic growth,” said David Rader, head of Wells Fargo’s SBA Lending Division. “We’re honored to be the leader in SBA lending and that more business owners are choosing Wells Fargo for SBA financing and working with our team to build their businesses. We want to do everything we can to help them succeed financially.”

For the first seven months of federal fiscal year 2013, Wells Fargo is the No. 1 SBA 7(a) lender in dollars in 10 states: Arizona, California, Colorado, Florida, Iowa, North Carolina, New Mexico, Pennsylvania, Texas and Virginia. Wells Fargo is the No. 1 SBA 7(a) lender in number of loans in 11 states: Alaska, Arizona, California, Colorado, Florida, Georgia, North Carolina, Nevada, New Mexico, South Carolina and South Dakota.

Wells Fargo said it approved a record $1.24 billion in Small Business Administration (SBA) loans in federal fiscal year 2012 (Oct. 1, 2011 – Sept. 30, 2012). An SBA preferred lender in all 50 states, Wells Fargo has been America’s leading SBA 7(a) lender in dollar volume for four consecutive years.