Daily News: October 2, 2012

SBA Selects Wells Fargo as Agent for 503/504 Program

Wells Fargo announced it has been selected by the U.S. Small Business Administration (SBA) to serve as the new central servicing agent for its 503/504 loan program for the next five years.

This program, approximately $23.6 billion in size, includes more than 57,000 active small business loans and grows by approximately 7,000 new loans each year. Wells Fargo, in a joint business relationship with PwC US, will administer the loans and is creating a dedicated team located in Columbia, MD that will report to Brian Bartlett, head of Corporate Trust Services at Wells Fargo.

“Wells Fargo is honored to be chosen by the U.S. Small Business Administration as central servicing agent for the 503/504 program,” said Bartlett. “This achievement reflects the continued growth of our Corporate Trust Services business as well as Wells Fargo