Wells Fargo & Company, the American SBA lender has announced $1 billion in SBA 7(a) loans to small businesses in the current fiscal year. It is the first lender to have reached this milestone in a year. The company has reached the $1 billion mark in August. An increase of 27 percent in SBA 7(a) loan dollars to small businesses has been achieved by Wells Fargo during the 12 months ending August 2011. In the prevalent uncertain economy, Wells Fargo has been successful in providing more SBA 7(a) dollars to small businesses. The loan is meant to help SMEs achieve financial success, retain more number of employees and keep on adding new jobs.
David Rader, head of Wells Fargo SBA Lending Division, says, “Our loans are being put to use by about 2,600 business owners across the country to manage and grow their businesses.” The company is putting all effort to support economic recovery in local communities and throughout United States. Extension of the SBA 7(a) loans is meant for qualifying businesses that have $20 million or less average revenue and employee strength fewer than 500. Loans are handed over to businesses engaged in medical practices, information technology, foodservice providers, retailers and manufacturers.
U.S. Small Business Administration gave out the ‘SBA Large 7(a) Lender of the Year award’ to Wells Fargo. The company has emerged as the preferred SBA lender in 50 states. The award is given based on Wells Fargo’s commitment toward growth and expansion of small businesses, its portfolio performance, lender size and growth of approval volume in 2010 fiscal year. During the 2010 Federal Fiscal Year, Wells Fargo extended $871 million in SBA 7(a) financing to owners of small businesses.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com