For the sixth straight year, Wells Fargo & Company is America’s top SBA lender in dollar volume, approving a record $1.6 billion in SBA 7(a) loans for small businesses in federal fiscal year 2014 (Oct. 1, 2013 – Sept. 30, 2014). The company increased its dollar volume of SBA 7(a) loans by 10 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 4,036 SBA 7(a) loans in federal fiscal year 2014, a 16 percent increase in units from the prior year.
“At Wells Fargo, we work hard to help America’s small business owners, and we are incredibly proud to earn their business and increase our lending to businesses across the country each of the last six years,” said Donna Serres, new head of Wells Fargo’s SBA Lending Division. “Through the SBA loan program, we know the financing that we provide helps drive economic growth at a very local level, and helps communities we serve succeed financially by providing local businesses access to the capital they need to thrive and grow.”
During the six-year period Wells Fargo has been the No. 1 SBA lender, the company has increased its SBA 7(a) lending 72 percent in units and 96 percent in loan dollars from federal fiscal year 2009 to 2014.
“Our growth in SBA lending during the last few years underscores the importance of SBA loan programs for thousands of creditworthy small businesses,” said Serres. “SBA loans provide options for creditworthy entrepreneurs and small business owners who may not be able to obtain a conventional loan that meets their business needs.”
Wells Fargo is the No. 1 SBA 7(a) lender in dollars in 10 states: Arizona, California, Colorado, Minnesota, North Dakota, Nevada, New Mexico, Oregon, South Carolina and Texas – and the No.1 SBA 7(a) lender in number of loans (units) in 8 states: Alaska, Arizona, California, Georgia, North Carolina, New Mexico, South Carolina and Virginia.
In addition to being the No. 1 SBA lender in dollars, for the 12th consecutive year Wells Fargo continues to be the nation’s No. 1 small business lender for loans under $100,000 and loans under $1 million categories, according to the most recent Community Reinvestment Act (CRA) data (2002-2013).