During the economic downfall and fiscal fiasco, the Small Business Administration (SBA) agency seen a major blow to available funding for business owners. In the past few years, that issue has been rectified in that banking institutions are now approving more loan applications. For instance, Wells Fargo has seen a 16 percent increase in the amount of funding it lends small business owners. Between October 2012 and April 2013, Wells Fargo Bank has extended 1093 SBA (7) loans totaling more than $739 million. If you look at the number through a geographical landscape, the bank is number one approver of loans in several states: Alaska, Arizona, California, Colorado, Florida, Georgia, North Carolina, Nevada, New Mexico, South Carolina, and South Dakota.
“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.”
Wells Fargo has been the leader in SBA lending for four consecutive years. In addition, women and minority business owners have also seen a spike in loan approvals.
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