Wells Fargo is the Nation's Top Small Business Lender
San Francisco, California
November 14, 2006
Wells Fargo Generates 1 In 5 Small Business Lending Dollars In U.S.
Wells Fargo extended $18 billion in loans under $100,000 to small business owners in 2005, remains nation’s #1 small business lender according to latest government data
Small business loan growth remains strong according to the latest, most comprehensive government data. In 2005, Wells Fargo increased its year-over-year small business lending by over 30%, extending $18 billion to small business owners nationwide (in loans under $100,000).
Total small business growth for loans under $100,000 increased 4%, from $93 billion to just over $96 billion, according to the 2005 Community Reinvestment Act (CRA) data. CRA data provides the industry’s most comprehensive set of small business lending figures. With 95 percent of all small businesses generating less than $2 million in annual revenues, tracking loans under $100,000 is an important measurement of how financial institutions are meeting the capital needs of small business owners.
For the fourth year in a row, Wells Fargo leads this category, extending over 680,000 loans nationwide with an average loan size of just over $26,000. “These lending results demonstrate our strong commitment to small businesses throughout the United States,” said Marc Bernstein, EVP and head of small business lending for Wells Fargo.
“Our loans to small businesses grew more than 30% last year - over seven times the growth for all lending nationwide. Perhaps the most exciting result, however, is that we’ve been able to help over half a million small businesses with their capital needs in 2005.” Wells Fargo was also the #1 lender to small businesses in Low and Moderate Income neighborhoods (loans under $100,000), with over 137,000 loans totaling more than $3.7 billion dollars with an average loan size of approximately $27,000. “Our bankers talk to thousands of small business owners every day, and access to capital is always top of mind when discussing their key business priorities,” said Rebecca Macieira-Kaufmann, EVP and head of Wells Fargo’s small business segment.
“These results demonstrate the deep connections we’re building with our customers – we are honored they trust Wells Fargo to help them build and grow their businesses.” There are approximately 25 million small businesses in the U.S., representing over 99% of U.S. employers and approximately half of the U.S. GDP ($5 trillion).
Wells Fargo ranked #1 for loans under $100,000 in 19 states: Alaska, Arizona, California, Colorado, Idaho, Indiana, Iowa, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Texas, Utah, Washington, and Wyoming. Wells Fargo & Company is a diversified financial services company with $483 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,100 stores and the internet (wellsfargo.com) across North America and internationally.
Wells Fargo Bank, N.A. has the highest possible credit rating, "Aaa," from Moody's Investors Service and the highest credit rating given to a U.S. bank, "AA+," from Standard & Poor's Ratings Services. Providing financial products and services to more than one million businesses with annual sales up to $20 million in all 50 states, Puerto Rico and Canada, Wells Fargo is the #1 lender to small businesses in the United States in total dollar volume according to the most recent CRA data (2005).
Wells Fargo is an SBA Preferred Lender in 28 states, and originated 4,937 loans for $578 million in 2006. Its targeted business services programs provide outreach and education to women, African American, Latino, and Asian business owners about financial services.
Since 1995, Wells Fargo has loaned more than $33 billion to women and diverse business owners.
November 14, 2006
Wells Fargo Generates 1 In 5 Small Business Lending Dollars In U.S.
Wells Fargo extended $18 billion in loans under $100,000 to small business owners in 2005, remains nation’s #1 small business lender according to latest government data
Small business loan growth remains strong according to the latest, most comprehensive government data. In 2005, Wells Fargo increased its year-over-year small business lending by over 30%, extending $18 billion to small business owners nationwide (in loans under $100,000).
Total small business growth for loans under $100,000 increased 4%, from $93 billion to just over $96 billion, according to the 2005 Community Reinvestment Act (CRA) data. CRA data provides the industry’s most comprehensive set of small business lending figures. With 95 percent of all small businesses generating less than $2 million in annual revenues, tracking loans under $100,000 is an important measurement of how financial institutions are meeting the capital needs of small business owners.
For the fourth year in a row, Wells Fargo leads this category, extending over 680,000 loans nationwide with an average loan size of just over $26,000. “These lending results demonstrate our strong commitment to small businesses throughout the United States,” said Marc Bernstein, EVP and head of small business lending for Wells Fargo.
“Our loans to small businesses grew more than 30% last year - over seven times the growth for all lending nationwide. Perhaps the most exciting result, however, is that we’ve been able to help over half a million small businesses with their capital needs in 2005.” Wells Fargo was also the #1 lender to small businesses in Low and Moderate Income neighborhoods (loans under $100,000), with over 137,000 loans totaling more than $3.7 billion dollars with an average loan size of approximately $27,000. “Our bankers talk to thousands of small business owners every day, and access to capital is always top of mind when discussing their key business priorities,” said Rebecca Macieira-Kaufmann, EVP and head of Wells Fargo’s small business segment.
“These results demonstrate the deep connections we’re building with our customers – we are honored they trust Wells Fargo to help them build and grow their businesses.” There are approximately 25 million small businesses in the U.S., representing over 99% of U.S. employers and approximately half of the U.S. GDP ($5 trillion).
Wells Fargo ranked #1 for loans under $100,000 in 19 states: Alaska, Arizona, California, Colorado, Idaho, Indiana, Iowa, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Texas, Utah, Washington, and Wyoming. Wells Fargo & Company is a diversified financial services company with $483 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,100 stores and the internet (wellsfargo.com) across North America and internationally.
Wells Fargo Bank, N.A. has the highest possible credit rating, "Aaa," from Moody's Investors Service and the highest credit rating given to a U.S. bank, "AA+," from Standard & Poor's Ratings Services. Providing financial products and services to more than one million businesses with annual sales up to $20 million in all 50 states, Puerto Rico and Canada, Wells Fargo is the #1 lender to small businesses in the United States in total dollar volume according to the most recent CRA data (2005).
Wells Fargo is an SBA Preferred Lender in 28 states, and originated 4,937 loans for $578 million in 2006. Its targeted business services programs provide outreach and education to women, African American, Latino, and Asian business owners about financial services.
Since 1995, Wells Fargo has loaned more than $33 billion to women and diverse business owners.
posted by Kirby P at 12:29 PM
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