SAN FRANCISCO, Oct. 26 /PRNewswire-FirstCall/ -- Wells Fargo & Company (NYSE:WFC) today announced a significant increase in its SBA lending from 2005 to 2006. For the Federal Fiscal Year, which ended September 30, 2006, the number of Wells Fargo SBA 7a loans increased 18%. The number of Wells Fargo SBA-guaranteed loans rose from 4,165 to 4,937, while total dollars of loans originated amounted to $578 million. Wells Fargo continues to be the nation's #1 ranked bank lender by dollars, as well as the #2 ranked lender nationally in total dollar volume of SBA 7a loans.
"At Wells Fargo we're focused on the success of our small business customers. The growth of our SBA lending reflects the optimism and the confidence our customers have in the future-and it reflects the confidence we have in them," said Jerry Gray, president, Wells Fargo SBA Lending. "We view each SBA loan as an opportunity to solve an owner's need for capital -- capital to launch, grow or acquire a business in the communities we serve."
Wells Fargo is the #1 SBA 7a lender in number of loans in seven of the company's banking states. For the 14th year in a row, Wells Fargo was the #1 SBA lender in Minnesota; for the 7th consecutive year, the #1 lender in Alaska; and for the 5th consecutive year, the #1 lender in Colorado. Additional states where Wells Fargo was the #1 SBA lender include Nebraska, New Mexico and South Dakota. Wells Fargo is also the #1 SBA lender in California, Colorado, Minnesota, Nebraska, North Dakota, South Dakota, and Wyoming in total dollar volume of loans.
About Wells Fargo SBA Lending
The second largest national SBA lender in dollars, Wells Fargo is an SBA Preferred Lender in 28 states, and originated 4,937 loans for $578 million in 2006.
About Wells Fargo
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 elsewhere 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 (2004).
Its diverse 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. For more information, please visit us at www.wellsfargo.com/biz .
Source: Wells Fargo & Company