From October to April, Wells Fargo provided 1,903 Small Business Administration loans totaling nearly $740 million to small businesses in the U.S.—a 16 percent dollar increase from the same period last year and more than any other lender.
“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,” David Rader, the head of Wells Fargo’s SBA lending division, said. “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.”
For the first seven months of the federal fiscal year, Wells Fargo came in as the No. 1 SBA lender in dollars in 10 states, including Arizona, California, Colorado, Florida, Iowa, North Carolina, New Mexico, Pennsylvania, Texas and Virginia.
Wells Fargo also came in at No. 1 in the number of loans in 11 states: Alaska, Arizona, California, Colorado, Florida, Georgia, North Carolina, Nevada, New Mexico, South Carolina and South Dakota.
The lender approved a record $1.24 billion in SBA loans last year and has served as the leading SBA lender in dollar volume for four consecutive years.