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Wells Fargo SBA Loans Are Up 18 Percent According to recent figures released by Wells Fargo & Co., the bank has originated 18 percent more Small Business Administration loans in 2006 than it did in 2005. For the Federal fiscal year 2005, Wells Fargo originated 4,165 Small Business Administration working capital loans, also known as 7(a) loans. In fiscal year 2006, ending on September 30, they originated 4,937 SBA loans. That is an increase of 18 percent. The amount of money loaned through 7(a) loans for 2006 was $578 million. President of Wells Fargo SBA Lending, Jerry Gray, says the growth of their SBA lending "reflects the optimism and the confidence our customers have in the future" and "the confidence we have in them". Mr Gray also says that each SBA loan is "an opportunity to solve an owner's need for capital". Wells Fargo is the top lender is the US, according to the dollar value of the loans originated by the bank. The bank is ranked number two in the US in terms of the dollar volume of SBA 7a loans originated by the bank. It is also the top lender in terms of the number of loans they originated in six states throughout the US. Those states were New Mexico, South Dakota, Minnesota, Alaska, Nebraska and Colorado. Wells Fargo. In 28 states throughout the US, Wells Fargo is an SBA Preferred Lender. Wells Fargo serves over 23 million customers. They have 6,100 stores and an internet site, at www.wellsfargo.com. They have customers in North America and other countries, including Puerto Rico and Canada. Their credit rating is the highest credit rating given to a bank in the US. They also provide financial products and services to over a million businesses. Their business services programs help business owners from different minority groups, including women, African American, Latino and Asian businesses, providing outreach and education. |
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