Wells Fargo, Chase Claim Top SBA 7(a) Lender Spots
October 29, 2013
By Bob Coleman
Editor, Coleman Report
Wells Fargo, Chase Claim Top SBA 7(a) Lender Spots
For the fifth straight year, Wells Fargo is America’s top SBA lender in dollar volume, approving a record $1.47 billion in SBA 7(a) loans for small businesses in federal fiscal year 2013.
The bank increased its dollar volume of SBA 7(a) loans by 18.3 percent from a year ago.
“Each and every SBA loan we extend not only helps a small business thrive and grow, it also helps drive economic recovery and development in that community,” says David Rader, head of Wells Fargo’s SBA Lending Division. “We’re humbled by the trust America’s small business owners have placed in us, and immensely proud of our role in helping our customers and our communities overcome the challenges they have faced over the last five years.”
Chase is the largest SBA 7(a) lender by number of loans – 4,104 loans for $840 million.
Says Scott Geller, Chase Business Banking CEO, “Whether it’s a construction company near San Diego or a microbrewery in the Bronx, small businesses are benefiting from Chase’s SBA preferred lender status. Our status means we can quickly and easily approve credit for working capital, or to help our customers purchase buildings and new equipment.”
Read more about Wells Fargo here