Wells Fargo SBA Lending and Business Direct Introduce Small Business Advantage(SM) Line of Credit
Nation's Small Business Leader Celebrates National Small Business Week
And SBA's 50th Anniversary With Nationwide Customer Events and Visits
SAN FRANCISCO, Sept. 17 /PRNewswire-FirstCall/ -- Wells Fargo today announced the availability of the Wells Small Business Advantage Line of Credit, complementing existing Small Business Administration (SBA) loan products and serving the needs of small business customers with credit lines starting at $5,000. Small business customers also benefit through the increased flexibility and faster application process offered by the number one lender to small businesses nationwide and one of the nation's top four SBA lenders. Additional benefits include flexible purchasing power through a Small Business Advantage MasterCard, access to instant cash through Superchecks and a network of 6,250 Wells Fargo ATMs, and access to Online Business Banking and overdraft protection for Wells Fargo Business Checking customers. The Small Business Advantage Line of Credit provides a three-year term. "With this new credit line, Wells Fargo is helping meet even more of our small business customers' credit needs," said Jerry Gray, President of Wells Fargo SBA Lending. "By offering a variety of small business products for every stage in the growth of a small business, we are ensuring all of our customers have the financial products and services they need to build their businesses." Additional features of the Wells Fargo Small Business Advantage Line of Credit include: no annual fee required, available overdraft protection, no collateral required, and a three-year line of credit terms with interest payments monthly. "When my single concrete pump broke, I suffered a tremendous business setback -- my entire business was put on hold," said David McMasters, Owner of D&M Concrete Pumping in San Leandro, California. "But in working with my Wells Fargo Business Specialist, within two weeks my specialized equipment was ready, I had obtained a Wells Fargo Small Business Advantage Line of Credit, and I was back in business. The entire process was exactly how it should have been -- simple and focused on what was best for my business." In addition to customer-focused product additions, Wells Fargo is also engaged in extensive customer outreach efforts during National Small Business Week (September 14 - 20), the Small Business Administration's annual event celebrating the contributions and accomplishments of the more than 20 million small businesses across the country for the last 39 years. To honor NSBW along with the SBA's 50th anniversary, Wells Fargo is honoring small business customers across the country. During the month of September, thousands of Store and Business Bankers will reach out to more than 40,000 existing and prospective small business/business customers, extending Wells Fargo's appreciation for their hard work and accomplishments -- and, most importantly, reinforcing our commitment to their business success. About Wells Fargo Wells Fargo & Company is a diversified financial services company with $370 billion in assets, providing banking, insurance, wealth management and estate planning, investments, mortgage and consumer finance from 5,800 stores and the Internet (www.wellsfargo.com) across North America and elsewhere internationally. 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. Wells Fargo is among the top four SBA lenders nationally, and a SBA Preferred Lender in 28 states and the District of Columbia, and originated 2,256 SBA loans totaling $469 million for the twelve months ending September 30, 2002. Speer & Associates rated the Wellsfargo.com small business site the best online banking site for small business customers in 2002 (wellsfargo.com/biz). 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 $18 billion to women and minority business owners.
SOURCE Wells Fargo & Company
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