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Wells Fargo Lends $59 Million to Los Angeles Small Businesses, Becoming SBA’s Top Lender for 2010

Also Leads All Small Business Lenders in Several Community Reinvestment Act (CRA) Categories for 2009

 

LOS ANGELES--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today announced it is Los Angeles County’s No. 1 SBA 7(a) lender to small business owners in dollars and units for the second consecutive year. For the federal fiscal year 2010, which ended Sept. 30, 2010, Wells Fargo extended $59 million in SBA 7(a) financing to Los Angeles County small business owners. The company also is the top SBA 7(a) lender in the nation with more than $871 million in loans, up more than 5 percent from 2009 levels when Wells Fargo extended more than $827 million in SBA 7(a) loans. The company also is the No. 1 SBA lender in dollars and units in California.

“The changes that came about as a result of the recently passed Small Business Jobs Act will help America’s small businesses grow, and we stand ready to do our part by providing the credit to meet their financing needs”

“The changes that came about as a result of the recently passed Small Business Jobs Act will help America’s small businesses grow, and we stand ready to do our part by providing the credit to meet their financing needs,” said Antonio Zate, head of Wells Fargo SBA Lending Division in Greater Los Angeles. “As the nation’s No. 1 SBA lender in dollars, we remain committed to ensuring business owners have access to the capital they need and we want to say ‘yes’ to as many qualified borrowers as possible. The success of business owners remains crucial to the nation’s overall economy, and Wells Fargo’s position as No. 1 SBA lender gives us an important opportunity to support an economic recovery.”

In addition to being the No. 1 SBA 7(a) lender, according to the recently released Community Reinvestment Act government data for 2009, Wells Fargo ranked as the No. 1 small business lender in California for both loans under $100,000 and total business lending under $1 million categories.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

Wells Fargo is America’s No. 1 small business lender (2009 Community Reinvestment Act government data) and a leading lender to women- and diverse-owned businesses. Through its award-winning online advice library of business resources, including topical videos and webcasts, Wells Fargo provides business owners with timely advice and information to help them succeed financially. For more information, speak with a Wells Fargo banker, visit wellsfargo.com/biz or call the National Business Banking Center at 1-800-CALL-WELLS.

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