Wells Fargo claims top SBA lending role
Wells Fargo & Co. approved more than $548 million in U.S. Small Business Administration (SBA) 7(a) loans nationwide in the first half of federal fiscal year 2012, making it the largest SBA lender to small businesses, the company announced today.
Wells Fargo was the top SBA lender based on dollar volume in 12 states for the six months that ended March 30, and had the highest number of 7(a) loans in nine states, including Iowa.
In Iowa, Wells Fargo extended 28 7(a) loans totaling $6.5 million during that period. In total, U.S. lenders extended 20,841 7(a) loans for more than $6.75 billion in the first half of the fiscal year. The 7(a) loan program provides loan guarantees for financial institutions to lend to businesses.
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