Wells Fargo is a financial services company. Based in the United States, it has consumer finance subsidiaries doing business in Canada, the Northern Mariana Islands and the Caribbean. Over the past four years it has increased its small business lending by more than 30 percent. It is presently extending $18 billion to small business owners nationwide with loans under $100,000. For the fourth year in succession, Wells Fargo leads this category. It extended more than 680,000 loans nationwide with the average loan size being $26,000.
Wells Fargo is ranked No. 1 for loans under $100,000 in 19 states and is also number one lender to small businesses in low- and moderate-income neighborhoods. To its credit it has more than 137,000 loans totaling more than $3.7 billion.
Small Business loans are designed to cater to various business needs, irrespective of their demands and size. Small businesses have fewer options than to depend on small business loans because of their characteristic lack of capital.
Tracking the various providers for loans under $100,000 we can get an important measurement of how small business owners meet their financial needs from institutions. The total small business growth for loans under $100,000 has registered a four percent increase, from $93 billion to just more than $96 billion. This stat is from the 2005 Community Reinvestment Act data.
According to data from the Community Reinvestment Act, small business loans extended last year were mostly by Wells Fargo. In Des Moines its loans to small businesses increased by nearly 21 percent. It doled out loans of $100,000 or less amounting to nearly $50 million.
Small Business Start Up Loan
Small business start up loan is designed for starting a small scale business. There is a plethora of small business start up loan plans available in both UK and US. Several banks, financial institutions and other business loan providers offer these loans. First and foremost thing that the businessman should do is analyzing his financial ability. Lack of finance should not stop him from venturing his dream business. He can avail small business start up loans from various sources.
A small business loan ensures smooth start for the businessman. The small business start up loan unusually meets the following needs such as expansion of a particular facility, upgrading the existing technology, purchasing new tools and other business equipments, purchasing raw materials, payment and wages expenses etc
Many times, small business owners will not be given loans by various finance providers. Self -employment is often reckoned as risk by many finance providers. Thus they have to look for specialized small business loans.