Wells Fargo Adds Bankers, Launches New Secured Credit Products to Help More Small Businesses
To help meet the financial needs of more small business owners, Wells
Fargo & Company (NYSE: WFC) is hiring more bankers to serve small
businesses through its banking stores and has introduced two new secured
credit products for business owners. Wells Fargo is announcing its
enhanced support for small businesses as the company begins its annual
Small Business Appreciation Celebration.
“The steady improvement of our economy depends on the health and growth
of our nation’s small businesses, and Wells Fargo is continually looking
for ways to improve the services and support we offer to help these
businesses succeed financially,” said Lisa Stevens, Wells Fargo lead
executive for Small Business. “At a time of year when we celebrate the
importance of America’s small businesses, we’re adding team members, and
expanding the financial products and services we provide business
owners.”
Adding Bankers for Small Businesses
To support the growth and success of U.S. small businesses, Wells Fargo
is increasing the number of team members who serve business owners in
its banking stores. Wells Fargo added more than 1,500 store-based
bankers who serve small businesses and consumers from March 2012 to
March 2013 – a 5 percent increase year-over-year – and plans to add
business specialists in 2013. The team members are among the
approximately 32,000 bankers who assist small business customers in its
stores across the country. In the first quarter of 2013, these team
members contributed to Wells Fargo extending $4.2 billion in net new
loan commitments to small business customers (primarily with annual
revenues less than $20 million) – a 24 percent increase from the prior
year.
New Secured Credit Products
Wells Fargo is offering two new credit products that provide more
solutions for small business owners: Wells Fargo Secured BusinessLine
line of credit and Wells Fargo Business Secured Credit Card. The
products were designed to meet the needs of new and established
businesses, including businesses that may not qualify for unsecured
credit, have no credit history, are trying to re-establish their
business credit, or are seeking financing to supplement cash flow while
preserving savings.
“We want to do everything possible to meet the financing needs of
businesses we serve, which includes providing a comprehensive array of
financial products for small businesses,” said Marc Bernstein, head of
Small Business for Wells Fargo. “Our new secured products are good
credit and payment options for businesses that are building or
rebuilding credit, as well as those that are conservatively managing
debt as economic conditions improve.”
The Secured
BusinessLine line of credit offers qualifying businesses up
to $100,000 in financing for working capital or almost any business
purpose. The revolving line of credit is secured by a Wells Fargo CD or
savings account as collateral. It allows a business to maintain its
savings while meeting borrowing needs. Since there’s no time-in-business
requirement, a new business can use the product to establish a business
credit history and continue to earn interest on the collateral – CD or
savings account – that secures the credit.
The secured line of credit product was piloted in several regions at the
end of 2012, and already has helped numerous businesses obtain
financing. One of these businesses is La Nopalera Produce in Oakland,
Calif.
“In the next few years one of our business goals is to open another
location,” said Evelin Ramos, owner of La Nopalera Produce. “With help
from Wells Fargo, our business now has a credit line, and we are
building our credit, which will help us become more successful as our
business grows.”
Wells Fargo’s new Business
Secured Credit Card also helps new businesses establish and rebuild
business credit, and is a good alternative for newer businesses to pay
for everyday business expenses. Business owners provide up to $25,000 as
collateral to fund the credit card. Businesses can obtain up to 10
cards, and have the option of enrolling in the Wells Fargo Business Card
Rewards® program to earn rewards for purchases made with the
card.
Small Business Appreciation Celebration
From April 16 through June 30, Wells Fargo is conducting its annual
Small Business Appreciation Celebration. During this period, Wells Fargo
is providing special offers on products and services for small business
owners, including the Appreciation AdvantageSM offer on
select products that can save some business owners over $400. More
details on Appreciation Advantage are available at wellsfargo.com/appreciation.
Wells Fargo’s recognition of small businesses coincides with local and
national events conducted by the U.S. Small Business Administration
before and during National Small Business Week, June 17-21, 2013.
About Wells Fargo
Wells
Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.4 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, and the Internet (wellsfargo.com),
and has offices in more than 35 countries to support the bank’s
customers who conduct business in the global economy. With more than
270,000 team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 25 on
Fortune’s 2013 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 loans more money to America’s small businesses than any
other bank (2002-2011 Community Reinvestment Act government data) and is
a leading lender to women- and diverse-owned businesses. Wells Fargo
provides a wide range of financial solutions to meet the needs of
business owners nationwide. Through the Wells Fargo Business
Insight Resource Center, business owners can access an
informative selection of videos and articles featuring expert advice and
best practices. For more information visit wellsfargo.com/biz
or call the National Business Banking Center at 1-800-CALL-WELLS.
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