When it comes to one kind of Small Business Administration loans, Wells Fargo leads the way in South Dakota.
Wells Fargo is the number one SBA 7(a) lender in the state, with 19 loans totaling $7.9 million in the federal fiscal year 2013.
Nationally, the bank approved a record amount of SBA 7(a) loan money and was the leading lender for the amount of money given out for the fifth consecutive year.
Wells Fargo approved a record $1.47 billion in SBA 7(a) loans for small businesses across the country from Oct. 1, 2012 to Sept. 30, 2013. The company increased its dollar volume of SBA 7(a) loans by 18.3 percent from a year ago.
“Our overall growth in SBA lending during the last few years shows the importance of SBA loan programs for thousands of creditworthy small businesses,” David Rader, head of Wells Fargo’s SBA Lending Division, said. “SBA loans provide options for entrepreneurs and business owners who may not be able to obtain a conventional loan or loan terms that meet their business needs.”