Noting outstanding accomplishments, worthy achievements
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WELLS FARGO LENDS $59 MILLION TO LOS ANGELES SMALL BUSINESSES, BECOMING SBA’S TOP LENDER FOR 2010
(Wells Fargo News Release – Nov. 5, 2010) 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 busness 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 is also the No. 1 SBA lender in dollars and units in Caliofornia.
“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 committd 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 i California for both loans under $100,000 and total business lending under $1 million categories.
