Overview
Wells Fargo Bank is SBALender.com’s #2 ranked lender in America! How did they get here – by cranking out a ton of small business loans via the SBA program. In this year alone they have done over $800 million in SBA loans to over 2,600 borrowers. That’s impressive. Top states for SBA loans with Wells Fargo are:
| Wells Fargo | 2014 | 2015 | 2016 | 2017(YTD) |
|---|---|---|---|---|
| Rank | 1 | 1 | 1 | 1 |
| # of loans | 4,037 | 7,254 | 8,737 | 4,180 |
| Avg. interest | 6.9% | 7.5% | 7.9% | 7.8% |
| Avg. SBA loan | $405,239 | $266,771 | $226,152 | $305,285 |
To be a top 25 bank for small business loans, you have to be aggressive on interest rates. And Wells Fargo is just that. Consistently lending money to entrepreneurs at rates lower than the national average: Interest Rates on SBA Loans for Wells Fargo for the past few years:
Wells was the only bank in our study that lent money to all 50 states through the SBA program. Most active states for SBA small business loans with Wells Fargo are:
Wells Fargo, as the #1 or #2 ranked SBA lender the past 8 years, offers a wide variety of loans to a diverse group of industries but mainly focuses on service industries such as SBA loans for doctors, dentists, lawyers, CPAs, and veterinarians. Here is a list of Wells’ loan activity for its top industries:
| Industry | Avg Loan $ | Avg Int |
|---|---|---|
| Fitness Center | $458,865 | 6.9% |
| Dental Practice | $722,596 | 5.9% |
| Restaurants | $176,870 | 9.0% |
| Remoldelers | $109,747 | 9.4% |
| Trucking | $42,294 | 9.7% |
| Doctors | $774,131 | 6.3% |
| Day Care | $1,155,241 | 5.9% |
| Law Firms | $227,000 | 8.2% |
| Beauty Salons | $129,796 | 8.2% |
| Real Estate | $1,082,490 | 5.2% |
| Auto Repair | $368,672 | 7.1% |
| Landscaping | $234,915 | 8.3% |
| Plumbing & HVAC | $298,260 | 7.6% |
| Veterinarian | $704,721 | 6.3% |
1
8.80%
1.00%
11.50%
2,867
$835,778,700
$291,517
$5,000
$4,913,200
13
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