Wells Fargo has announced that it continues to approve more money in SBA 7(a) loans in North Carolina – and in the U.S. – than does any other lender. A recent news release states that the bank, which ranks second in the Wilmington market in terms of local deposits, extended $22.8 million to 85 SBA 7(a) borrowers in the state from the start of its current fiscal year – Oct. 1, 2013 – to the end of April.

Nationally, Wells Fargo ranks first in SBA loan dollars and No. 2 in number of loans. It made 1,959 7(a) loans for a total of almost $798 million during that same seven-month period.

“We maintain a consistent pipeline of SBA loans in this market and region,” said Randy Tomsic, Wells Fargo’s business banking manager for eastern North Carolina. “We have a consistent message: we view working with small business owners as one of the most important things we do because they are so critical to the economy and to job creation. SBA loans have a place with clients that are looking for alternatives to conventional bank financing.”

Tomsic said that SBA 7(a) loans are a good option for clients who are credit worthy but who may wish to preserve cash on their balance sheet and thus seek a smaller-than-conventional down payment. Another fit for an SBA loan, he said, might be a small business owner who needs up to a 25-year repayment schedule.

“SBA provides that, plus very attractive 25-year rates, which are still at historic lows,” Tomsic said.
He also recommended that a small business looking to acquire another business consider an SBA loan.

“SBA gives us the opportunity to provide better terms,” he said.

The fact that Wells Fargo maintains its own SBA lending team makes the loan process smoother, Tomsic added.