Wells Fargo has once again ranked as the leading lender in dollars under the Small Business Administration (SBA) 7(a) program. In units, Wells Fargo ranks second on the list.

Figures for the federal fiscal year, which ended September 30, 2009, show Wells Fargo, together with Wachovia, extended 2,347 SBA-guaranteed loans totaling $827 million in financing to small businesses. Wells Fargo is the #1 SBA lender in both dollars and units in six states: Alaska, Arizona, California, Colorado, Nevada and Texas.

"Over the past year small business customers have found access to capital challenging, which is why offering SBA loans is so critical to helping business owners reach their financial goals," said Dave Rader, head of Wells Fargo's SBA Lending Division. "We're helping refuel America's economic engine - one small business loan at a time."

Wells Fargo took over the top spot last year from the now bankrupt CIT, which had previously held the distinction of number-one SBA lender for more than seven years.

Further bolstering its small business lending leadership, Wells Fargo, combined with Wachovia, remained the #1 small business lender across three major Community Reinvestment (CRA) categories for 2008 for: 1) loans under $100,000; 2) loans under $100,000 in low- and moderate-income (LMI) neighborhoods; and 3) total business lending under $1 million.

"We're very proud of this #1 ranking," said Marc Bernstein, head of Wells Fargo's Small Business Segment. "With the combined power of Wachovia and Wells Fargo, we are the #1 lender in 16 states and the second largest lender in six additional states. We're a national leader with more talented team members able to help small business owners coast to coast."

Previously on monitordaily.com:

9/28/2009 - Wells Continues to Lead Rivals in Lending to Small Businesses