Wells Fargo Selected as Agent for SBA 503/504 Program
Published October 2, 2012
Categories: Industry News
Wells Fargo announced it has been selected by the U.S. Small Business Administration (SBA) to serve as the new central servicing agent for its 503/504 loan program for the next five years.
This program, approximately $23.6 billion in size, includes more than 57,000 active small business loans and grows by approximately 7,000 new loans each year. Wells Fargo, in a joint business relationship with PwC US, will administer the loans and is creating a dedicated team located in Columbia, MD that will report to Brian Bartlett, head of Corporate Trust Services at Wells Fargo.
“Wells Fargo is honored to be chosen by the U.S. Small Business Administration as central servicing agent for the 503/504 program,” said Bartlett. “This achievement reflects the continued growth of our Corporate Trust Services business as well as Wells Fargo’s ongoing commitment to helping small businesses succeed financially. We are excited to team with PwC to administer existing and new small business loans through this program.”
As central servicing agent, Wells Fargo and PwC US will manage the receipt of payments, processing of disbursements, payments, fees and prepayments for both loans and debentures. The two organizations will also be responsible for any duties associated with investor reporting on debentures, government reporting on portfolio statistics and document review of new originations of the 503/504 loan program.