Wells Fargo launched FastFlex Small Business Loan, an online, fast-decision loan that is funded as soon as the next business day and offers a competitive interest rate to small businesses with short-term credit needs. Built in-house by Wells Fargo, the new loan product will be available in late May to existing customers.
FastFlex Small Business Loan builds on Wells Fargo’s focus on small businesses, a market in which the company has set a five-year $100 billion lending goal. Since setting the goal in January 2014 and through to March 2016, Wells Fargo has provided $40.7 billion in new loans to small businesses.
“With a $100 billion lending goal, we want to make every responsible small business loan we can,” said Lisa Stevens, Wells Fargo’s head of Small Business. “This will put short-term credit within reach for many small businesses seeking to achieve financial success.”
The FastFlex Small Business Loan was developed by Wells Fargo Business Direct, a team that provides small business loans under $100,000 each. The typical FastFlex Small Business Loan customer is expected to have strong cash inflows, and short-term credit needs for funding ranging from facility expansion to cash management.
The FastFlex Small Business Loan will be available with one-year terms, at amounts ranging from $10,000 to $35,000, with required payments made on a weekly basis automatically deducted from the customer’s business-deposit account. It will be available to Wells Fargo business-deposit customers who have been a customer of the bank for at least one year. Beginning in late May, existing Wells Fargo customers can apply for the FastFlex Small Business Loan online or by phone.
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