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Wells Fargo Adds Bankers, Launches New Products for Small Businesses

May 09, 2013, 07:00 AM
Filed Under: Banking News
Related: Wells Fargo

Wells Fargo & Company said it is hiring more bankers to serve small businesses through its banking stores and has introduced two new secured credit products for business owners.

To support the growth and success of U.S. small businesses, Wells Fargo is increasing the number of team members who serve business owners in its banking stores. Wells Fargo added more than 1,500 store-based bankers who serve small businesses and consumers from March 2012 to March 2013– a 5 percent increase year-over-year – and plans to add business specialists in 2013. The team members are among the approximately 32,000 bankers who assist small business customers in its stores across the country. In the first quarter of 2013, these team members contributed to Wells Fargo extending $4.2 billion in net new loan commitments to small business customers (primarily with annual revenues less than $20 million) – a 24 percent increase from the prior year.
Wells Fargo is offering two new credit products that provide more solutions for small business owners: Wells Fargo Secured BusinessLine line of credit and Wells Fargo Business Secured Credit Card. The products were designed to meet the needs of new and established businesses, including businesses that may not qualify for unsecured credit, have no credit history, are trying to re-establish their business credit, or are seeking financing to supplement cash flow while preserving savings.
The Secured BusinessLine line of credit offers qualifying businesses up to $100,000 in financing for working capital or almost any business purpose. The revolving line of credit is secured by a Wells Fargo CD or savings account as collateral. It allows a business to maintain its savings while meeting borrowing needs. Since there’s no time-in-business requirement, a new business can use the product to establish a business credit history and continue to earn interest on the collateral – CD or savings account – that secures the credit.

Wells Fargo’s new Business Secured Credit Card also helps new businesses establish and rebuild business credit, and is a good alternative for newer businesses to pay for everyday business expenses. Business owners provide up to $25,000 as collateral to fund the credit card. Businesses can obtain up to 10 cards, and have the option of enrolling in the Wells Fargo Business Card Rewards® program to earn rewards for purchases made with the card.

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