The U.S. Small Business Administration has named Wells Fargo the 2011 Large 7(a) Lender of the Year.
The award was presented Friday to Wells Fargo, the countryís No. 1 SBA 7(a) lender in dollars to small business owners, at SBAís National Small Business Week celebration event in Washington, D.C.
The award, presented by Karen Mills, administrator of the SBA, recognized Wells Fargoís role in driving the nationís economic growth as an SBA lender.
ěOur partnerships with SBA lenders over the past two years have played a crucial role in putting capital in the hands of Americaís strongest economic engine ó small businesses,î Mills said in a press release.
For the first six months of the federal fiscal year (Oct. 1, 2010 ó March 31, 2011), Wells Fargo extended more than $677 million in SBA 7(a) financing to small business owners. An SBA preferred lender in all 50 states, Wells Fargo is the second largest lender in units, extending 1,652 loans through March 31.