Fracchia to lead national lending program
SAN FRANCISCO – Wells Fargo & Company (NYSE: WFC), one of the leading SBA (Small Business Administration) lenders in the U.S., announced today that 38-year company veteran Don Fracchia has been named head of its SBA lending division.
In this role, Fracchia will lead more than 400 team members dedicated to providing SBA lending solutions to emerging small businesses. He succeeds Donna Serres, who recently retired. Based in Los Angeles, Fracchia will report to Laura Oberst, head of Wells Fargo’s Business Banking Group.
Wells Fargo, a SBA preferred lender, offers SBA 7(a) and 504 loan programs. Through its SBA lending program, Wells Fargo provides financing to emerging small businesses who qualify for SBA loans. During the federal 2018 fiscal year, Wells Fargo extended more than $1.2 billion in SBA loans and manages a SBA portfolio over $10 billion.
“SBA lending is an important part of Wells Fargo’s support for our small business customers,” said Oberst. “Don is a proven leader and has developed significant credit, risk management and sales experience throughout his career. I’m confident that Don is the right leader to guide our team as we continue to strengthen our SBA business and serve the unique financing needs of our customers.
” Previously, Fracchia was head of Wells Fargo’s National Specialty Industry Group, part of Business Banking, where he led more than 200 specialty bankers dedicated to the Investor Real Estate and Agriculture customer segments. Before that he was head of Business Banking for the Pacific Midwest.
Fracchia earned a bachelor’s degree in economics from the University of California–Berkeley and graduated with an executive certificate from the Graduate School of Credit and Financial Management at Stanford University. He currently serves as the chairman of the board for the MS Society of Southern California and Nevada.
About Wells Fargo Business Banking
Wells Fargo Business Banking offers customers a breadth of products and services provided by Wells Fargo Bank, N.A. or its affiliates, including credit, cash management, risk management, employee benefits, succession, and wealth management. Wells Fargo’s Small Business Administration (SBA) Lending Group is part of Business Banking. Wells Fargo is a U.S. Small Business Administration Preferred Lender.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,800 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 37 countries and territories to support customers who conduct business in the global economy. With approximately 259,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at
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