New online offering expands resources, tools offered to increase business owners’ knowledge of small business lending
SAN FRANCISCO--(BUSINESS WIRE)--In an effort to increase understanding of the credit process for small
businesses, Wells Fargo (NYSE:WFC) announced today the launch of the Wells
Fargo Works for Small Business
® Business Credit Center,
a new holistic resource that provides tools to help empower small
business owners to confidently navigate the credit journey.
The Business Credit Center is designed to help inform small business
owners on the credit process and financing options, and address gaps in
business owners’ understanding of credit: preparing to apply, applying,
and managing credit. According to a recent Wells Fargo study of small
business owners and their use of credit, nearly one-third of startup
small business owners said they are highly concerned about having enough
money to meet their business goals. Another third also indicate that
their business’s financial situation is a significant source of stress.
Small business owners who view business credit positively said they feel
confident and empowered by it because it fuels opportunities for future
business growth.
The research also revealed that many small business owners have a
limited understanding of what it takes to be approved for credit and how
to best use credit options. In the research, a strong majority of small
business owners indicated they want information on applying for credit
and clarity in payment terms during the application process. They also
want guidance on how to increase chances of being approved for credit
and how to maximize the amount of funding they may receive.
The new Business Credit Center provides small business owners a clear,
easy-to use way to find credit financing options to meet business needs,
better understand how credit decisions are made, and improve business
owners’ credit knowledge. It includes:
-
New and expanded content on WellsFargoWorks.com.
This online resource offers credit-related articles, infographics and
videos.
-
Business
Credit Finder
– Business owners can find Wells Fargo financing
options designed to meet their needs by answering a series of short
questions through this online tool.
-
Credit
Coaching Video Series
– An educational video series that
features two-minute videos covering the Five C's of Credit and the
credit application process. This video series reveals insight into how
credit decisions are made.
-
Business
Credit Quiz
– An online tool that allows users to test
their knowledge of business credit in a fun, interactive quiz.
-
Enhanced Digital Status Tool – Business owners are able to
track the status of their Wells Fargo credit applications online,
start to finish – anywhere, anytime.
“As America’s No. 1 small business lender1, we are committed
to increasing understanding of the credit process and educating business
owners on how credit can be used responsibly to help them succeed,” said
Lisa Stevens, Wells Fargo’s head of Small Business. “Through the Wells
Fargo Works for Small Business
® Business Credit
Center, we offer a comprehensive suite of resources and tools, as well
as personal guidance from our bankers, to help small business owners
across America meet their financial goals.”
The new Business Credit Center is part of Wells Fargo’s focus on
expanding small business access to capital. Wells Fargo also is helping
business customers build better credit profiles through its Credit
Coaching Program. This program offers individualized support for small
business owners who have been denied business credit products offered
through Wells Fargo. The program helps business owners understand how
credit decisions are made and what factors influenced the decision on
their credit application. Since the program launched in March 2015,
Wells Fargo credit specialists have conducted more than 17,000 credit
coaching calls.
Wells Fargo also is working to expand access to credit and introduced
its FastFlex
SM Small Business Loan, which offers a
fast decision and is funded as soon as next business day. This new
online loan product is now available to existing customers and is
intended to help more small businesses access credit at a responsible
interest rate.
Launched in 2014, Wells Fargo Works for Small Business is a broad
initiative to deliver resources, guidance and services to help more
small businesses achieve financial success. It provides wide-ranging
support for business owners throughout the U.S. to help them build
knowledge, access capital and expand their community of support. Wells
Fargo Works for Small Business encompasses the company’s
commitment to helping small businesses take the next step toward their
goals. Last year, Wells Fargo expanded the resources and support it
offers and launched the Business Plan Center on
WellsFargoWorks.com.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through more than 8,600 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 42 countries and
territories to support customers who conduct business in the global
economy. With approximately 269,000 team members, Wells Fargo serves one
in three households in the United States. Wells Fargo & Company was
ranked No. 27 on Fortune’s 2016 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy our customers’
financial needs and help them succeed financially. News, insights and
perspectives from Wells Fargo are also available at Wells
Fargo Stories.
Wells Fargo serves approximately 3 million small business owners across
the United States and loans more money to America’s small businesses
than any other bank (2002-2015 CRA government data). To help more small
businesses achieve financial success, in 2014 Wells Fargo introduced Wells
Fargo Works for Small Business
®
– a
broad initiative to deliver resources, guidance and services for
business owners – and a goal to extend $100 billion in new lending to
small businesses by 2018. For more information about Wells Fargo Works for
Small Business, visit: WellsFargoWorks.com.
Follow us on Twitter @WellsFargoWorks.
1 Based on 2002-2015 CRA data.