Wells Fargo is a nationwide provider of SBA loans from $10K to $5 million and is one of the most active SBA lenders in the country, often ranking as #1 in the SBA’s quarterly ranking of top SBA lenders. In this review, we cover the qualifications as well as the pricing options available.
Wells Fargo (SBA Loans) Customer Reviews
As of the date this article was written (12/14/17), there are no user reviews of Wells Fargo’s SBA loan offering online. If you are a past or current Wells Fargo SBA loan customer, leave a review to help other small business owners that are deciding whether or not to use the company.
Wells Fargo (SBA Loans) Fees
Wells Fargo provides SBA 7a loans ranging between $10K and $5 million. It offers standard SBA loan rates of the prime rate + 2.25% to 2.75%. Other fees include closing costs (which range from $350 to $500), the SBA-required guarantee fee, and SBA-required insurance. They also require a deposit that varies depending on the loan type and size.
|Loan Amounts||$10K to $5 million|
|Terms||7 to 25 years|
|Average Time to Get Funded||30-60 days|
|Interest Rate||Fixed or Variable (Prime + 2.25% to 2.75%)|
|Closing Cost||$350 to $500|
|SBA Guarantee Fee||Waived for loans under $150,000
3% for $150,001 to $750,000
3.5% for $750,001 to $5 million
3.75% for above $1 million
There may be other related fees for third party costs such as appraisal, business valuation (for business acquisitions), environmental reviews, and filing fees. Loans have terms of up to seven years for working capital, 10 years for equipment, and 25 years for real estate. Typically you can get funded between 30-60 days if all documentation is accurate and provided up front.
Read our guide for more information on how to apply for an SBA loan.