Wells Fargo has launched an online lending program offering fast decisions to small business that need short-term credit.
“Because small businesses want faster, more convenient loan options, online and at competitive rates, we created Wells Fargo FastFlex small business loan,” said Lisa Stevens, head of small business for Wells Fargo.
“With a $100 billion lending goal, we want to make every responsible small business loan we can,” Stevens said. “FastFlex small business loan will help by offering short-term credit through an easy, fast-decision application process that includes competitive interest rates, clear terms and as soon as next-day funding. This will put short-term credit within research for many small businesses seeking to achieve financial success.”
The FastFlex program is expected to cater to small businesses with strong cash inflows and short-term credit needs for cash management or facility expansion. Loans are available in amounts from $10,000 to $35,000 in one-year terms. Weekly payments will automatically be deducted from customers’ business deposit accounts. The program is available to business deposit customers who’ve been a customer of Wells Fargo for at least a year.
Stevens said the FastFlex program is part of an initiative to help business owners. The Web site at www.WellsFargoWorks.com offers online community and education resources to help entrepreneurs start, run and finance their operations. One online tool helps owners create and update their business plans.
Wells Fargo, a diversified financial services company headquartered in San Francisco, offers a range of services and products through 8,800 locations. For more information, visit www.wellsfargo.com.