{"id":2931,"date":"2025-02-13T00:27:12","date_gmt":"2025-02-13T00:27:12","guid":{"rendered":"https:\/\/test5.samplewebsitelink.com\/onboardmoney\/?page_id=2931"},"modified":"2025-02-13T00:58:12","modified_gmt":"2025-02-13T00:58:12","slug":"wells-fargo-business","status":"publish","type":"page","link":"https:\/\/test5.samplewebsitelink.com\/onboardmoney\/wells-fargo-business\/","title":{"rendered":"Wells Fargo Business"},"content":{"rendered":"\t\t
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Wells Fargo Business<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Wells FargoBusiness Loans: 2025 Review<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Wells Fargo offers multiple business loans with competitive rates and terms – but only established businesses can qualify.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Wells Fargo BusinessLine\u00ae Line of Credit<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\"BarclaysMax Loan Amount<\/strong><\/div><\/div>

$150,000<\/p><\/div>

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Min. credit score<\/strong><\/div>

680<\/p><\/div><\/div><\/div><\/div><\/div><\/div>

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Pros & Cons<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Pros<\/strong><\/p>

  • Multiple business loan options available.<\/li>
  • One of the top SBA lenders.<\/li>
  • Competitive interest rates.<\/li>
  • Unsecured business lines of credit include a free rewards program.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Cons<\/strong><\/p>

    • Strict eligibility requirements.<\/li>
    • Doesn\u2019t offer business term loans or equipment financing.<\/li>
    • Will likely need to apply over the phone or in person.<\/li>
    • Limited information available online.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Full Review<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Wells Fargo is one of the largest bank lenders in the U.S. \u2014 with an average commercial and industrial loan balance of over $307 billion in 2023. In addition, the bank offers multiple small-business loans, including business lines of credit, SBA loans and commercial real estate financing.<\/p>

      Current customers with a Wells Fargo business checking account can benefit from an online application process for a specific loan product. Wells Fargo business loans offer competitive rates and terms; however, you\u2019ll need strong credit and several years in business to qualify.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      Wells Fargo is best for borrowers who:\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      • Have established businesses.<\/span> Although Wells Fargo doesn’t provide eligibility information for all its loan products online, you will need a minimum of two years in business to qualify for the Wells Fargo Prime Line of Credit and the BusinessLine line of credit. The Wells Fargo Small Business Advantage line of credit may be an option for businesses that don\u2019t meet that requirement.<\/span><\/div><\/li>
      • Are current Wells Fargo customers.<\/span> Small-business owners with a Wells Fargo checking or savings account open for at least one year can apply for an unsecured business line of credit online \u2014 instead of visiting a branch to apply.<\/span><\/div><\/li>
      • Want SBA financing. <\/span>Wells Fargo is one of the most active Small Business Administration 7(a) lenders \u2014 issuing over $567 million in loans in the 2024 fiscal year. The bank is also an SBA-preferred lender, meaning it has the experience and authority to expedite applications through the underwriting process.<\/span><\/div><\/li>
      • Don\u2019t need quick access to funds.<\/span> More likely than not, you\u2019ll have to talk to a lending representative and visit a branch to apply for a Wells Fargo business loan. Compared with online lenders \u2014 some of which can fund applications in just 24 hours \u2014 it may take several business days or weeks to receive financing from Wells Fargo.<\/span><\/div><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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        Types of Wells Fargo business loans\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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        Wells Fargo offers the following types of small-business loans:<\/span><\/div>
        • Secured business lines of credit.<\/span><\/div><\/li>
        • Unsecured business lines of credit.<\/span><\/div><\/li>
        • Commercial real estate loans.<\/span><\/div><\/li>
        • Health care practice financing.<\/span><\/div><\/li><\/ul><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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          Wells Fargo business line of credit features<\/h3><\/div>
          Wells Fargo offers both unsecured and secured credit lines, as well as an SBA line of credit which will be discussed in the next section. Here\u2019s what you can expect from Wells Fargo\u2019s business lines of credit:<\/span><\/div>
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          Wells Fargo BusinessLine\u00ae Line of Credit<\/div><\/th>
          Wells Fargo Prime Line of Credit<\/span><\/div><\/th><\/tr><\/thead>
          Loan amount<\/span><\/span><\/div><\/td>
          $10,000 to $150,000.<\/span><\/div><\/td>
          $100,000 to $1,000,000.<\/span><\/div><\/td><\/tr>
          Credit score minimum<\/span><\/span><\/div><\/td>
          680.<\/span><\/div><\/td>
          680.<\/span><\/div><\/td><\/tr>
          Estimated APR range<\/span><\/span><\/div><\/td>
          Between Prime plus 1.75% and Prime plus 9.75%, based on business and personal qualifications.<\/span><\/div><\/td>
          Starting at Prime plus 0.50%, with a minimum rate of 5.00%, based on business and personal qualifications.<\/span><\/div><\/td><\/tr>
          Fees<\/span><\/span><\/div><\/td>
          Annual fee is waived for the first year, then $95<\/span> for credit lines up to $25,000 and $175<\/span> for lines over $25,000.<\/span><\/div><\/td>
          Origination fee: 0.50%<\/span> of line amount, due at account opening and annual renewal.<\/span><\/div><\/td><\/tr>
          Collateral <\/span><\/span><\/div><\/td>
          None; loan is unsecured.<\/span><\/div><\/td>
          Secured by business assets such as accounts receivable, inventory and equipment.<\/span><\/div><\/td><\/tr>
          Terms<\/span><\/span><\/div><\/td>
          Revolving line of credit, no scheduled annual review required.<\/span><\/div><\/td>
          One year. Can be renewed annually, subject to credit approval.<\/span><\/div><\/td><\/tr>
          Repayment schedule<\/span><\/span><\/div><\/td>
          Monthly.<\/span><\/div><\/td>
          Monthly.<\/span><\/div><\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div>
          You can make an appointment with a Wells Fargo small-business lending representative, by phone or in person, to learn more about commercial real estate loans and health care practice financing or any of the other loan options.<\/span><\/div>
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          Wells Fargo SBA loans<\/h2><\/div>
          Wells Fargo also offers multiple SBA loans, including standard SBA 7(a) loans, SBA 504 loans, and SBA lines of credit.<\/span><\/div>
          As an SBA preferred lender, Wells Fargo has substantial experience processing, servicing and issuing SBA loans. This designation also allows Wells Fargo to make final credit decisions without sending applications to the SBA, which speeds up the loan approval timeline.<\/span><\/div>
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          Wells Fargo SBA loan features<\/h3><\/div>
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          SBA 7(a) loan<\/span><\/span><\/div><\/td>
          SBA 504 loan<\/span><\/span><\/div><\/td>
          SBA line of credit<\/span><\/span><\/div><\/td><\/tr>
          Loan amount<\/span><\/span><\/div><\/td>
          Up to $5 million.<\/span><\/div><\/td>
          Up to $5 million.*<\/span><\/div><\/td>
          $5,000 to $50,000.<\/span><\/div><\/td><\/tr>
          Estimated APR range<\/span><\/span><\/div><\/td>
          Varies based on your business\u2019s qualifications, but subject to SBA maximums.<\/span><\/div><\/td>
          Varies based on your business\u2019s qualifications, but subject to SBA maximums.<\/span><\/div><\/td>
          Varies based on your business\u2019s qualifications, but subject to SBA maximums.<\/span><\/div><\/td><\/tr>
          Fees<\/span><\/span><\/div><\/td>
          Guarantee, origination, packaging, processing and other miscellaneous fees may apply.<\/span><\/div><\/td>
          Guarantee, origination, packaging, processing and other miscellaneous fees may apply.<\/span><\/div><\/td>
          No annual fee; additional fees may apply.<\/span><\/div><\/td><\/tr>
          Terms<\/span><\/span><\/div><\/td>
          Up to 25 years for commercial real estate and up to 10 years for all other purposes.<\/span><\/div><\/td>
          Up to 25 years for commercial real estate and up to 10 years for machinery or equipment.<\/span><\/div><\/td>
          Five years.<\/span><\/div><\/td><\/tr>
          Repayment schedule<\/span><\/span><\/div><\/td>
          Monthly.<\/span><\/div><\/td>
          Monthly.<\/span><\/div><\/td>
          Monthly.<\/span><\/div><\/td><\/tr>
          Funding speed<\/span><\/span><\/div><\/td>
          Varies. Average timeline is 30 to 90 days for standard SBA loans.<\/span><\/div><\/td>
          Varies. Average timeline is 30 to 90 days for standard SBA loans.<\/span><\/div><\/td>
          Varies. Average timeline is 30 to 90 days for standard SBA loans.<\/span><\/div><\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div>
          *The standard maximum for an SBA 504 loan is $5 million. However, Wells Fargo lends up to $10 million for its portion of the loan. The maximum portion funded by a Certified Development Company is $5 million.<\/span><\/div>
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          Where Wells Fargo stands out<\/h2><\/div>

          Competitive rates and terms<\/h3><\/div>
          Wells Fargo offers business loans with competitive rates and terms among its different financing options.<\/span><\/div>
          The BusinessLine line of credit, for example, is a revolving line of credit with no scheduled annual review required. Although the interest rate you receive will vary depending on your business\u2019s creditworthiness and other factors, rates on this unsecured business line of credit can range from the prime rate plus 1.75% to the prime rate plus 9.75%.<\/span><\/div>
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          Top SBA lender<\/h3><\/div>
          Wells Fargo is an experienced SBA lender, offering multiple types of SBA financing. Wells Fargo issued 2,224 SBA 7(a) loans in the 2024 fiscal year alone.<\/span>\u00a0<\/span>Although you\u2019ll likely need multiple years in business to qualify for an SBA 7(a) loan or a 504 loan from Wells Fargo, you\u2019ll find more flexibility in applying for the SBA line of credit. Businesses with less than two years in business are eligible \u2014 but you\u2019ll still need good credit and strong finances to qualify.<\/span><\/div>
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          Product-specific perks<\/h3><\/div>
          Some of Wells Fargo\u2019s business loans offer unique perks.<\/span><\/div>
          For example, if you qualify for an unsecured or SBA line of credit, you\u2019re automatically enrolled in a free rewards program. This program allows you to earn a point for each dollar spent on eligible purchases \u2014 then, you can redeem your points for travel, gift cards, merchandise and other products. <\/span><\/div>
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          Where Wells Fargo falls short<\/span><\/div>
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          Minimal loan options compared with competitors<\/h3><\/div>
          Compared with competitors like Bank of America and Chase, Wells Fargo has a limited number of business loan options. For example, unlike some bank lenders, Wells Fargo doesn\u2019t offer business term loans, equipment financing or business auto loans.<\/span><\/div>
          If you\u2019re looking for any of these specific types of business financing, you\u2019ll need to consider other banks or online lenders.<\/span><\/div>
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          Hard to qualify and slow to fund<\/h3><\/div>
          Like most bank lenders, you\u2019ll likely need multiple years in business, excellent credit and strong financials to qualify for a Wells Fargo business loan.<\/span><\/div>
          And if you want to apply online and take advantage of a streamlined application process, you\u2019ll need to have a Wells Fargo checking or savings account for at least one year. Plus, the online application is available for the unsecured business line of credit only.<\/span><\/div>
          For all other Wells Fargo business loans, you\u2019ll need to contact a lending representative to discuss your financing needs or visit a branch to complete an application. Compared with online lenders offering applications with minimal documentation and funding within days, working with Wells Fargo will be much slower.<\/span><\/div><\/div>
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          Limited information available online<\/h3><\/div>
          Although not uncommon among bank lenders, Wells Fargo doesn’t provide access to the information you may find from online business lenders, such as annual revenue requirements.<\/span><\/div>
          And while Wells Fargo may list specific details, like interest rate ranges and average time to fund, for certain products, it doesn\u2019t include all information consistently across the different loan types.<\/span><\/div><\/div>
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          How to apply for a business loan from Wells Fargo<\/h3>
          You can apply for a small-business loan from Wells Fargo by calling and working with a lending specialist or scheduling an appointment and visiting a branch location. In addition, if you\u2019ve had a Wells Fargo checking or savings account for at least one year, you can apply for an unsecured business line of credit online.<\/span><\/div>
          When you apply for a Wells Fargo business loan, you can expect to provide some, if not all, of the following information:<\/span><\/div>
          • Legal business name, address and phone number.<\/span><\/div><\/li>
          • Business tax identification number.<\/span><\/div><\/li>
          • Date business was first established.<\/span><\/div><\/li>
          • Ownership type and the number of owners.<\/span><\/div><\/li>
          • Gross annual revenue.<\/span><\/div><\/li>
          • Business tax returns.<\/span><\/div><\/li>
          • Business financial statements.<\/span><\/div><\/li><\/ul><\/div>
            As the business owner, you\u2019ll also need to provide:<\/span><\/div>
            • Name, address and phone number.<\/span><\/div><\/li>
            • Social Security number.<\/span><\/div><\/li>
            • Date of birth.<\/span><\/div><\/li>
            • Citizenship information.<\/span><\/div><\/li>
            • Personal tax returns.<\/span><\/div><\/li><\/ul><\/div>
              Wells Fargo may ask for additional information depending on the type of business loan you\u2019re applying for.<\/span><\/div>
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              Alternatives to Wells Fargo<\/strong><\/h3>

              Bank of America<\/h3><\/div>
              If you\u2019re looking for a bank lender that offers a wider variety of business loan options, Bank of America is a good choice. Bank of America provides business term loans, lines of credit, equipment financing, auto loans, commercial real estate loans and SBA loans.<\/span><\/div>
              Plus, if you have a Bank of America business checking account, you can apply for many of these loan options online and become a member of the Preferred Rewards for Business program to access discounted interest rates and other perks.<\/span><\/div>
              Like Wells Fargo, however, you\u2019ll need solid finances and several years in business to qualify for a business loan from Bank of America.<\/span><\/div><\/div>
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              OnDeck<\/h3><\/div>
              For a faster and more accessible unsecured business line of credit lender, you might consider OnDeck. OnDeck offers lines of credit up to $100,000 with terms of 12, 18 or<\/span>
              24<\/div>months. Interest rates vary but will likely be much higher than a Wells Fargo business line of credit.<\/span><\/div>
              You can apply for an OnDeck business line of credit online or over the phone, with minimal documentation, and receive funds as soon as the same day. To qualify, you need a minimum FICO score of<\/span>
              625<\/div>, at least<\/span>
              12<\/div>months in business and at least $100,000 in annual revenue.<\/span><\/div>
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              Find the right business loan<\/h3>

              The best business loan is generally the one with the lowest rates and most ideal terms. But other factors \u2014 like time to fund and your business\u2019s qualifications \u2014 can help determine which option you should choose. NerdWallet recommends comparing small-business loans to find the right fit for your business.<\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

              Wells Fargo Business Wells FargoBusiness Loans: 2025 Review Wells Fargo offers multiple business loans with competitive rates and terms – […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-2931","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/test5.samplewebsitelink.com\/onboardmoney\/wp-json\/wp\/v2\/pages\/2931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/test5.samplewebsitelink.com\/onboardmoney\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/test5.samplewebsitelink.com\/onboardmoney\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/test5.samplewebsitelink.com\/onboardmoney\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/test5.samplewebsitelink.com\/onboardmoney\/wp-json\/wp\/v2\/comments?post=2931"}],"version-history":[{"count":4,"href":"https:\/\/test5.samplewebsitelink.com\/onboardmoney\/wp-json\/wp\/v2\/pages\/2931\/revisions"}],"predecessor-version":[{"id":2936,"href":"https:\/\/test5.samplewebsitelink.com\/onboardmoney\/wp-json\/wp\/v2\/pages\/2931\/revisions\/2936"}],"wp:attachment":[{"href":"https:\/\/test5.samplewebsitelink.com\/onboardmoney\/wp-json\/wp\/v2\/media?parent=2931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}