Wells Fargo has set a five-year $100 billion lending goal in the growing short-term business lending market and will clearly take a bite of marketshare from a slew of non-bank business lenders.
The new FastFlex Small Business Loan, an online, fast-decision loan that is funded as soon as the next business day and offers a competitive interest rate to small businesses with short-term credit needs.
The new loan product will be available in late May to existing customers, and joins the Wells Fargo family of small business products and comprehensive support offered through Wells Fargo Works for Small Business.
The FastFlex Small Business Loan was developed by Wells Fargo Business Direct, a team that provides small business loans under $100,000 each.
The typical FastFlex Small Business Loan customer is expected to have strong cash inflows, and short-term credit needs for funding ranging from facility expansion to cash management.
The FastFlex Small Business Loan will be available with one-year terms, at amounts ranging from $10,000 to $35,000, with required payments made on a weekly basis automatically deducted from the customer’s business-deposit account. It will be available to Wells Fargo business-deposit customers who have been a customer of the bank for at least one year.
Since August 2015, a version of the FastFlex Small Business Loan has been offered as part of a limited pilot to a set of pre-qualified existing Wells Fargo customers.
Since setting the $100 billion goal in 2014, Wells Fargo has provided $40.7 billion in new loans to small businesses1 (Jan. 2014 – March 2016).
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