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Wells Fargo Adds Bankers, Launches New Secured Credit Products to Help More Small Businesses

  Wells Fargo Adds Bankers, Launches New Secured Credit Products to Help More
  Small Businesses

    America’s No. 1 small business lender expands services as annual Small
                   Business Appreciation Celebration begins

Business Wire

SAN FRANCISCO -- May 08, 2013

To help meet the financial needs of more small business owners, Wells Fargo &
Company (NYSE: WFC) is hiring more bankers to serve small businesses through
its banking stores and has introduced two new secured credit products for
business owners. Wells Fargo is announcing its enhanced support for small
businesses as the company begins its annual Small Business Appreciation

“The steady improvement of our economy depends on the health and growth of our
nation’s small businesses, and Wells Fargo is continually looking for ways to
improve the services and support we offer to help these businesses succeed
financially,” said Lisa Stevens, Wells Fargo lead executive for Small
Business. “At a time of year when we celebrate the importance of America’s
small businesses, we’re adding team members, and expanding the financial
products and services we provide business owners.”

Adding Bankers for Small Businesses

To support the growth and success of U.S. small businesses, Wells Fargo is
increasing the number of team members who serve business owners in its banking
stores. Wells Fargo added more than 1,500 store-based bankers who serve small
businesses and consumers from March 2012 to March 2013 – a 5 percent increase
year-over-year – and plans to add business specialists in 2013. The team
members are among the approximately 32,000 bankers who assist small business
customers in its stores across the country. In the first quarter of 2013,
these team members contributed to Wells Fargo extending $4.2 billion in net
new loan commitments to small business customers (primarily with annual
revenues less than $20 million) – a 24 percent increase from the prior year.

New Secured Credit Products

Wells Fargo is offering two new credit products that provide more solutions
for small business owners: Wells Fargo Secured BusinessLine line of credit and
Wells Fargo Business Secured Credit Card. The products were designed to meet
the needs of new and established businesses, including businesses that may not
qualify for unsecured credit, have no credit history, are trying to
re-establish their business credit, or are seeking financing to supplement
cash flow while preserving savings.

“We want to do everything possible to meet the financing needs of businesses
we serve, which includes providing a comprehensive array of financial products
for small businesses,” said Marc Bernstein, head of Small Business for Wells
Fargo. “Our new secured products are good credit and payment options for
businesses that are building or rebuilding credit, as well as those that are
conservatively managing debt as economic conditions improve.”

The Secured BusinessLine line of credit offers qualifying businesses up to
$100,000 in financing for working capital or almost any business purpose. The
revolving line of credit is secured by a Wells Fargo CD or savings account as
collateral. It allows a business to maintain its savings while meeting
borrowing needs. Since there’s no time-in-business requirement, a new business
can use the product to establish a business credit history and continue to
earn interest on the collateral – CD or savings account – that secures the

The secured line of credit product was piloted in several regions at the end
of 2012, and already has helped numerous businesses obtain financing. One of
these businesses is La Nopalera Produce in Oakland, Calif.

“In the next few years one of our business goals is to open another location,”
said Evelin Ramos, owner of La Nopalera Produce. “With help from Wells Fargo,
our business now has a credit line, and we are building our credit, which will
help us become more successful as our business grows.”

Wells Fargo’s new Business Secured Credit Card also helps new businesses
establish and rebuild business credit, and is a good alternative for newer
businesses to pay for everyday business expenses. Business owners provide up
to $25,000 as collateral to fund the credit card. Businesses can obtain up to
10 cards, and have the option of enrolling in the Wells Fargo Business Card
Rewards^® program to earn rewards for purchases made with the card.

Small Business Appreciation Celebration

From April 16 through June 30, Wells Fargo is conducting its annual Small
Business Appreciation Celebration. During this period, Wells Fargo is
providing special offers on products and services for small business owners,
including the Appreciation Advantage^SM offer on select products that can save
some business owners over $400. More details on Appreciation Advantage are
available at Wells Fargo’s recognition of small
businesses coincides with local and national events conducted by the U.S.
Small Business Administration before and during National Small Business Week,
June 17-21, 2013.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.4 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 9,000 stores, 12,000 ATMs, and the Internet
(, and has offices in more than 35 countries to support the
bank’s customers who conduct business in the global economy. With more than
270,000 team members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of
America’s largest corporations. Wells Fargo’s vision is to satisfy all our
customers’ financial needs and help them succeed financially.

Wells Fargo loans more money to America’s small businesses than any other bank
(2002-2011 Community Reinvestment Act government data) and is a leading lender
to women- and diverse-owned businesses. Wells Fargo provides a wide range of
financial solutions to meet the needs of business owners nationwide. Through
the Wells Fargo Business Insight Resource Center, business owners can access
an informative selection of videos and articles featuring expert advice and
best practices. For more information visit or call the
National Business Banking Center at 1-800-CALL-WELLS.


Wells Fargo & Company
Jim Seitz, 612-316-2447
Alice Hartnett, 704-715-9115
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