Did Wells Fargo Answer Your Lending Questions?
Two weeks ago, in tandem with our conversation with two Wells Fargo small-business lending officers, Marc Bernstein and Doug Case, we invited You’re The Boss readers to submit questions for the executives. Today, we present their responses.
We selected the questions from the comments posted by readers. We only forwarded clear questions specifically about small-business lending (and not questions about, say, deposits or complaints about customer service), and we edited them for clarity or space. In some cases, readers posted comments that suggested interesting questions, so we formulated those and sent them to the Wells Fargo executives as well. Their answers have also been edited for space.
Did they answer the questions to your satisfaction? Tell us what you think, using the comment form below.
Q. Reader 7themick is very pessimistic about economic recovery and small business: “The rush to lend to this segment may result in a relapse of portfolio quality, only this time there would be no TARP because the government is out of money.” Does he have a point? If, as some economists are now predicting, we’re heading into a double-dip recession, should that mean less lending, rather than more?
MR. BERNSTEIN: Yes, the economic recovery is slow, but we are lending, and more so than a year ago. We don’t foresee any substantial changes to our current lending criteria even if the economy were to weaken in the near future. But lending could be reduced if, because of the weak environment, small-business owners become more cautious about borrowing to grow their business or to make other investments or if a slower economy reduces revenues and profits for some small businesses, which also reduces their ability to support additional borrowing.
Q. From Shylock : “Smaller businesses, especially those under $1 million in annual sales, are what most people I know consider ’small business.’ What is Wells Fargo doing specifically for these smallest businesses? It seems pretty easy to show an increase in small business lending the larger you make the threshold for ’small.’ Will you provide more detailed information on your lending to businesses under $5 million, under $1 million, and start-ups?” For more specificity, The Agenda suggests percentage changes and total loan dollars for 2009, 2010, and the first quarter of 2011 (compared to the same time last year).
Loans For Your Business - News
CRA uses the dollar amount of the loan to determine whether it is a small business loan. For eight consecutive years, Wells Fargo is America's No. 1 small-business lender for loans less than $100000. In 2009 (the most recent CRA data published by the
Is it for something that will make you better off, like a college education? Or is it for a splurge like a vacation? A dumb loan is a dumb loan whether it`s from your 401(k) or not. HUDSON: And that is NIGHTLY BUSINESS REPORT for this Wednesday evening
For past few years you have been ramping up retail loan book. Now retail and corporate books are almost equal. Is there a strategic shift in your business? India, in our view, is a consumption story. If you see the composition of our GDP (gross
Increasing incomes and increasing desires like owning a house, new business establishments, all this leads to a tremendous amount of money outflow. And to fulfill these dreams opt for loans. And when there is so much of money rotation taking place,
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Small Business Grants and Loans for Women | MyVenturePad
For many, many years it has been true that white males dominate the business world. Of late, minorities have been moving up the ranks, tackling executive positions, running multi-national corporations, and even venturing into the uncharted (for them) territories of entrepreneurship. And along with changing times have come changing attitudes about who can succeed in business and the types of strategies that will hit big.
If you’re a woman who is looking to start a business and you have both a great idea and a comprehensive plan, but find yourself woefully lacking in funds, then you’ll be happy to hear that there are a lot of resources out there geared at helping you get your enterprise off the ground. Investors are one avenue of funding you may want to explore at some point, but why borrow when you can get the money for free (or at a reduced rate) simply because you’re a female entrepreneur? You should start by looking for grants and loans specifically created to help you.
Of course, you need to know where to look. And a good place to start is at the federal level. The government has a wide range of both grants and loans available to help businesses that are just starting out, so make your first visit to Grants.gov to seek out grants for which you may be eligible. Believe it or not, you may find several aimed at women in the business arena and the site makes it easy to apply for as many grants as you want. Next you’ll want to speak with someone at the Small Business Administration (SBA), preferably in the Office of Women’s Business Ownership. This organization may be able to help you secure a loan for your business at some of the best rates around.
However, you needn’t stop there and head straight to the bank if you strike out. Organizations like Startup America (and many others) are looking for bright, energetic, motivated people like you to back in their business ventures. Startup America, in particular, receives funding from companies like Google, Facebook, and IBM, which bodes well for people with big ideas who just need a little seed money. They may not be geared towards women exclusively, but that doesn’t mean you can’t qualify to receive funding from them. So exercise due diligence: seek out organizations like this one and make a bid for recognition and financial backing.
Finally, you can pursue opportunities at the state and local level. Look into statewide initiatives offered by your state’s government (often they can be found through a state business portal, an office of small business advocacy, or an office of economic development, just for a few examples). And don’t neglect to check in with your local Chamber of Commerce. You may be eligible for grants or special loan rates simply because you will bring new business and employment opportunities to the community. They may even be able to direct you to angel investors looking for the next small business to offer their money and expertise.
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