In 2004, financial institutions lent $93 billion to small business owners nationwide (in loans under $100,000), showing a healthy demand for capital and a strong sense of optimism in their future business prospects.
With 95% of all small businesses generating less than $2 million in annual revenues, tracking loans under $100,000 is an important measurement to gauge how effectively financial institutions are meeting the capital needs of small business owners.
For the third year in a row, Wells Fargo led this category, extending over 540,000 loans totaling $13.6 billion nationwide — 15 percent of the industry total. Wells Fargo was the #1 lender to small businesses in Low and Moderate Income neighborhoods (loans under $100,000), with over 114,000 loans totaling more than $3 billion dollars (16% of the industry total), according to the 2004 Community Reinvestment Act (CRA) data. Additionally, Wells Fargo was also the #1 lender to businesses with less than $1 million in annual revenue.
Wells Fargo ranked #1 for loans under $100,000 in 19 states: Alaska, Arizona, California, Colorado, Idaho, Indiana, Iowa, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Texas, Utah, Washington, and Wyoming. (Source: PRNewswire-FirstCall)
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