Wells Fargo Business Loans
  • Competitive interest rates on a bank line of credit.
  • No annual fees or prepayment penalties.
  • Accessible for business owners with less than two years of operation.
  • Funding process may take longer compared to online lenders.
  • Credit lines are limited to a maximum of $50,000.
  • Online bill pay requires a Wells Fargo checking account.

Wells Fargo, one of the largest bank lenders in the U.S., provides a range of small-business loans, including business lines of credit, SBA loans, commercial real estate financing, and health care practice loans. However, it's essential to note that their eligibility criteria often require strong credit and a few years of business history.

Wells Fargo suits borrowers who have established businesses, with a minimum of two years in operation for some loan products. Existing Wells Fargo customers can conveniently apply online for certain loans if they have had a business checking or savings account open for at least one year. If you need SBA financing, Wells Fargo is an active SBA lender with experience to streamline the application process.

However, if you require quick access to funds, it's worth considering that Wells Fargo's application process may involve discussions with a lending representative and branch visits, which could result in a longer wait compared to online lenders who can fund applications in as little as 24 hours.

Wells Fargo provides various small-business loans, including secured and unsecured business lines of credit, commercial real estate purchase and refinancing loans, commercial real estate equity loans, lines of credit, and health care practice financing.

To apply for a business loan from Wells Fargo, you have several options:

  1. Phone Application: You can initiate the application process by calling Wells Fargo and working with a lending specialist over the phone. They will guide you through the application steps.
  2. In-Person Application: Another option is to visit a Wells Fargo branch and schedule an appointment with a banking representative. They can assist you in completing the loan application in person.
  3. Online Application for Existing Customers: If you have maintained a Wells Fargo checking or savings account for at least one year, you may qualify to apply for an unsecured business line of credit online through their website.

During the application process, you will typically be required to provide the following information:

For Your Business:

  1. Legal business name, address, and contact information.
  2. Business tax identification number.
  3. Establishment date of your business.
  4. Ownership structure and the number of owners.
  5. Gross annual revenue.
  6. Business tax returns and financial statements.

As the Business Owner:

  1. Your personal information, including name, address, and contact details.
  2. Social Security number.
  3. Date of birth.
  4. Citizenship details.
  5. Personal tax returns.

Keep in mind that the specific documentation and requirements may vary depending on the type of loan you're applying for and your business's unique circumstances. It's a good idea to contact Wells Fargo or visit their website for detailed information on the application process and the documentation needed for your particular loan request.