SAN FRANCISCO--(BUSINESS WIRE)--In an effort to increase understanding of the credit process for small businesses, Wells Fargo (NYSE:WFC) announced today the launch of the Wells Fargo Works for Small Business® Business Credit Center, a new holistic resource that provides tools to help empower small business owners to confidently navigate the credit journey.
The Business Credit Center is designed to help inform small business owners on the credit process and financing options, and address gaps in business owners’ understanding of credit: preparing to apply, applying, and managing credit. According to a recent Wells Fargo study of small business owners and their use of credit, nearly one-third of startup small business owners said they are highly concerned about having enough money to meet their business goals. Another third also indicate that their business’s financial situation is a significant source of stress. Small business owners who view business credit positively said they feel confident and empowered by it because it fuels opportunities for future business growth.
The research also revealed that many small business owners have a limited understanding of what it takes to be approved for credit and how to best use credit options. In the research, a strong majority of small business owners indicated they want information on applying for credit and clarity in payment terms during the application process. They also want guidance on how to increase chances of being approved for credit and how to maximize the amount of funding they may receive.
The new Business Credit Center provides small business owners a clear, easy-to use way to find credit financing options to meet business needs, better understand how credit decisions are made, and improve business owners’ credit knowledge. It includes:
- New and expanded content on WellsFargoWorks.com. This online resource offers credit-related articles, infographics and videos.
- Business Credit Finder – Business owners can find Wells Fargo financing options designed to meet their needs by answering a series of short questions through this online tool.
- Credit Coaching Video Series – An educational video series that features two-minute videos covering the Five C's of Credit and the credit application process. This video series reveals insight into how credit decisions are made.
- Business Credit Quiz – An online tool that allows users to test their knowledge of business credit in a fun, interactive quiz.
- Enhanced Digital Status Tool – Business owners are able to track the status of their Wells Fargo credit applications online, start to finish – anywhere, anytime.
“As America’s No. 1 small business lender1, we are committed to increasing understanding of the credit process and educating business owners on how credit can be used responsibly to help them succeed,” said Lisa Stevens, Wells Fargo’s head of Small Business. “Through the Wells Fargo Works for Small Business® Business Credit Center, we offer a comprehensive suite of resources and tools, as well as personal guidance from our bankers, to help small business owners across America meet their financial goals.”
The new Business Credit Center is part of Wells Fargo’s focus on expanding small business access to capital. Wells Fargo also is helping business customers build better credit profiles through its Credit Coaching Program. This program offers individualized support for small business owners who have been denied business credit products offered through Wells Fargo. The program helps business owners understand how credit decisions are made and what factors influenced the decision on their credit application. Since the program launched in March 2015, Wells Fargo credit specialists have conducted more than 17,000 credit coaching calls.
Wells Fargo also is working to expand access to credit and introduced its FastFlexSM Small Business Loan, which offers a fast decision and is funded as soon as next business day. This new online loan product is now available to existing customers and is intended to help more small businesses access credit at a responsible interest rate.
Launched in 2014, Wells Fargo Works for Small Business is a broad initiative to deliver resources, guidance and services to help more small businesses achieve financial success. It provides wide-ranging support for business owners throughout the U.S. to help them build knowledge, access capital and expand their community of support. Wells Fargo Works for Small Business encompasses the company’s commitment to helping small businesses take the next step toward their goals. Last year, Wells Fargo expanded the resources and support it offers and launched the Business Plan Center on WellsFargoWorks.com.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a diversified, community-based financial services company with $1.9 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 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Wells Fargo serves approximately 3 million small business owners across the United States and loans more money to America’s small businesses than any other bank (2002-2015 CRA government data). To help more small businesses achieve financial success, in 2014 Wells Fargo introduced Wells Fargo Works for Small Business® – a broad initiative to deliver resources, guidance and services for business owners – and a goal to extend $100 billion in new lending to small businesses by 2018. For more information about Wells Fargo Works for Small Business, visit: WellsFargoWorks.com. Follow us on Twitter @WellsFargoWorks.
1 Based on 2002-2015 CRA data.