Wells Fargo hires more bankers for SME market

MANILA, Philippines - Wells Fargo & Co. is placing more and more emphasis in serving the small and medium enterprises (SME) by developing its so-called banking stores. 

It 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 lead executive for Small Business Lisa Stevens said that the steady improvement of the US economy depends on the health and growth of  small businesses, and Wells Fargo is looking for more ways to improve the services and support we offer to help these businesses succeed financially. 

“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,” Stevens said in a statement. 

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 five-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.

Likewise, 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. 

The Secured BusinessLine line of credit offers qualifying businesses up to $100,000 in financing for working capital or almost any business purpose. 

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. – TAB