Move over Wachovia. South and Central New Jersey residents are about to notice a change several years in the making. In 2008, Wells Fargo acquired Wachovia. Now, more than 314 branches across the state will take over the Wells Fargo name and 477 ATMs will transform in appearance as well.
The change is expected to happen around Feb. 5, according to All Business New Jersey. Michelle Y. Lee, northeast regional president of Wells Fargo called the state “a market that is rich with business opportunity.”
This is good news to commercial banking customers and small business owners in our region, since Wells Fargo has expanded its lending.
According to NJbiz.com:
“In the past, we viewed the SBA program as the alternative for the customer who could not get a loan, versus it really being an initial option. I think there is a little bit of a philosophy change around SBA, in that you don’t have to apply to a bank, get declined and SBA becomes the alternative solution,” Lee said. “SBA can really be the first course of action for a small-business customer.”
Asked about complaints from businesses that bank loans are tough to get, Lee said, “I don’t think our underwriting standards have changed. What has changed, is some of the documentation that is required. What a customer has to give us in order to get a loan, I think, some of that’s changed, and we’ve tightened up monitoring requirements in many cases.”
Have you had trouble securing a small business loan in the past? Tell us about your experience in the comments section. Share your advice with other business owners.
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