Wells Fargo recently announced the launch of its FastFlex Small Business Loan program in its continued effort to focus on smaller firms.
“Because small businesses want faster, more convenient loan options, online and at competitive rates, we created Wells Fargo FastFlexSmall Business Loan,” said Lisa Stevens, Wells Fargo’s head of small business.
FastFlex, which helps with short-term credit needs of small businesses, will offer clients quick decisions, with available funding as early as the next day and competitive interest rates.
The new product will assist Wells Fargo in its five-year underwriting goal of $100 billion in new small business loans. New loans equating to $41.7 billion have already been written since efforts began in 2014.
Criteria for getting a new loan at Wells Fargo includes strong cash inflows and short-term credit needs. Some of these needs could include anything from facility expansion to cash management. Potential borrowers also have to have been a Wells Fargo customer for at least a year to qualify.
The new loans will be available with one-year terms. Each loan will range from $10,000 to $35,000 and have weekly payment terms. Payments would be automatically deducted from a borrower’s business account.