Wells Fargo Small Business Loan Requirements?

Wells Fargo Loan

Wells Fargo offers a variety of loan options, but navigating the requirements can feel overwhelming. This guide will break down the essentials, answer trending questions, and provide a clear table summarizing key points. 

Loan Types and General Requirements:

Secure vs. Unsecure: Secured loans require collateral (e.g., property, equipment) with lower interest rates. Unsecured loans rely on creditworthiness and personal guarantees, with higher rates. Wells Fargo Autograph Card Customer 

Credit Score: Generally, a minimum score of 660 is preferred, but higher scores lead to better terms. 

Business Age: Most loans require 2-3 years of operation, though some options cater to startups. 

Financial Documents: Business tax returns, bank statements, and financial projections are typically needed. 

Personal Guarantee: Many loans require owners with significant ownership stakes to personally guarantee repayment. 

Specific Loan Requirements:

SBA 7(a) Loans: Minimum 2 years in business, $250,000 annual revenue, and credit score of 675+.

SBA 504 Loans: Similar to 7(a) requirements, with focus on real estate or equipment acquisition. 

Business Line of Credit: Available for businesses operating for at least 2 years, with rates based on creditworthiness and collateral. 

FastFlex Loan: Requires existing Wells Fargo business checking account for at least 12 months, with quick approval for smaller amounts. 



Credit Score:

Minimum 660 preferred, higher scores lead to better terms.

Business Age:

Generally 2-3 years, though some options exist for startups.

Loan Type:

Secured vs. Unsecured, SBA vs. Traditional


Required for secured loans, lowers interest rates.

Personal Guarantee:

Often required for owners with significant ownership stakes.

Approval Process:

Application, documentation, credit evaluation, potential interview.

Approval Time:

Simple loans: days, Complex loans: weeks.

Bad Credit:

Possible, but expect higher rates and stricter requirements.

Interest Rates:

Vary based on loan type, creditworthiness, and market conditions.

Alternative Funding:

Business credit cards, crowdfunding, invoice financing, angel investors.

Frequently Asked Questions:

What's the loan approval process?

It involves submitting an application, providing documentation, undergoing credit evaluation, and potentially an interview. 

How long does approval take?

Simple loans can be approved within days, while complex options might take weeks.

Can I get a loan with bad credit? It's possible, but expect higher interest rates and potentially stricter requirements. 

What are the interest rates?

Rates vary based on loan type, creditworthiness, and market conditions. Check Wells Fargo's website or consult a banker for current rates. 

What are the alternative funding options?

Consider business credit cards, crowdfunding, invoice financing, or angel investors. 

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