Wells Fargo has launched a new online fast-decision loan product for small business customers.
The new product is meant to help Wells Fargo meet the credit needs of more small businesses. FastFlex is a one-year term loan that offers a competitive interest rate to entrepreneurs with short-term credit needs, and it is funded as soon as the next business day.
It joins the Wells Fargo family of small business products and support offered through Wells Fargo Works for Small Business.
According to Wells Fargo, “FastFlex Small Business Loans build on Wells Fargo’s focus on small businesses, a market in which the company has set a five-year $100 billion lending goal. Since setting the goal in 2014, Wells Fargo has provided $40.7 billion in new loans to small businesses.”
“Because small businesses want faster, more convenient loan options online and at competitive rates, we created Wells Fargo FastFlex Small Business Loan,” Lisa Stevens, Wells Fargo’s head of small business said in a statement. “With a $100 billion lending goal, we want to make every responsible small business loan we can.
FastFlex small business loan will help by offering short-term credit through an easy, fast-decision application process that includes competitive interest rates, clear terms, and as-soon-as next day funding.
This will put short-term credit within reach for many small businesses seeking to achieve financial success.”
The FastFlex Small Business Loan was developed by Wells Fargo Business Direct, a team that provides small business loans under $100,000 each.
The typical FastFlex Small Business Loan customer is expected to have strong cash inflows and short-term credit needs for funding ranging from facility expansion to cash management. The FastFlex Small Business Loan will be available with one-year terms at amounts ranging from $10,000 to $35,000, with required payments made on a weekly basis automatically deducted from the customer’s business-deposit account.
It will be available to Wells Fargo business-deposit customers who have been a customer of the bank for at least one year.
What’s more, the FastFlex Small Business Loan is part of Wells Fargo’s annual Small Business Appreciation Celebration.
Up until June 30, 2016, Wells Fargo is providing business owners with special business offers on several products and services. Wells Fargo’s recognition of small businesses coincides with local and national events conducted by the U.S. Small Business Administration, taking place during and following National Small Business Week, May 1-7, 2016.
Other key highlights include new loan commitments from Wells Fargo, including FastFlex, to small businesses primarily with annual revenue less than $20 million.