How to apply for Wells Fargo Business Loan and Types

How to apply for Wells Fargo Business Loan and Types

Last Updated on July 25, 2022 by admin

This post will focus on Wells Fargo business loans in the United States of America as you try to improve your business growth and expansion.

The business loans are credit facilities that are taken specifically intended for business purposes . Wells Fargo has given you the ability to choose the business loan suitable for your desire.

We first of all show you the different types of Wells Fargo business loan accessible by customers.

Read: How to enroll for Wells Fargo Online banking and Mobile App

TYPE OF WELLS FARGO BUSINESS LOAN

There are three type of Wells Fargo business loans:

 

Line of Credit

a. Business Lines of Credit: This enables new or established businesses access unsecured financing solutions to supplement cash flow to expand business, or cover expenditures. You can get up to $5,000 to $100,000 as revolving credit line at Rates 1.75%

There is No collateral required. It has One easy application whether you are a new, young or established business or want to build business credit with Wells Fargo.

 

b. Wells Fargo Prime Line of Credit: This line of credit is suitable for Short-term working capital expenditures, business with $2-5 million in annual sales, you can also expand, grow or improve your business by increasing cash flow cycle.

Borrowers can get up to $100,000 to $500,000 as a revolving credit line.. It’s Secured by business assets (non-real estate); accounts receivable, inventory, or equipment. it can be use for Making bulk purchases for pricing advantages with Origination fee of 0.50%.

 

Small Business Administration Lending

This loan is essential for providing financial assistance to small businesses seeking a financing option either SBA 7(a) or SBA 504. The SBA loans typically have lower rates and longer terms than you could qualify for with a conventional loan.

The terms and conditions, like the guarantee percentage and loan amount, may vary by the type of loan.

SBA 7(a)

You can use this loan to acquire an existing business, expand to another location, purchase real estate or equipment, or those looking to combine any of these needs into one loan you can also use the credit facility to buy-out a partner.

The Loan amount is up to $5,000,000 with tenure up to 25 years for commercial real estate and up to 10 years for all other purposes. The Interest rates can be either fixed or variable.

SBA 504

The loan is designed for business expansion through land or building acquisition, construction, or equipment purchase. up to 25 years for commercial real estate and up to 10 years for machinery or equipment.

The Loan amount is up to $6,500,000 for the Wells Fargo portion and up to $5,000,000Footnote 33 for the portion funded by a Certified Development Company.

Read: How to Get Wells Fargo Personal Loan and requirements

 

Commercial Real Estate Financing

You can either apply for Purchase Loan to expand your business or purchase investment property.The credit package also allows borrowers to get Refinance Loan at a lower rate or an extended term as Small business owners and real estate investors.

The Commercial Real Estate Equity Loan enables you to Take funding in one lump sum for a business-related event. With an Equity Line of Credit you can Use the flexibility of revolving credit that provides unlimited draws for your ongoing business operations.

 

To apply for Wells Fargo business loan Call:

SBA Loans:
1-866-727-5363

Line of Credit:
1-800-416-8658

Business Credit Cards:
1-800-225-5935

Also you can visit any Wells Fargo for business loan application

 

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