Wells Fargo, in a joint business relationship with PwC US, to administer more than 57,000 small business loans
BALTIMORE--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC) has been selected by the U.S. Small Business Administration (SBA) to serve as the new Central Servicing Agent for its 503/504 loan program for the next five years. This program, approximately $23.6 billion in size, includes more than 57,000 active small business loans and grows by approximately 7,000 new loans each year. Wells Fargo, in a joint business relationship with PwC US, will administer the loans and is creating a dedicated team located in Columbia, Maryland that will report to Brian Bartlett, head of Corporate Trust Services at Wells Fargo.
“Wells Fargo is honored to be chosen by the U.S. Small Business Administration as Central Servicing Agent for the 503/504 program,” said Bartlett. “This achievement reflects the continued growth of our Corporate Trust Services business as well as Wells Fargo’s ongoing commitment to helping small businesses succeed financially. We are excited to team with PwC to administer existing and new small business loans through this program.”
The U.S. Small Business Administration’s 503/504 loan program is a financing tool for economic development that provides growing small businesses with long-term, fixed-rate financing for major fixed assets, such as real estate and equipment.
As Central Servicing Agent, Wells Fargo and PwC US will manage the receipt of payments, processing of disbursements, payments, fees and prepayments for both loans and debentures. The two organizations will also be responsible for any duties associated with investor reporting on debentures, government reporting on portfolio statistics and document review of new originations of the 503/504 loan program.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. For more information about Wells Fargo Corporate Trust Services, visit: www.wellsfargo.com/corporatetrust.
About the PwC Network
PwC firms help organizations and individuals create the value they’re looking for. We’re a network of firms in 158 countries with close to 169,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.
Wells Fargo & Company
Shelley Beason, 704-715-2471
Source: Wells Fargo & Company