Small business owners can now get an online, fast decision on loan approval. The new product, FastFlex Small Business Loan, also offers a competitive interest rate to small businesses with short-term credit needs.
Launched by Wells Fargo, it will be available in late May to Wells Fargos existing, business-deposit customers who have been customers for at least one-year.
This will put short-term credit within reach for many small businesses seeking to achieve financial success, says Lisa Stevens, head of Small Business, Wells Fargo.
The 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 customers business-deposit account.
Applying for and obtaining a loan should be simple and convenient: getting ready for a loan needs to be thoughtful and well-planned. Its as important as ever for small business owners to have one-on-one conversations with bankers, and access to resources and support to get credit-ready. Its the reason were adding more Wells Fargo Works for Small Business tools that help businesses prepare to achieve success from building a business plan to understanding how to manage cash flow, says Stevens.