Overview
The bottom line:
Loan details
Min. Loan Amount
$10,000
Min. APR
9%
Max Loan Amount
$150,000
Max APR
17%
Qualifications
Min. credit score
680
Min. Time in Business
24 months
Pros & Cons
Pros
Cons
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Wells Fargo is best for borrowers who:
- Have established businesses. Although Wells Fargo doesn't provide eligibility information for all its loan products online, you will need a minimum of two years in business to qualify for the Wells Fargo Prime Line of Credit and the BusinessLine line of credit. The Wells Fargo Small Business Advantage line of credit may be an option for businesses that don’t meet that requirement.
- Are current Wells Fargo customers. Small-business owners with a Wells Fargo checking or savings account open for at least one year can apply for an unsecured business line of credit online — instead of visiting a branch to apply.
- Want SBA financing. Wells Fargo is one of the most active Small Business Administration 7(a) lenders — issuing over $567 million in loans in the 2024 fiscal year. The bank is also an SBA-preferred lender, meaning it has the experience and authority to expedite applications through the underwriting process.
- Don’t need quick access to funds. More likely than not, you’ll have to talk to a lending representative and visit a branch to apply for a Wells Fargo business loan. Compared with online lenders — some of which can fund applications in just 24 hours — it may take several business days or weeks to receive financing from Wells Fargo.
Types of Wells Fargo business loans
- Commercial real estate loans.
- Health care practice financing.
Wells Fargo business line of credit features
Wells Fargo BusinessLine® Line of Credit | Wells Fargo Prime Line of Credit | |
---|---|---|
Loan amount | $10,000 to $150,000. | $100,000 to $1,000,000. |
Credit score minimum | 680. | 680. |
Estimated APR range | Between Prime plus 1.75% and Prime plus 9.75%, based on business and personal qualifications. | Starting at Prime plus 0.50%, with a minimum rate of 5.00%, based on business and personal qualifications. |
Fees | Annual fee is waived for the first year, then $95 for credit lines up to $25,000 and $175 for lines over $25,000. | Origination fee: 0.50% of line amount, due at account opening and annual renewal. |
Collateral | None; loan is unsecured. | Secured by business assets such as accounts receivable, inventory and equipment. |
Terms | Revolving line of credit, no scheduled annual review required. | One year. Can be renewed annually, subject to credit approval. |
Repayment schedule | Monthly. | Monthly. |
Wells Fargo SBA loans
Wells Fargo SBA loan features
SBA 7(a) loan | SBA 504 loan | SBA line of credit | |
Loan amount | Up to $5 million. | Up to $5 million.* | $5,000 to $50,000. |
Estimated APR range | Varies based on your business’s qualifications, but subject to SBA maximums. | Varies based on your business’s qualifications, but subject to SBA maximums. | Varies based on your business’s qualifications, but subject to SBA maximums. |
Fees | Guarantee, origination, packaging, processing and other miscellaneous fees may apply. | Guarantee, origination, packaging, processing and other miscellaneous fees may apply. | No annual fee; additional fees may apply. |
Terms | Up to 25 years for commercial real estate and up to 10 years for all other purposes. | Up to 25 years for commercial real estate and up to 10 years for machinery or equipment. | Five years. |
Repayment schedule | Monthly. | Monthly. | Monthly. |
Funding speed | Varies. Average timeline is 30 to 90 days for standard SBA loans. | Varies. Average timeline is 30 to 90 days for standard SBA loans. | Varies. Average timeline is 30 to 90 days for standard SBA loans. |
Where Wells Fargo stands out
Competitive rates and terms
Top SBA lender
Product-specific perks
Where Wells Fargo falls short
Minimal loan options compared with competitors
Hard to qualify and slow to fund
Limited information available online
How to apply for a business loan from Wells Fargo
- Legal business name, address and phone number.
- Date business was first established.
- Ownership type and the number of owners.
- Gross annual revenue.
- Business tax returns.
- Business financial statements.
- Name, address and phone number.
- Social Security number.
- Date of birth.
- Citizenship information.
- Personal tax returns.