Most recently before joining Bankrate, Robert worked as an editor and writer at The Ascent by The Motley Fool, covering a number of personal finance topics, including credit cards, mortgages and loans.
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At a glance
4.2
Rating: 4.2 stars out of 5
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Bankrate Rating = 4.2/5
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Wells Fargo offers business lines of credit and SBA loans with competitive rates for eligible business owners. It even offers a business line of credit to businesses that have been around for less than two years. These products are relatively flexible, and you can choose from secured and unsecured lending options.
Lender Details
Loan amount
$5,000-$10 million
Interest rate
9.00%-18.25% APR
Term lengths
Up to 25 years
Min. annual revenue
Not stated
Min. time in business
Less than two years
Who Wells Fargo is best for
Wells Fargo is best for established business owners who’ve been in business for at least two years. There is an unsecured loan product for businesses that don’t quite meet the mark, but the amount of funding you can access is lower. If you’re seeking an SBA loan, Wells Fargo is also worth considering, as it’s one of the leading originators of SBA 7(a) loans.
Who Wells Fargo may not be best for
If you’re a startup or need funds for your business right away, Wells Fargo likely isn’t a good fit for you. The lender prefers established companies.
Traditional banks are usually not a good fit for borrowers looking for fast business loans, as they may take days or weeks to fund loans. And if your personal or business credit rating is on the lower end, an online lender that offers bad credit business loans may be a safer choice.
Wells Fargo: in the details
Loan amount
$5,000-$10 million
Interest rate
9.00%-18.25% APR
Term lengths
Up to 25 years
Min. annual revenue
Not stated
Min. time in business
Less than two years
Personal credit score
680
Wells Fargo pros and cons
Pros
Multiple lines of credit
Attractive rates
Rewards program
Cons
Limited loan options
Annual fee may be required
Low loan amounts
Business loan types offered
Wells Fargo BusinessLine® line of credit
Wells Fargo Small Business Advantage® line of credit
Wells Fargo Prime Line of Credit
SBA loans
Loan quick facts
Amounts: $10,000 to $150,000
Terms: Revolving
APR: 10.25% to 18.25% (Prime + 1.75% to Prime + 9.75%)
Wells Fargo BusinessLine® line of credit
This is an unsecured business line of credit for small business owners who have been up and running for two or more years. It doesn’t require you to put up business collateral, doesn’t charge draw fees or give you a limited amount of time to make draws. Instead, you get a revolving line of credit with no scheduled annual review. You pay an annual fee (waived the first year) of $95 if your line amount falls between $10,000 to $25,000 or an annual fee of $175 if your line amount is greater than $25,000.
Even though this Wells Fargo business line of credit doesn’t require collateral, it does require a personal guarantee from any owner with 25 percent or more of the business. It’s designed to help small business owners cover unexpected expenses, supplement cash flow and capitalize on expansion opportunities.
Loan amounts aren’t the highest, as you’ll find business lines of credit that offer limits of $250,000 and higher. But you will be automatically enrolled in the Wells Fargo Business Rewards program, which comes with a number of benefits you won’t find with many other business lines of credit. This includes earning one point for every dollar in eligible purchases made with the Mastercard Access card that comes with your business line of credit.
Loan quick facts
Amounts: $5,000 to $50,000
Terms: 5 years
APR: 13.00% to 15.00% (Prime + 4.50% to Prime + 6.50%)
Wells Fargo Small Business Advantage® line of credit overview
Backed by the U.S. Small Business Administration (SBA), this unsecured line of credit caters to business owners with less than two years in business. It has a smaller line limit than the BusinessLine and a higher starting APR rate, but you get a five-year revolving line without an annual fee. It also comes with a Mastercard access card that lets you earn rewards on qualifying purchases.
Personal guarantees are required for any owner with 20 percent or more of the business. You must also operate as a for-profit entity and have personal household liquid assets not exceeding $500,000 to qualify.
Loan quick facts
Amounts: $100,000 to $1,000,000
Terms: Revolving
APR: Starts at 9.00% (Prime + 0.50% with a minimum 5.00% floor rate)
Wells Fargo Prime Line of Credit overview
Established companies generating $2 million to $10 million in annual revenue could be a good fit for the Prime Line of Credit. It’s secured by business assets (excluding real estate) and comes with a one-year draw period since the line is renewable annually.
You’ll pay a 0.50 percent origination fee when you open the account and at the annual renewal. This is low compared to origination fees of 2 percent to 8 percent charged by other lenders.
Wells Fargo recommends this form of funding for large purchases, short-term working capital expenses or if you want to take advantage of bulk-pricing discounts.
Loan quick facts
Amounts: Up to $10 million
Terms: Up to 25 years
APR: Not stated
SBA loans overview
SBA loans are also insured by the U.S. Small Business Administration. Wells Fargo SBA loans include SBA 7(a) loans and SBA 504 loans. They feature lower down payments, attractive SBA interest rates and extended loan terms.
SBA 7(a) loans allow you to purchase equipment or real estate, expand operations, acquire a different business, buy out a partner or cover other business-related expenses. If you want to grow your company through construction, equipment purchases, building or land acquisitions, an SBA 504 is a better fit. Both Wells Fargo SBA loans are available to companies with an average new income under $5 million and a net worth under $15 million seeking long-term financing.
Once an application is submitted, funding for SBA loans can take up to 90 days. But as a Preferred SBA Lender, Wells Fargo has the ability to streamline loan processing and make credit decisions in-house, resulting in expedited approval and funding.
Bankrate Insight
SBA weekly lending reports show that for SBA fiscal year 2023, Wells Fargo approved 2,140 SBA 7(a) loans for a total of $427,603,100. The average loan size was $199,815. Compared to other lenders, Wells Fargo is in fifth place for total loan approvals and in tenth for dollar amounts.
Wells Fargo business line of credit requirements
Wells Fargo business lines of credit options include the BusinessLine of Credit, Small Business Advantage line of credit and the Prime line of credit, with credit lines ranging from $5,000 to $1 million and rates starting as low as Prime + 0.50 percent.
Like other lenders, Wells Fargo factors in time in business and annual revenue when evaluating applicants. Depending on the line of credit, the lender requires at least two years in business or an annual revenue between $2 and $10 million. Collateral or a personal guarantee, which are two common requirements across lenders, may be needed to secure the line, with odds of approval being better with guarantors who have credit scores of 680 or higher.
Wells Fargo BusinessLine® line of credit
Personal guarantee: Required for all owners with over 25% ownership, totaling at least 51% ownership of the business.
Collateral: Not required
Additional requirements: N/A
Wells Fargo Small Business Advantage® line of credit
Personal guarantee: Required for all owners with over 20% ownership, totaling at least 51% ownership of the business.
Collateral: Not required
Additional requirements: Must be for-profit businesses that meet SBA requirements. Owner's household personal liquid assets must be under $500,000.
Wells Fargo Prime Line of Credit
Personal guarantee: No
Collateral: Yes
Additional requirements: N/A
Do you qualify?
Eligibility requirements will vary by loan product. You'll need a personal score of 680 to qualify for Wells Fargo business lines of credit. The lender does not disclose minimum annual revenue requirements for its small business loan offerings, and lending and usage restrictions (if any) aren’t published on the website. You’ll need to inquire with a banker to learn more about the lender’s eligibility guidelines.
What we like and what we don’t like
Wells Fargo offers affordable loans to eligible business owners. But there are drawbacks to consider.
What we like
Multiple lines of credit. There is a line of credit for newer businesses, established businesses and businesses that rake in $2 million or more.
Attractive rates. The minimum interest rates offered on the business lines of credit are lower than most lines of credit offered by online lenders.
Rewards program. Unsecured lines of credit come with a built-in rewards program that lets you earn points for every dollar spent on qualifying purchases.
What we don’t like
Limited loan options. Business term loans, working capital loans and equipment financing loans aren’t available through Wells Fargo.
Annual fee. The Wells Fargo BusinessLine line of credit comes with an annual fee after the first year.
Low loan amounts. Most of Wells Fargo’s lines of credit stop at $50,000 or $150,000, while most other lines of credit go up to at least $250,000. The exception is the Prime Line of Credit, which offers credit limits up to $1 million for high-revenue businesses.
How Wells Fargo compares to other lenders
Wells Fargo stands out as a traditional bank offering a few different business lending options. Businesses can choose between secured and unsecured options, including SBA loans and business lines of credit, that cover various needs and offer generous loan amounts between $5,000 and $10 million, with terms of up to 25 years and competitive rates starting as low as Prime + .50 percent. The lender is also part of the SBA's Preferred Lender Program, so businesses applying for a Wells Fargo SBA loan may get their loans approved and funded faster.
Wells Fargo loans are best for established businesses that have been in operation for at least two years and have a credit score of 680, but it is not clear what the required annual revenue is for businesses not interested in the Prime line of credit, which requires $2 million to $10 million in annual revenue.
Let’s see how Wells Fargo's business lines of credit stack up against other lenders.
Wells Fargo and Bluevine approach business lending differently. While both offer business lines of credit, requirements and loan amounts differ. Bluevine is known for its business lines of credit, which give businesses access to up to $250,000, and its streamlined application process means funding can happen in as little as one day.
Wells Fargo's personal credit score requirement of 680 is higher than Bluevine's 625, but both lenders require at least two or more years in business to qualify for a business line of credit, so startups may not have the best luck with either option.
Businesses specifically interested in SBA loans may find Wells Fargo a great option since Bluevine doesn't offer SBA loans. As an SBA Preferred Lender, Wells Fargo has the authority to process loan applications, which will speed up funding time.
Wells Fargo vs. Live Oak
Wells Fargo and Live Oak Bank excel for business owners seeking loans from an SBA Preferred Lender, which can speed up funding. Wells Fargo suits established businesses of over two years, particularly for SBA 7(a) loans. Businesses also have their choice between the lender's business lines of credit, which offer lines between $5,000 and $1 million. Wells Fargo's rates are competitive, but it can be hard to determine and compare the potential cost of borrowing since Live Oak Bank doesn't disclose its rates online.
If you want access to higher funding amounts for SBA loans, Live Oak can offer up to $15 million, compared to Wells Fargo's $10 million. In the 2023 fiscal year, Wells Fargo's approval count for 7(a) loans was 2,140, while Live Oak approved 1,215. But Live Oak's approval amount for these loans was almost $1.8 billion, significantly higher than Wells Fargo's $427.6 million.
Like Wells Fargo, Live Oak Bank also offers business financing options beyond SBA loans, including business lines of credit. While loan products are available in all 50 states, they are restricted to certain industries.
How to apply for a loan with Wells Fargo
You can apply for the Wells Fargo BusinessLine line of Credit or Wells Fargo Small Business Advantage line of credit online or by visiting a branch. If you’re interested in the Wells Fargo Prime Line of Credit, call 1-844-807-5060 to apply.
Legal business name
Business tax ID (or Social Security number)
Company address and phone number
Date of establishment
Gross annual revenue
Type of ownership
Number of owners
Name, address, phone number, date of birth, Social Security number and citizenship status (at least one owner with control and authority)
Percentage of ownership and annual household income (each owner with an interest of 25 percent or more)
Personal Financial Statement form (provided by Wells Fargo)
Two most recent personal and business tax returns (Wells Fargo Prime Line of Credit only)
Two years of company-prepared, year-end financial statements (Wells Fargo Prime Line of Credit only)
Wells Fargo frequently asked questions
Wells Fargo requires a FICO score of 680 to qualify for its business line of credit.
Collateral is not required for the Wells Fargo BusinessLine® line of credit or the Wells Fargo Small Business Advantage® line of credit. But you'll need it for the Wells Fargo Prime Line of Credit since its a secured loan product.
Wells Fargo business loans can be challenging to access unless your company is established with strong financials. You'll also need good or excellent credit to qualify for funding with competitive terms.
How Bankrate rates Wells Fargo
Overall Score
4.2
Accessibility
3.7
Wells Fargo doesn’t disclose much information on its website, which makes it harder for borrowers to know if they’re eligible.
Affordability
4.1
Rates are lower, and loans come with fewer additional fees than many other lenders.
Transparency
4.5
Wells Fargo provides APR ranges for two of its lines of credit, which goes further than many other lenders.
Customer experience
3.9
Online access and an online payment option make for a decent customer experience.
Flexibility
4.6
Annual fee waiver the first year, potential credit line increases and Mastercard access cards provide a good level of flexibility for the lines of credit.
Methodology
47
years in business
30+
lenders reviewed
22
loan features weighed
770+
data points collected
To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 30 lenders and gave each a rating, which consists of five categories:
Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
Affordability: This section measures interest or factor rates and fees.
Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
Customer experience: Customer service hours, online applications and app availability are considered in this category.
Flexibility: This category considers factors like the number of loan products and ability to change payment due date.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
What small business owners think
Wells Fargo Small Business Loans has 16 reviews
Dive into community reviews below and see what others think about Wells Fargo Small Business Loans.
4.3
16
ratings
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Score breakdown
5 stars
44%
4 stars
50%
3 stars
0%
2 stars
0%
1 star
6%
Score by category
Customer experience4.2 / 5
Accessibility rating4 / 5
Affordability rating3.9 / 5
Transparency rating4.2 / 5
Flexibility rating4.2 / 5
Community Reviews
See what users like you are saying about Wells Fargo Small Business Loans.
Overall
Was the lender receptive to your business unique needs? If so how? If not, why not?
Yes they were, they provided all the information I needed and all the funds needed
Score by category
Flexibility rating5/ 5
Transparency rating5/ 5
Accessibility rating5/ 5
Affordability rating5/ 5
Customer experience5/ 5
Overall
Were you able to contact the lender for customer support? What was the process like?
Seamless, fast, and intuitive experience across various devices. Clear labels and transparent sourcing
Score by category
Flexibility rating5/ 5
Transparency rating5/ 5
Accessibility rating5/ 5
Affordability rating4/ 5
Customer experience5/ 5
Overall
Were you able to contact the lender for customer support? What was the process like?
Yes, they have a dedicated staff willing to help you with any questions or concerns you have regarding your loan
Score by category
Flexibility rating3/ 5
Transparency rating4/ 5
Accessibility rating3/ 5
Affordability rating2/ 5
Customer experience4/ 5
Overall
Was the lender receptive to your business unique needs? If so how? If not, why not?
The lender has been a very good partner in helping me achieve my financial goals.
Score by category
Flexibility rating5/ 5
Transparency rating4/ 5
Accessibility rating5/ 5
Affordability rating5/ 5
Customer experience5/ 5
Overall
Was the lender receptive to your business unique needs? If so how? If not, why not?
Yes, they made suggestions regarding business expenses I hadn't thought of and the loan covered those expenses.
Score by category
Flexibility rating4/ 5
Transparency rating5/ 5
Accessibility rating4/ 5
Affordability rating3/ 5
Customer experience5/ 5
Overall
What was your biggest pain point during the application process?
Nothing at all it was smooth from start to finish with clarity and transparency
Score by category
Flexibility rating4/ 5
Transparency rating4/ 5
Accessibility rating4/ 5
Affordability rating4/ 5
Customer experience4/ 5
Overall
Did you feel that the lender was knowledgeable about their product and loan terms? Why or why not?
Yes, very knowledgeable. Gave me accurate and honest information.
Score by category
Flexibility rating5/ 5
Transparency rating5/ 5
Accessibility rating3/ 5
Affordability rating4/ 5
Customer experience4/ 5
Overall
Was the lender receptive to your business unique needs? If so how? If not, why not?
Inadequate understanding of industry-specific needs
Score by category
Flexibility rating3/ 5
Transparency rating5/ 5
Accessibility rating5/ 5
Affordability rating3/ 5
Customer experience4/ 5
Overall
Did you feel that the lender was knowledgeable about their product and loan terms? Why or why not?
Yes Were they able to provide details on fees, repayment schedules, and potential risks
Score by category
Flexibility rating5/ 5
Transparency rating4/ 5
Accessibility rating5/ 5
Affordability rating4/ 5
Customer experience5/ 5
Overall
Did you feel that the lender was knowledgeable about their product and loan terms? Why or why not?
Yes, they were very knowledgeable and knew exactly what I needed financially to get started and they gave me extra just in case.
