Small Business Resource Center | Wells Fargo (2024)

FAQs

What is CSBB Wells Fargo? ›

Wells Fargo's Consumer, Small & Business Banking (CSBB) serves consumer, small, and business banking customers through all digital channels, numerous retail branches, ATMs, and customer service centers.

Typically, guarantors have a FICO^® Score of at least 680 at time of application. A BusinessLine line of credit account requires personal guarantees from any owner with 25% or more ownership in the applicant business, with a minimum combined aggregate of 51% ownership.

If you have questions about your account, please contact Small Business Customer Service at 1-800-225-5935 immediately.

Monthly maintenance fee: You may be subject to a fee incurred each month the business line of credit is open. Annual fee: Like a monthly maintenance fee, an annual fee may also apply each year the line remains open. Draw fee: You could pay a draw fee each time you withdraw from your credit line.

Consumer & Small Business Banking CSBB offers a complete line of diversified financial products and services to consumers and small businesses, and a full range of business credit products to small businesses through a range of channels, including approximately 5,000 retail banking branches and more than 13,000 ATMs.

When in doubt, sign on to Wells Fargo Online^® or contact us directly by calling the number on the back of your card. Beware of senders using an address or phone number you don't recognize. Common Wells Fargo short codes include 93557, 93733, 93729, 93767, or 22981.

If you applied for a Wells Fargo Prime Line of Credit, it will take up to two weeks for processing after you have submitted the required documentation. Your underwriter will provide you with guidance on additional requirements for your business.

The key steps and eligibility requirements to qualify for a business loan: Strong Credit History: Aim for a credit score above 680. Ensure no major financial red flags, such as bankruptcies or large unresolved debts. Consistent Revenue Stream: Demonstrate a steady inflow of income, ensuring you can manage repayments.

Lenders may focus more on your personal credit history if your business is relatively new. Bad credit business loans typically require a personal credit score of 500 or higher. Rates tend to be more expensive, although shopping around can help you secure a better deal.

In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Normally, businesses must meet SBA size standards, be able to repay, and have a sound business purpose. Even those with bad credit may qualify for startup funding.

Is Wells Fargo a preferred SBA lender? ›

Wells Fargo small business loans include three business lines of credit as well as SBA 7(a) and 504 loans. And as a prolific SBA Preferred Lender, Wells Fargo can potentially process SBA loans faster than most SBA loans get approved.

Make payments. There are several options to make a payment to SBA. Borrowers with the following loan types can make payments online through the MySBA Loan Portal. All others should contact their lender directly for payment information.

While some lenders offer startup business loans with no revenue, profits, cash flow or assets required, you might pay a higher price for such financing. If you can afford to wait until your business is more established with a solid cash flow, you can likely secure more attractive interest rates and repayment terms.

Your LLC can also apply for a business credit card, which can help separate personal and business expenses while establishing a credit history for your company. Your company can also consider opening a line of credit or taking out business loans to build credit history.

How long does it take for a small business loan to be approved? It depends on the lender and type of loan you apply for. Online lenders offer fast business loans that can be funded within 24 hours. Banks and credit unions may take a week or longer.

Certificate in Small Business Banking (CSBB)

If, for whatever reason, you believe you're owed money and the bank has not yet made contact, you may call Wells Fargo at 844-484-5089, Monday through Friday, from 9 a.m. to 6 p.m. Eastern time.

Small business banking refers to banking services and products designed for small and medium-sized businesses. Banks and credit unions often have special divisions just for their small business clients.