Innovation Description
In May 2014 Wells Fargo introduced Wells Fargo Works for Small BusinessSM – a broad initiative to deliver resources, guidance and services to help small businesses achieve financial success.
The service is based on digital portal providing wide-ranging support for business owners throughout the U.S. to help them build knowledge, access capital and expand their network.
“Wells Fargo Works for Small Business is our commitment to help small businesses in more ways than ever before. It encompasses the products, services and resources needed for small business owners to take the next step to reach their business goals,” said Jamie Moldafsky, Wells Fargo chief marketing officer. “Most importantly, Wells Fargo Works for Small Business is delivered every day by our bankers who partner with business owners to help them succeed financially.”
WellsFargoWorks.com, an online portal that provides financial guidance on such topics as building credit and sustaining growth to help business owners increase their knowledge and confidence. This informational portal includes hundreds of feature stories and videos featuring national small business strategy experts and business owners sharing their experiences.
Wells Fargo is a leader in SME finance services in the U.S. Wells Fargo is the No. 1 SBA 7(a) lender in dollars for each of last five years and the first lender to approve more than $1 billion in SBA 7(a) loans in a single year (source: https://www.wellsfargo.com).
Innovation Details
Organization
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 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 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy.
The goal is to extend $100 billion in new lending to small businesses by 2018.
Unique Value Proposition
Offering non-financial services to SME and business banking customers.
“Working with small business owners is one of the most important things we do at Wells Fargo. We know America needs small businesses to grow, add jobs and prosper for our economy to fully thrive,” said Lisa Stevens, Wells Fargo’s head of Small Business. “Through Wells Fargo Works for Small Business and our new lending goal, we want to provide the support small businesses across the country need to move forward.”
Source: https://www.wellsfargo.com
Implementation
- Time-to-market: n/a
- Process steps and timeline: n/a
- Current status and progress: Launched in May 2014
- Next steps and further developments expected: n/a
