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October 29, 2004
Wachovia Corporation Jumps to Third Spot in SBA 2004 Ranking
Company increases SBA loan authorizations by 110 percent
CHARLOTTE, N.C. - Wachovia Corporation, a leading national SBA lender since 1979, announced today its SBA loan authorizations increased in dollar volume by 110 percent to nearly $473 million. Wachovia jumped to No. 3 in national rankings of SBA lenders by dollar volume, up from No. 8 in fiscal year (FY) 2003.
The number of Wachovia SBA loans increased 114 percent to 884 in FY 2004 from 414 in FY 2003. The 2004 SBA fiscal year runs from Oct. 1, 2003, through Sept. 30, 2004.
Wachovia ranked No. 1 in North Carolina in SBA lending for FY 2004. The company is second in Alabama, Georgia, Virginia and Florida; third in Colorado; and fourth in Maryland. Wachovia jumped from 16th to sixth in California and ranked sixth in Arizona.
"The incredible performance of Wachovia illustrates how committed we are to helping small businesses across the country grow, prosper and succeed," said Donna Serres, senior vice president and head of Wachovia Small Business Capital. "As the fourth-largest financial services company in the country, Wachovia has the solid footing to be able to offer our customers the unique and useful financing options they need to grow."
Wachovia offers a variety of SBA loan programs, including SBA Express loans, SBA 7(a) loans and SBA 504 loans, primarily through its subsidiary, Wachovia Small Business Capital, based in Roseville, Calif. It also provides the SBA Express loan through is its main credit channels for banking customers. Wachovia is a Preferred SBA Lender, which delegates loan approval, closing, and most servicing and liquidation authority and responsibility to these carefully selected lenders.
About Wachovia Small Business Capital
Wachovia Small Business Capital® (WSBC) specializes in small business lending. Its expertise and track record have earned it independent credit authority as a designated SBA Preferred Lender in most states. The company also provides SBA 504 loans, SBA Express, conventional small business loans and long-term construction financing.
WSBC is comprised of Wachovia SBA Lending, Inc. (WSBA), the lender for SBA 7(a) loans, and Wachovia Commercial Mortgage, Inc. (WCMI), the lender for all other loans. Both are subsidiaries of Wachovia Bank, N.A.
Loans made by WSBA and WCMI are made pursuant to a Department of Corporations California Lenders License. WSBA and WCMI hold Arizona licenses BK 7991 and BK 14330, respectively, and are Georgia Residential Mortgage Licensees.
About Wachovia Corporation
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and retail brokerage operations nationwide. Wachovia had assets of $436.7 billion, market capitalization of $61.4 billion and stockholders' equity of $33.9 billion at September 30, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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