SKIP TO SITE NAVIGATION | SWITCH TO GRAPHICAL VERSION

Press Releases

November 27, 2000
Wachovia Named Top Lender to Small Businesses

The U.S. Small Business Administration has announced that Wachovia is the No. 1 lender to small businesses in the Carolinas based on the number of SBA guaranty loans made during the SBA's 2000 fiscal year, which ended Sept. 30.

Wachovia also was named the top small business lender among large banks in Virginia and second overall in the Commonwealth. In Georgia, Wachovia improved its ranking to fourth this year from 17th in 1999. In Florida, Wachovia ranked 27th while operating in only six of the state’s 67 counties.

"Wachovia is proud of its small business lending achievements, which are a direct result of our focused efforts and longstanding relationship with the SBA," said A. Michael Wilkerson, Wachovia senior vice president and Small Business sales manager. "We are committing significant resources to the SBA program, which helps us meet the diverse needs of small business owners."

Wachovia’s overall loan and dollar totals:

SBA Fiscal Year 2000
	No. of Loans:	Dollar Amount:	Rank:
North Carolina	53	$6,097,300	1
South Carolina	29	$2,717,000	1
Virginia	38	$3,678,000	2
Georgia	44	$4,380,400	4
Florida	14	$1,791,500	27
Totals:	178	$18,664,200

SBA Fiscal Year 1999
	No. of Loans:	Dollar Amount:	Rank:
North Carolina	27	$3,704,300	5
South Carolina	13	$991,000	4
Virginia	28	$1,987,000	4
Georgia	17	$1,492,500	17
Florida	11	$1,059,000	24
Totals:	96	$9,233,800

The SBA guaranty program offers small businesses additional support to qualify for loans that they may have difficulty obtaining through traditional channels. Start-ups and businesses less than two years old are targeted for these SBA-guaranteed loans of up to $750,000.

"One reason for Wachovia’s improvement is its Special Loans Programs Group, which has focused on the growing needs of business owners and the growing small business market," Wilkerson said.

The Special Loans Program Group works closely with Small Business bankers and business bankers across the Southeast to deliver financial solutions for companies in need of credit.

"Small business is the fastest-growing sector in the commercial marketplace," said Judy C. Buchanan, Wachovia senior vice president and Small Business segment manager. "We are working to eliminate misconceptions about small businesses and large banks. Wachovia’s customer focus and product initiatives clearly are providing services that small businesses want and need."

In 2000, in addition to increasing its SBA lending activity, Wachovia announced a number of initiatives directed at small business customers. Those include PayChex payroll processing for small businesses, an expansion of Wachovia At Work to include small businesses, three new business bank cards and Wachovia Business Power, which allows small businesses to buy products and services at discounts.

About Wachovia:

Wachovia Corporation (NYSE: WB), with dual headquarters in Atlanta and Winston-Salem, N.C., is a leading financial holding company serving regional, national and international markets. At Sept. 30, 2000, Wachovia had assets of $72 billion. Member companies offer consumer and commercial banking, bankcard, asset and wealth management, capital markets and investment banking, brokerage and insurance services. Wachovia Bank, N.A., the principal subsidiary, has nearly 700 offices and 1,400 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia. For more information about Wachovia, visit www.wachovia.com.