I’m Lynn Wolf, managing editor of rural lifestyle dealer magazine, with my editors posed for May 20, 2014—Loan Opportunity: Wells Fargo Targets Small Businesses. Recent news from Wells Fargo could mean a funding opportunity for your dealership.
The company has set a goal of at least a hundred billion dollars in new loans to small businesses by 2018. Wells Fargo says the lending goal was announced to help more businesses succeed financially as business owner optimism is rising. The Wells Fargo Gallup small business index
recent recently rose to 47 from 45 in a survey taken in April.
The game was in line with other recent signs of small business confidence including an increase in hiring and a pickup and borrowing. The index is still well below the high of 114 it reached in December 2006 before the recession. Gym sites of Wells Fargo’s corporate communications department says that we’ve seen an increase in six of the last seven quarters and the future expectations are higher than any point since the sort of 2008.
Site says that Wells Fargo is the number one egg lender among commercial banks in North America based on FDIC data, Rhe lending goal is for businesses with less than 20 million dollars in annual revenue. Site says before extending credit, Wells Fargo looks for business to show it generates a steady cash flow has resources to repay the loan, current debt load is manageable and maintains a good credit repayment history.
He says we want to make every responsible loan we can, the lone goal is part of the new wells cargo initiative for small businesses called Wells Fargo works. The online portal is www. Wells Fargo works com, the site offers information about applying for loans and resources for starting and growing small businesses.
An added incentive to check out the site now Wells Fargo is offering a chance for small businesses to win 25,000. In order to enter, you need to submit a video or an essay about your business and complete a nomination form by June 30. If you enter the contest center, your submission is in our way to be part of your nomination for our 2015 dealership of the year.
The 2014 nominations are being considered now, but it’s never too early to enter 2015. We’ve been sharing our own signs of optimism in this column and in our magazine with our 2014 dealer business transit outlook report, the full 38 page report is now available online. Take a look and see if your outlook and plans for 2014 match those of other dealers across the U.S. and Canada. Here are some positive numbers on the consumer side, the tractor supply recently released. The company says that farm hobby farmer income growth is projected to be three point five percent in 2014, versus the median U.S. household income growth of 2.2%. It estimates that the median hobby farmer income to be 1811 dollars, and that compares with a U.S. median income of $58.
The numbers back up what you and our team a true life still dealer magazine already know the rural lifestyle equipment market is a place to be for dealers. Who wants to grow and what do you think? Share your the opportunities and challenges, you will see as we’re at midway through 2014. Comment in the section below or call or write to me anytime and thanks for reading.