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Wells Fargo caps government small business lending at $10 billion

Credit: REUTERS/Mike Blake

Wells Fargo & Co said late Sunday that it will cap its participation in the federal small business rescue program at $10 billion due to regulatory constraints.

By Imani Moise

April 5 (Reuters) - Wells Fargo & Co WFC.N said late Sunday that it will cap its participation in the federal small business rescue program at $10 billion due to regulatory constraints.

The San Francisco-based lender said it has likely reached capacity based on the applications it has already received. The bank launched its application portal on Saturday.

(Reporting by Imani Moise; Editing by Tom Hogue)

((Imani.Moise@thomsonreuters.com; 646-223-6335;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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