Wells Fargo announced today that its year over year totals for small business lending were up 18% in 2006, making them the nations largest bank lender to small businesses - that’s pretty impressive.  Some of the statistics mentioned in the press release were very interesting:

• 95% of business do less than $2m per year in sales
• Wells Fargo extended small businesses $21B in loans in 2006
• The average loan size was $26,000

Getting a loan can be tough for small businesses, but these statistics prove that it’s not only possible, but happening in big numbers.  3 big cheers to Wells Fargo for their support of the small business community!

I must say that I’m shocked to see that 95% of small businesses do less than $2m in revenues.  I’ve seen this statistic before, but it always makes me wonder how many people are truly running their business for a lifestyle and don’t really care about growth versus how many really desire growth but don’t have the education, capital, or talent to make it happen.

If the latter set of circumstances is the real issue, which I imagine it is, it goes to show what a dramatic impact can be had on our national well-being and competitiveness through the continued support of entrepreneurs - through education, government policy, and business practices of the major financial institutions.

I’ve heard many people say recently that the U.S. is no longer the most entrepreneurial country in the world; that many countries, particularly in Asia and Eastern Europe, are entrepreneurial hotbeds compared to the U.S.  I’ve got to believe that this is probably a slight exageration, but I also believe that if the U.S. doesn’t work hard to protect our culture of entrepreneurial risk and reward, we could eventually lose our competitive edge.

Do your part and support your local small business!