John Armstrong
John Armstrong
Small Business
May 23, 2016

Online loan tool: ‘Tailor made’ for small businesses

Wells Fargo’s new FastFlexSM Small Business Loan provides a quick approval process and rapid funding — aimed at speeding needed cash into the hands of small business owners.

As a full-service clothier, you need to know when to suggest lace-up shoes versus slip-ons.* And you need to have both options available for purchase along with your customers’ custom-tailored suits and shirts.

That was business-as-usual for John Armstrong, owner of John Armstrong, Clothier, in Birmingham, Alabama — until the larger shoe lines became less interested in dealing with small accounts like his. And when he heard that news, he saw an opportunity.

“I started my own shoe line as a way to provide a higher-quality, better-fitting shoe to my clothing clients,” says John. “When I learned that clothiers around the country were having their accounts closed by their shoe suppliers, I recognized there was now a market to sell my shoes to other small businesses.”

John’s Adriano Cavalli shoe line.
Using Wells Fargo’s new FastFlex loan tool, John secured funding to ramp up marketing for his shoe line.
John’s custom-tailored suits.
John points out that the first knot tied in a new tie is the most important. The lining has “memory” and will use the original knot set in the tie each time it is tied thereafter.

The window of opportunity was small, and he needed immediate cash if he was going to be successful with his Adriano Cavalli shoe brand.

Enter Wells Fargo’s FastFlexSM Small Business Loan, the company’s new online small business loan product that offers a real-time approval process and is funded as soon as the next business day. As a longtime small business customer, John had recently been invited to pilot the loan product.

John says, “Capitalizing on a good opportunity requires acting quickly,” and the FastFlex loan “couldn’t have been easier.”

Using FastFlex, he quickly got a loan to help cover the cost of launching his new shoe line – allowing him to create product samples, produce catalogs, have the shoes professionally photographed, and develop and launch a new website.

“As a small business owner, capitalizing on a good opportunity requires acting quickly, but often securing the needed funding is a lengthy, time-consuming process,” says John. “Wells Fargo’s FastFlex loan application and approval process couldn’t have been easier.”

Now, FastFlex is available for existing Wells Fargo customers as part of the company’s family of small business products and comprehensive support offered through Wells Fargo Works for Small Business®.

FastFlex is a one-year term loan, with loan amounts ranging from $10,000 to $35,000. It is now available to customers who have had a business deposit account relationship with Wells Fargo for at least one year.

“Small businesses are seeking faster, more convenient loan options online at responsible rates, and we created FastFlex to help meet this need,” says Lisa Stevens, head of Small Business at Wells Fargo. “We believe FastFlex sets Wells Fargo apart from other online loans that are available today – offering short-term credit to business owners with an easy application process, quick decision, as soon as next-day funding, and clear terms.”

*John generally advises lace-up shoes with a suit and slip-ons with a sport coat or casual clothing.