Wells Fargo & Company, one of the leading SBA (Small Business Administration) lenders in the U.S., announced that 38-year company veteran Don Fracchia has been named head of its SBA lending division.

In this role, Fracchia will lead more than 400 team members dedicated to providing SBA lending solutions to emerging small businesses. He succeeds Donna Serres, who recently retired. Based in Los Angeles, Fracchia will report to Laura Oberst, head of Wells Fargo’s Business Banking Group.

Wells Fargo, a SBA preferred lender, offers SBA 7(a) and 504 loan programs. Through its SBA lending program, Wells Fargo provides financing to emerging small businesses who qualify for SBA loans. During the federal 2018 fiscal year, Wells Fargo extended more than $1.2 billion in SBA loans and manages a SBA portfolio over $10 billion.

“SBA lending is an important part of Wells Fargo’s support for our small business customers,” said Oberst. “Don is a proven leader and has developed significant credit, risk management and sales experience throughout his career. I’m confident that Don is the right leader to guide our team as we continue to strengthen our SBA business and serve the unique financing needs of our customers.

”Previously, Fracchia was head of Wells Fargo’s National Specialty Industry Group, part of Business Banking, where he led more than 200 specialty bankers dedicated to the Investor Real Estate and Agriculture customer segments. Before that he was head of Business Banking for the Pacific Midwest.

Fracchia earned a bachelor’s degree in economics from the University of California–Berkeley and graduated with an executive certificate from the Graduate School of Credit and Financial Management at Stanford University. He currently serves as the chairman of the board for the MS Society of Southern California and Nevada.