Wells Fargo caps government small business lending at $10 billion

(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