TD Bank was recently recognized by the U.S. Small Business Administration’s New Jersey district office for approving the most loans to Garden State small business owners.
During the agency’s fiscal year 2017 (Oct. 1, 2017 through Sept. 30, 2018), the Cherry Hill-based lender approved 851 loans for $90 million.
This is the fifth consecutive year the SBA has awarded TD with its Diamond Award. The award ceremony was held at the bank’s headquarters.
“Over the last five years, TD Bank has been a major provider of SBA loans to small business owners across the state, making it easier for them to access capital here in New Jersey,” Al Titone, SBA New Jersey district director, said. “TD Bank has a great understanding of the small business market and continues to grow its footprint in order to serve the capital needs of small businesses throughout the state.”
TD Bank also received awards in other categories, including:
- SBA’s District Director Award for being the #1 Small Loan Lender in New Jersey (821 loans for $350,000 or less);
- District Director Awards for being the #1 Export Lender (two loans for $5 million);
- #1 Third Party Lender of SBA 504 Loans (eight loans for $13.1 million).
Titone said during fiscal year 2018, the SBA New Jersey district office approved a record $905 million in loans to 2,291 state small business owners.
“SBA loans continue to play a vital role in growing the economy. Sixty-two percent of our loan approvals went to existing businesses, while 38 percent went to startup companies. These loans helped to create 7,816 jobs and retain another 9,387 jobs throughout the state,” he said.
“SBA continues to have a far-reaching impact on the community through our lending programs,” said Titone.
“During the first half of fiscal year 2019 (Oct. 1, 2018 through March 31, 2019) SBA has approved 911 loans for $407 million to New Jersey small business owners. We are currently on pace to approve 1,800 loans for $800 million for all of 2019.”