Eight New Jersey banks were named a Top SBA lender by the U.S. Small Business Administration’s New Jersey district office for approving the most small business loans during the agency’s fiscal year 2019.
Cherry Hill-based TD Bank, which came in at No. 1 on the list out of 20, approved 604 loans for $79.4 million to small businesses throughout New Jersey.
“For an unprecedented sixth consecutive year, TD Bank was the top provider of SBA loans to New Jersey small business owners, making it easier for them to access capital to start or expand a business in the state,” said SBA New Jersey District Director Al Titone. “TD Bank’s focus on serving the small business market is evident through their footprint that reaches from Maine to Florida, which serve the capital needs of small businesses up and down the east coast.”
According to Steve Bulger, regional administrator for the SBA, the district office in New Jersey approved $855 million in loans to 1,946 state small business owners last year.
“SBA loans continue to play a vital role in growing the economy,” Bulger said. “Sixty percent of our loan approvals went to existing businesses, while 40 percent went to startup companies. These loans helped to create 8,500 jobs and retain another 6,350 jobs throughout the state.”
The New Jersey banks on the list and their rankings:
1. TD Bank, approved 604 loans for $79.4 million, Cherry Hill;
3. J Regional Business Assistance Corp., approved 100 loans for $58 million, Mercerville;
6. UCEDC, approved 69 loans for $3.4 million, Cranford;
8. Cooperative Business Assistance Corp., approved 59 loans for $1.4 million, Camden;
10. Peapack-Gladstone Bank, approved 31 loans for $22.3 million, Bedminster;
11. The 504 Co., approved 30 loans for $33 million, Fort Lee;
14. New Millennium Bank, approved 25 loans for $23.2 million, New Brunswick;
18. First Commerce Bank, approved 20 loans for $5.6 million, Lakewood.
“SBA continues to have a far-reaching impact on the community through our lending programs,” Titone said. “The first quarter of 2020 shows that overall we have approved 417 loans for $237 million. However, the real story is SBA-backed loans that support economic development and finance expansion via heavy equipment or real estate purchases for businesses are up nearly 30% in the first quarter of FY 2020. In New Jersey, we are finding that our 504 loan approvals for fixed asset lending are up 40 percent. This first quarter shows that we went from 22 approved 504 loans to 31 approved 504 loans this first quarter.”
“What is even more amazing is that our dollars approved for the 504-loan program went from $17 million in the first quarter of 2019 to a whopping $41 million in the first quarter of 2020. We’re talking a 141 percent increase,” he added. “These strong numbers, coupled with a strong economy, demonstrates small business confidence. That confidence is translating into job creation, more innovation and economic development here in New Jersey. Finally, and in some ways most importantly, we are seeing SBA lenders opening their credit boxes and making loans conventionally without the need for an SBA guarantee, indicating overall personal credit and small business preparedness in the state is also on the rise. All around, this is just more good news for small business borrowers.