TD Bank Recognized as Top SBA NJ Lender in 2014

On Feb 26, 2015

TD Bank was recognized by the U.S. Small Business Administration’s New Jersey district office for approving the most loans to New Jersey small business owners during the agency’s fiscal year 2014 (the period from October 1, 2013 through September 30, 2014).  The Cherry Hill-based lender approved 180 SBA loans for $28 million to small business owners throughout the state.

TD Bank was recognized for their achievement with SBA’s Diamond Award at the agency’s Annual Lender Awards Ceremony held at the Holiday Inn in East Windsor.  This year’s ceremony was hosted by the New Jersey Small Business Development Center.

SBA New Jersey District Director Al. Titone said, “TD Bank continues to demonstrate a strong commitment to making capitals available to small businesses in New Jersey.  Their footprint in the state is evident by the amount of loans they generated in 2014.”

“If small business is the engine that drives the economy, then its capital that is fueling that engine, which is critical to the economic and job growth that we continue to see throughout the state.”

“In addition to TD Bank and the 16 other lenders we honor this year, I also want to thank each lender who helped the SBA to bring capital to 1,347 New Jersey small business owners for a total of $650 million during 2014, this represented a 16 percent increase in the number of loan approvals and a 3 percent increase in dollar volume.”

In addition to receiving SBA’s Diamond Award, TD Bank was recognized with a District Director’s Award/ Export Lender Certificate of Achievement Award for approving two  export loans for $2.5 million

This year, SBA awarded one Gold Award to a lender approving over 101 loans throughout the year.  Manhattan-based JPMorgan Chase Bank was the recipient of the 2014 SBA Gold Award for approving 110 loans for $24 million.

Seven Silver Awards were presented to lenders approving between 55 and 100 loans.  Those receiving the awards were: Santander Bank, NA of Boston, MA for approving 93 loans for $12 million; Noah Bank  of Philadelphia, PA approved 88 loans for $55.3 million; Wells Fargo Bank of San Francisco, CA approved 88 loans for $24 million; Regional Business Assistance Corporation of Mercerville approved 78 loans for $27 million; UCEDC of Cranford approved 74 loans for $11.8 million; Cooperative Business Assistance Corporation of Camden approved 69 loans for $1.2 million; M&T Bank of Buffalo, NY approved 61 loans for $16 million.

Three Bronze Awards were awarded to lenders approving 35- 54 loans.  Republic Bank of Philadelphia, PA approved 47 loans for $64 million; New Jersey Business Finance Corporation of Fort Lee approved 41 loans for $50 million; and . NewBank of Flushing, NY was recognized for approving 35 loans for $29 million.

Additional SBA District Director’s Awards were presented to JPMorgan Chase Bank as the #1 participating lender in the 504 Loan Program approving nine loans for $9.1 million; Cooperative Business Assistance Corporation as the #1 Microlender approving 69 microloans for $1.2 million; Breakthrough Lender of the Year, Harmony Bank of Jackson approving 25 loans for $20 million compared to five loans approved for $6.8 million in 2013. New Jersey Business Finance Corp. was awarded the #1Certified Development Company approving 41 loans for $50 million; Regional Business Assistance Corporation received the #1 Community Advantage Lender with 28 loans for $3.8 million; Noah Bank was awarded the #1 7(a) Small Loans Lender with 49 loan approvals; Financial Resources Federal Credit Union of Bridgewater received the #1 Credit Union with nine loans for $7 million; Export Lender Certificate of Achievement awards were presented to First Trust  Savings Bank, HSBC and NewBank.

“Partnerships with a wide variety of lenders allow us to maximize the impact we have on the small business community,” said Titone. “We’re already off to a great start in 2015 and by all accounts we should surpass last year’s loan approvals. And we have our participating lenders to thank for leading the way.”

Related Articles: