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Small Business

After 35-Day Government Shutdown, SBA is Open for Business

$40 Million in Loans Approved to NJ Small Businesses Last Week

After a 35-day partial government shutdown, the U.S. Small Business Administration (SBA) is open for business.  In just one week back on the job, the agency approved 116 loans for $40 million to New Jersey small business owners and entrepreneurs.

“It’s great to be back and putting capital into the hands of New Jersey small business owners,” said SBA New Jersey District Director Al Titone. “Considering we were averaging 173 loan approvals per month from Oct. 1 thru Dec. 21, last week’s loan output was nothing short of phenomenal.  SBA personnel in our processing centers have done a terrific job in making sure capital begins to flow again.”

Titone noted that the one-week loan totals helped to support 69 existing businesses for $17.3 million and 47 new businesses for $22.5 million across the state.  “These 116 loans helped to create 304 new jobs and retain another 350 jobs,” said Titone.  “The economic impact is huge and shows the vital role SBA plays in providing capital to local small business owners.”

In total, 37 lenders were part of the 116 loans approved last week.  Of that total, TD Bank had the most approvals with 33 loans for $1.5 million; Newtek Small Business Finance, Inc. had 8 loans for $3.2 million; Peapack Gladstone Bank had 7 loans for $2.6 million; Wells Fargo Bank had 6 loans for $1.6 million, with JP Morgan Chase following with 6 loans for $911,700 and Santander Bank with 6 loans for $777,000.

According to Titone, 19 of the 21 counties had at least one loan approval.  Bergen County led the way with 18 approvals for $10 million, followed by Monmouth County with 11 approvals for $3.3 million.  Union, Middlesex and Morris County had 9 approvals each for $4.6 million,  $2.3 million and $1.1 million respectively.   Rounding out the top five counties was Camden County with 8 approvals for $2.7 million.

“We will be monitoring this week’s loan activity closely to see if a backlog exists,” said Titone. “Prior to the shutdown, New Jersey was averaging about 43 loan approvals per week.  If we exceed that total by a wide margin then we will know where we stand in terms of processing loans. Of course we will also be relying on the feedback we receive from our lenders on whether they are satisfied with the rate loan applications are getting approved and processed.  But for now, we are glad to be back and making certain that the New Jersey small business community receives the necessary capital needed to grow and expand their businesses.”

SBA NJ Loan Approvals by County for Jan. 28 thru Feb. 1

County Number of Loans Sum of Orig. Gross Amt.
ATLANTIC 2 $105,300.00
BERGEN 18 $9,913,000.00
BURLINGTON 6 $4,178,400.00
CAMDEN 8 $2,739,700.00
CAPE MAY           –
CUMBERLAND 2 $50,000.00
ESSEX 6 $1,385,000.00
GLOUCESTER 3 $810,000.00
HUDSON 6 $1,355,000.00
HUNTERDON 2 $35,000.00
MERCER 6 $682,700.00
MIDDLESEX 9 $2,367,000.00
MONMOUTH 11 $3,313,000.00
MORRIS 9 $1,140,000.00
OCEAN 7 $3,005,000.00
PASSAIC 5 $1,660,000.00
SALEM           –
SOMERSET 2 $280,000.00
SUSSEX 2 $396,000.00
UNION 9 $4,662,000.00
WARREN 3 $1,735,000.00
Grand Total 116 $39,812,100.00

To access more business news, visit NJB News Now.

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