Small Business

SBA on Pace to Approve $900M in Loans to NJ Small Businesses

The U.S. Small Business Administration’s New Jersey district office reports that state small business owners are on pace to receive $900 million in SBA-backed loans in 2018. Over the first six months of the agency’s fiscal year 2018, SBA loan approvals and dollar volume in the state are both up 33 percent and 23 percent respectively.

According to SBA’s New Jersey District Director Alfred J. Titone, his office has approved 1149 loans for $456 million to state small business owners during the first half of fiscal year 2018 (the period of October 1, 2017 through March 31, 2018), compared to 862 loans for $373 million approved during the same period last year.

“SBA loan approvals and dollars are trending upward, a great indicator that the economy is growing and moving in a positive direction,” said Titone.  “The bottom line is that the SBA is providing more loans and dollars to New Jersey small business owners than we did a year ago.”

“When small businesses in 19 of the 21 counties in the state are seeing more loans than they did last year, then that is good news for New Jersey,” said Titone. “These loans have helped to create 4,030 jobs and have helped to retain another 4,619 jobs here in New Jersey.  From where I sit, those loans have a far-reaching and significant economic impact on the state’s economy.”

Of the 1149 small businesses that received an SBA loan approval, 51 percent of the loans went to existing business while 49 percent went to new businesses.  Titone noted that the 49 percent that went to new businesses was a significant shift from the 32 percent average number of loans that typically go to new small businesses in the state.

There were five counties during the first six months of fiscal year 2018 that showed significant increases in SBA loan approvals.  Hunterdon County led the way with a 128 percent increase in loans.  Warren County followed with an 88 percent increase; loan approvals in Camden County were up 82 percent; Mercer County showed a 79 percent increase; and rounding out the top five counties was Ocean County with a 70 percent increase.

The top five SBA lenders in New Jersey for the first six months of fiscal year 2018 were: TD Bank with 421 loans for $41 million; Wells Fargo Bank with 44 loans for $21 million; M&T Bank with 44 loans for $8.4 million; JPMorgan Chase Bank with 44 loans for $7.4 million; and Santander Bank with 36 loans for $4.5 million.

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