The U.S. Small Business Administration reported today that SBA loan approvals to New Jersey women business owners increased by 26 percent during fiscal year 2016, the period from October 1, 2015 through September 30, 2016.
According to SBA New Jersey District Director Al Titone, Women business owners received a total of 355 SBA loans for a total of $113 million this past fiscal year, compared to the 280 loans for $111.4 million they received during fiscal year 2015.
“There is no question that SBA lending to New Jersey women-owned businesses is trending upward and that these loans have helped support hundreds of businesses that ranged from full service restaurants to veterinary services to supermarket owners,” said Titone. “An analysis of our loan data shows this year women business owners received 20 percent of the 1,754 loans approved by SBA’s New Jersey district office and 14 percent of the $805 million that went to all small business owners around the state. The average SBA loan to a NJ women-owned business in 2016 was for a little over $316,000.”
The 355 SBA loans approved to women-owned businesses in 2016 helped to create 1,345 jobs and retain another 1,475 jobs throughout the state. “This only confirms what we already know, that New Jersey women business owners play a vital role in our local economy,” added Titone. “We have come a long way since 2012, when we approved 167 loans for $69 million to women-owned businesses and each year after that number has increased incrementally.”
Titone credited the increase in lending to the extensive outreach and relationships his office has developed with local women business groups and organizations this past year. In addition, the SBA supported state Women Business Centers; the Women’s Center for Entrepreneurship Corporation (WCEC) in Chatham and the Latin American Economic Development Association (LAEDA) Women’s Business Center located in Camden, and eight SCORE Chapters and a statewide network of America’s New Jersey Small Business Development Centers have all contributed to providing women entrepreneurs with the necessary business counseling and training that enable them to secure funding for their small businesses.
In addition to the business counseling and training components, Titone said, “Our network of lenders has done a tremendous job in helping women entrepreneurs gain access to capital. Over the last five years, New Jersey lenders have helped us to reach more women businesses each year.”
Leading the way with the most loans to women business owners in 2016 was Wells Fargo with 48 loans for $1.1 million. Other lenders approving 10 or more loans were TD Bank with 37 loans for $7.7 million; M&T Bank with 34 loans for $5 million; JPMorgan Chase Bank with 15 loans for $3 million; NewBank with 14 loans for $7.5 million; Sturdy Savings Bank with 12 loans for $4.3 million and Empire State Certified Development Corp with 11 loans for $5.8 million.
According to Titone, his office approved loans to women-owned businesses in 19 of the 21 counties in the state. The only counties not to have an SBA women-owned loan approval were Cumberland and Salem Counties. Leading the way was Bergen County with 62 loans for $22.6 million. Essex County was second with 36 loans for $9.3 million; Middlesex County was third with 26 loans for $11.6 million. Rounding out the top five counties were Burlington County with 25 loans for $5.4 million and Ocean County with 23 loans for $5.8 million.Related Articles: