Sturdy Savings Bank’s Commercial Lending Division leads all banks located in Atlantic and Cape May Counties, when it comes to the number of loans approved under the U.S. Small Business Administration’s (SBA) 7(a) Advantage loan program, according to a recent report issued by the SBA New Jersey District Office.
For fiscal year ending September 2016, Sturdy Savings Bank ranked as the 6th largest SBA lender out of 117 statewide lenders with a total of 46 small business loans for $21 million from the period of October 1, 2015 through September 30, 2016. According to the SBA report, the number of loan approvals far exceeded all other banks based in Atlantic and Cape May Counties and represented an 18 percent increase in number of loan approvals and a 35 percent increase in the dollar volume over 2015 totals.
“As a prominent community bank, we have always strived to accommodate the needs of small businesses within our communities,” said Sturdy Savings Bank President and CEO Gerald Reeves. “We remain active in small business lending, offering a different variety of loan products. We understand that economic conditions have been challenging, so we continue to work at making it easier for our customers to qualify for a loan.”
According to SBA data, of the 46 loans approved by Sturdy Savings Bank, 30 of those loans went to existing businesses and 16 of the loans went to new businesses. In addition, those 46 loans helped to create an additional 121 new jobs and retain another 111 jobs in Atlantic and Cape May Counties.
During the fiscal year ending September 2015, the SBA reported that among local financial institutions, Sturdy granted 39 loans in Atlantic and Cape May Counties for a total of $15.6 million; double the dollar amount of loans provided in the 2014 fiscal year. The SBA previously recognized Sturdy as a “breakthrough lender” in 2015 for the increase in loans through the SBA program.
“Sturdy Savings Bank offers a wide range of short and long term Commercial Loans and Credit Lines to accommodate the business needs of our commercial customers,” said Reeves. “Our expert lending staff specializes in creative, flexible financing tailored to meet any business need.”
The bank serves the community at 13 different locations, including Avalon, Cape May, Cape May Court House, Dennisville, North Cape May, North Wildwood, Ocean City, Rio Grande, Somers Point, Stone Harbor, Tuckahoe, and Wildwood Crest.Related Articles: