TD Bank Continues to Dominate Small Business Lending in NJ

For the fourth consecutive year, 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 2017 (the period from October 1, 2016 through September 30, 2017). The Cherry Hill-based lender approved 742 loans for $58.7 million to small businesses around the state.

TD Bank was presented with SBA’s prestigious Diamond Award at the agency’s Annual Lender Awards Ceremony for approving the most SBA loans in NJ during fiscal year 2017.  This year’s ceremony was held at the Forsgate Country Club in Monroe Township and was hosted by the New Jersey Small Business Development Center.

“For the last four years, TD Bank has been a major provider of SBA loans to small business owners, making it easier for them to access capital here in New Jersey,” said SBA New Jersey District Director Al Titone. “TD Bank has a great understanding of the small business market and continues to grow its footprint in order to serve the capital needs of small businesses throughout the state.”

During fiscal year 2017, TD Bank was able to approve SBA loans in all 21 counties of the state. Of the 742 loans that the bank approved, 738 of those loans were for $350,000 or less for a total of $53.4 million.  TD Bank’s average loan size was a little over $72,000, which also earned the bank SBA’s District Director Award for being the  No. 1 Small Loan Lender in New Jersey.

According to Titone, during fiscal year 2017, the SBA New Jersey district office approved a record $869 million in loans to 2,326 loans to state small business owners.  “SBA loans continue to play a vital role in growing the economy,” said Titone. “Sixty-seven percent of our loan approvals went to existing businesses, while 33 percent went to startup companies. These loans helped to create 8,666 jobs and retain another 10,671 jobs throughout the state.”

“Simply put, we just could not have achieved all of this without the help of the 109 lenders who approved at least one SBA loan this past year,” said Titone.  “Our partnership with these lenders allows us to have a significant impact on the local economy.”

In addition to SBA’s Diamond Award, the agency awarded three Gold Awards to lenders approving over 101 loans throughout the year.  Manhattan-based JPMorgan Chase Bank, San Francisco-based Wells Fargo Bank, and Mercerville-based Regional Business Assistance Corporation were recipients of the 2017 SBA Gold Award for approving 144 loans for $32.2 million, 129 loans for $28 million, and 111 loans for $50 million respectively.

Four Silver Awards were presented to lenders approving between 55 and 100 loans.  Those receiving the awards were: Buffalo-based M&T Bank with 94 loans for $17 million; UCEDC of Cranford with 87 loans for $5.3 million; Cooperative Business Assistance Corporation of Camden approved 72 loans for $1.8 million; and Santander Bank of Boston with 56 loans for $8.7 million.

Eight Bronze Awards were awarded to lenders for approving 35- 54 loans.  NOAH Bank of Elkins Park, PA approved 49 loans for $31.5 million; PNC Bank of Pittsburgh, PA approved 47 loans for $12.1 million; New Millennium Bank of New Brunswick had 46 loans for $28.2 million; Celtic Bank Corporation of Salt Lake City, UT approved 43 loans for $8.9 million; Newbank of Flushing, NY had 42 loans for $27.3 million; Sturdy Savings Bank of Stone Harbor approved 41 loans for $18 million; and First Home Bank of Saint Petersburg, FL had 39 loans for $9.4 million.

Additional SBA District Director’s Awards were presented to Financial Resources Federal Credit Union of Bridgewater as the #1 Credit Union Lender approving 11 loans for $5.7 million.  Cooperative Business Assistance Corporation was awarded the #1 Microlender Intermediary approving 72 microloans for $1.8 million. The No. 1 Breakthrough Lender of the Year went to NOAH Bank with 49 loans for $31 million;

Diamond Breakthrough Lender of the Year went to Beneficial Bank of Philadelphia, PA for approving 17 loans for $13.7 million; and the Gold Breakthrough Lender of the Year Award went to Metro Bank of Harrisburg, PA for approving 7 loans for $8 million.

The #1Third Party in the SBA 504 Loan Program went to JPMorgan Chase Bank with 9 loans for $8.8 million. The Regional Business Assistance Corporation (RBAC) was recognized for being the #1 Certified Development Company approving 43 SBA 504 loans for $45.4 million. The #1 Export Lender award went to Fulton Bank of Lancaster, PA for approving three export loans for $4 million.

“SBA continues to have a far-reaching impact on the community through our lending programs,” said Titone. “The first quarter of 2018 shows that we have already approved 641 loans for $249 million, this loan activity represents a 53percent increase in loan approvals and a 34 percent increase in dollars over 2017’s first quarter loan activity in the state.”

“The valuable partnerships that we have established with all our lenders over the years have given us the foundation and platform to provide small business owners and entrepreneurs with easier access to capital. And for that, we have our participating lenders to thank.” he added.

Related Articles: