TD Bank Remains Top SBA NJ Lender in 2016; Agency Honors 18 Lenders

On Jan 26, 2017

For the third consecutive year, TD Bank was recognized by the US 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 2016 (the period from October 1, 2015 through September 30, 2016).  The Cherry Hill-based lender approved 226 loans for $41.3 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 2016.  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 three years, TD Bank has made it easier for small business owners to access capital here in New Jersey, said SBA New Jersey District Director Al Titone. “When it comes to serving the financial needs of small businesses, “TD Bank has a great understanding of the small business market and has a visible footprint that continues to grow throughout the state.”

Of the 226 loans that the bank approved, 208 of those loans were for $350,000 or less for a total of $17 million, which also earned TD Bank SBA’s District Director Award for being the No. 1 Small Loan Lender in New Jersey.

According to Titone, the SBA New Jersey district office approved $805 million in loans to 1,754 state small business owners during fiscal year 2016.  “SBA loans continue to play a vital role in growing the economy,” said Titone. “Sixty-three percent of our loans went to existing business and another 36.7 percent went to startup companies. These loans helped to create 7,177 jobs and retain another 9,240 jobs throughout the state.”

“Simply put, we just could not have achieved all of this without the help of the 117 lenders who approved at least one SBA loan this past year,” said Titone.  “Our partnership with these lenders allows us to impact 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.  San Francisco-based Wells Fargo Bank, Manhattan-based JPMorgan Chase Bank and Buffalo-based M&T Bank were recipients of the 2016 SBA Gold Award for approving 211 loans for $30.1 million, 109 loans for $17.7 million, and 106 loans for $16.7 respectively.

Four Silver Awards were presented to lenders approving between 55 and 100 loans.  Those receiving the awards were: UCEDC of Cranford with 88 loans for $3 million;  Regional Business Assistance Corporation of Mercerville for approving 84 loans for $60 million; Santander Bank of Boston, MA with 70 loans for $9.8 million; and Cooperative Business Assistance Corporation of Camden approved 62 loans for $1.2 million.

Seven Bronze Awards were awarded to lenders approving 35- 54 loans.  Sturdy Savings Bank of Stone Harbor approved 46 loans for $20.7 million; Republic Bank of Philadelphia, PA approved 43 loans for $45 million; NewBank of Flushing, NY approved 41 loans for $31.7 million; PNC Bank of Pittsburgh, PA approved 40 loans for $9.2 million; Unity Bank of Clinton approved 37 loans for $31.3 million; New Millennium Bank of New Brunswick approved 35 loans for $22.4 million; and Celtic Bank Corporation of Salt Lake City, UT with 35 loans for $8.7 million.

Additional SBA District Director’s Awards were presented to Financial Resources Federal Credit Union of Bridgewater as the No. 1 Credit Union approving 30 loans for $16.6 million.  UCEDC was awarded the No. 1 Microlender Intermediary approving 77 microloans for $633,330. The Breakthrough Lender of the Year Gold Award went to Peapack Gladstone Bank of Bedminster for approving 12 loans for $5.5 million compared to one loan approved for $325,000 in 2015. The Breakthrough Lender of the Year Silver Award went to Financial Resources Federal Credit Union for approving 30 loans for 16.6 million compared to 15 loans for $5.5 million in 2015.

The #1Third Party in the SBA Grow Loans (504) Program went to JPMorgan Chase Bank with 6 loans for $7.1 million. The Regional Business Assistance Corporation (RBAC) was recognized for being the No. 1 Certified Development Company that approved 43 Grow Loans for $56.4 million.   RBAC was also recognized as the No. 1 Community Advantage Lender with 25 loans for $3.1 million.  The No. 1 Export Lender award went to HSBC of McLean, VA for approving three export loans for $17.7 million.

“We continue to have a far-reaching impact on the community through our lending programs,” said Titone. “The first quarter of 2017 shows that we approved 421 loans for $187 million, this loan activity represents a 6.3 percent increase in loan approvals and a 4.3 increase in dollars over 2016 loan activity in NJ.

“I credit all this to the valuable partnerships we have established with all our lenders over the years; it certainly has 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: