For the second 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 2015 (the period from October 1, 2014 through September 30, 2015). The Cherry Hill-based lender approved 242 loans for $36.3 million to small businesses around the state, up from the 180 loans for $28 million the bank approved during fiscal year 2014.
For their achievement, 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 2015. This year’s ceremony was held at the Holiday Inn in East Windsor and was hosted by the New Jersey Small Business Development Center.
“When it comes to making capital accessible to small businesses here in New Jersey, without question TD Bank has taken the lead and continues to raise the bar,” said SBA New Jersey District Director Al Titone. “TD Bank has made a strong commitment to small businesses and their footprint continues to grow throughout the state. This is evident by the increase in the number of loans they generated in 2015.”
According to Titone, the SBA New Jersey District Office approved a record $822 million in loans to 1,738 state small business owners. “SBA loans play a vital role in growing the economy,” said Titone. “Sixty-three percent of our loans went to existing business and another 36.6 percent went to startup companies. These loans helped to create 6,700 jobs and retain another 10,800 jobs throughout the state.”
“Simply put, we just could not have achieved all of this without the help of the 111 lenders who approved at least one SBA loan this past year,” said Titone. “Our partnership with these lenders has allowed us to increase the number of loans in NJ by 29 percent and the dollar volume by 25 percent in 2015.”
In addition to receiving SBA’s Diamond Award, TD Bank was recognized with a District Director’s Award for being the top 7(a) Small Lender with 224 for $13.2 million.
This year, SBA awarded two Gold Awards to lenders approving over 101 loans throughout the year. San Francisco-based Wells Fargo and Manhattan-based JPMorgan Chase Bank were recipients of the 2015 SBA Gold Award for approving 195 loans for $28.9 million and 142 loans for $24.2 million, respectively.
Five Silver Awards were presented to lenders approving between 55 and 100 loans. Those receiving the awards were: Regional Business Assistance Corporation of Mercerville for approving 79 loans for $36 million; Santander Bank, NA of Boston, MA for approving 72 loans for $11 million; Cooperative Business Assistance Corporation of Camden approved 68 loans for $1.6 million; M&T Bank of Buffalo, NY approved 66 loans for $13 million; and UCEDC of Cranford approved 60 loans for $2.8 million.
Six Bronze Awards were awarded to lenders approving 35- 54 loans. Celtic Bank of Salt Lake City, UT approved 45 loans for $19.3 million; Republic Bank of Philadelphia, PA approved 40 loans for $37.5 million; Sturdy Savings Bank of Stone Harbor approved 39 loans for $15.6 million; Columbia Bank of Fair Lawn approved 39 loans for $10 million; Unity Bank of Clinton approved 37 loans for $41 million; and PNC Bank of Pittsburgh, PA with 35 loans for $7.7 million.
Additional SBA District Director’s Awards were presented to Bank of America of Boston, MA as the #1 participating lender in the 504 Loan Program approving seven loans for $18.2 million. The Cooperative Business Assistance Corporation was awarded the #1 Microlender Intermediary approving 68 microloans for $1.6 million. The Breakthrough Lender of the Year Diamond Award went to Sturdy Bank for approving 39 loans for $15.6 million compared to three loans approved for $670,000 in 2014. The Breakthrough Lender of the Year Gold Award went to New Millennium Bank of New Brunswick for approving 24 loans for 12.6 million compared to four loans for $1.7 million in 2014, while Grand Bank, N.A. of Hamilton Square was awarded The Breakthrough Lender Silver Award for approving 20 loans for $19.7 million compared to one loan for $245,000 in 2014. The Regional Business Assistance Corporation was recognized for being the #1 Certified Development Company with 28 loans for $30 million and the #1 Community Advantage Lender with 33 loans for $4.3 million. Financial Resources Federal Credit Union of Bridgewater received the #1 Credit Union award with 15 loans for $5.5 million; The top Export Lender award went to HSBC of Manhattan and Columbia Bank received recognition for being the #1 Contract CAPLine Lender, a specialty program designed to help small businesses meet their short-term and cyclical working capital needs.
“The impact we have on the small business community is immense,” said Titone. “The first quarter of 2016 has us on pace to equal and maybe surpass what we accomplished in 2015. I credit this to the valuable partnerships we have established with all our lenders; it has given us a solid foundation to provide small business owners and entrepreneurs withg easier access to capital. And we have our participating lenders to thank for that.”Related Articles: