Clinton-based Unity Bank’s U.S. Small Business Administration (SBA) lending program has grown substantially in the last year, according to the most recent data released by the SBA’s New Jersey District Office.
The bank surged into the top 10 on the loan volume report, ranking number nine in the state, a significant leap from the prior year ranking of 15. The bank’s total SBA loan volume was more than $14.4 million as of July 31, 2014.
“Unity Bank has experienced strong SBA activity resulting in increased loans closed and growth in the portfolio,” said Unity Bank President & CEO James A. Hughes. “Our SBA lending reinforces Unity Bank’s commitment to small business lending and, with our status as a ‘SBA Preferred Lender,’ we have been able to expand our presence in the New Jersey market. The loan volume data verifies that small business remains the key for economic growth.”
SBA lending is focused on a wide range of for-profit businesses, including but not limited to automotive, hospitality/restaurants, manufacturing, and many other service and retail businesses. Unity Bank participates in the 7(a) Loan Program, SBA’s primary program to help start-up and existing small businesses obtain financing when they might not be eligible for business loans through normal lending channels. The bank also participates in the SBA 504 Loan program, an economic development program that offers small businesses long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization.
“Unity’s strong partnership with the SBA is an integral part of our community lending strategy and commitment to serve the state’s small business community,” said Hughes. “Our SBA program has grown steadily in the last year by financing business startup, expansion and debt refinance as well as owner-occupied commercial real estate acquisition and business acquisition. We recently expanded our commercial lending team, further enhancing the bank’s commitment to serving small businesses throughout our footprint.”
For more information on Unity Bank’s SBA lending program, please visit www.unitybank.com/business_loanslines.asp.Related Articles: