NEWARK, NJ--- For the second consecutive year, JPMorgan Chase 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 2012 (the period from October 1, 2011 through September 30, 2012). The Manhattan-based lender approved 143 SBA loans for $16million to New Jersey small business owners.
For its efforts, JPMorgan Chase Bank received SBA’s Diamond Award at the SBA’s Annual Lender Awards Ceremony held at the Newark Club in downtown Newark. This year’s ceremony was hosted by Noah Bank.
SBA New Jersey District Director Al. Titone said, “For two consecutive years JPMorgan Chase Bank has made a strong commitment to New Jersey small business owners by making capital available to them.”
“The top management at JPMorgan Chase Bank understands the value of investing in small businesses,” said Titone. “The payoff is that it stimulates economic growth and creates much needed jobs that are vital to our economy. I commend them for doing an outstanding job to meet the demand for loans from small businesses throughout the state.”
“While much of the credit for SBA’s lending to small businesses belongs to JP Morgan Chase Bank and the nine other lenders we honor this year, I also want to thank all of the 93 participating lenders who helped bring capital to 1,172 New Jersey small business owners for a total of $605 million,” added Titone. “This was the third largest dollar volume on record for the state, reaffirming that the pace of SBA-loan approvals are a sign of a healthier economy and a return to stronger credit markets.”
In addition to receiving SBA’s Diamond Award, JPMorgan Chase Bank received a District Director’s Award for being the Top Participating Lender in SBA’s 504 Certified Development Company Loan Program by approving 13 loans. SBA’s 504 loans are fixed asset loans used for the purchasing of commercial real estate and heavy machinery and equipment. During 2012, the SBA New Jersey district office approved a record 146 CDC 504 loans for a total of $148 million.
This year, SBA awarded one Gold Award to a lender approving over 101 loans throughout the year. TD Bank of Cherry Hill received SBA’s Gold Award for approving 119 loans for $24 million. Five Silver Awards were presented to lenders approving between 55 and 100 loans. Those receiving the awards were: New Jersey Business Finance Corporation of Fort Lee for approving 74 loans for $83 million; Sovereign Bank of Boston, MA approved 67 loans for $11.3 million; Regional Business Assistance Corporation of Mercerville approved 64 loans for $48.6 million; Noah Bank of Philadelphia, PA, approved 58 loans for $43 million; and Republic Bank of Philadelphia, PA approved 55 loans for $69.1 million.
Two Bronze Awards were awarded to lenders approving 35- 54 loans. Wells Fargo Bank of San Francisco, CA approved 54 loans for $18.7 million and NewBank of Flushing, NY was recognized for approving 48 loans for $22.2 million.
Three District Director Awards were presented to the following lenders: JPMorgan Chase was recognized for being the #1participating lender in the 504 Loan Program with 13 first mortgage loans. The Breakthrough Lender award went to Noah Bank with 58 loans for $43.1 million and the Cooperative Business Assistance Corporation of Camden received an SBA DistrictDirector Award for being SBA’s #1 MicroLoan Intermediary by approving 60 of the 101 SBA MicroLoans made in 2012.
“Our lending programs are helping to promote economic development and job growth here in New Jersey,” said Titone. “However, it’s the partnerships that we have established with each of our lenders that allow us to maximize the impact we have on the small business community. This is just our way of saying thank you to all our lenders for a job well done.”