JPMorgan Chase Bank Remains Top SBA NJ Lender in 2013
EAST WINDSOR, NJ--- For the third 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 2013 (the period from October 1, 2012 through September 30, 2013). The Manhattan-based lender approved 136 SBA loans for $25 million to small business owners throughout the state.
For its efforts, JPMorgan Chase Bank received SBA’s Diamond Award at the SBA’s Annual Lender Awards Ceremony held at the Holiday Inn in East Windsor. This year’s ceremony was hosted by the Regional Business Assistance Corporation and featured James. W. Hughes, Dean of the Edward J. Bloustein School of Planning and Public Policy for Rutgers University as the keynote speaker.
SBA New Jersey District Director Al. Titone said, “For the third consecutive year, JPMorgan Chase Bank remains SBA’s most consistent lender throughout New Jersey and the region. Their consistency and commitment to small business is evident by the amount of loans they generated in 2013.”
“Investing in small businesses is critical to economic and job growth throughout the state,” said Titone. “JP Morgan Chase Bank is to be commended for their efforts to make capital available to small firms that play an important role in driving this economy.”
“In addition to JP Morgan Chase Bank and the 13 other lenders we honor this year, I also want to thank each lender who participated in our lending programs this past year,” said Titone. “We value each contribution, which has helped the SBA to bring capital to 1,162 New Jersey small business owners for a total of $634 million during 2013.”
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 for $8.8 million.. SBA’s 504 loans are fixed asset loans used for the purchasing of commercial real estate and heavy machinery and equipment. During 2013, the SBA New Jersey district office approved 107 CDC 504 loans for a total of $94.4 million.
This year, SBA awarded one Gold Award to a lender approving over 101 loans throughout the year. TD Bank of Cherry Hill was the recipient of the 2013 SBA’s Gold Award for approving 113 loans for $30.4 million.
Eight Silver Awards were presented to lenders approving between 55 and 100 loans. Those receiving the awards were: Santander Bank, NA of Boston, MA for approving 77 loans for $18.7 million; UCEDC of Cranford approved 71 loans for $2.2 million; Noah Bank of Philadelphia, PA approved 70 loans for $83.7 million; Republic Bank of Philadelphia, PA approved 68 loans for $81.7 million; Regional Business Assistance Corporation of Mercerville approved 64 loans for $30.8 million; Wells Fargo Bank of San Francisco, CA approved 62 loans for $32.8 million; Cooperative Business Assistance Corporation of Camden approved 62 loans for $1.2 million; and New Jersey Business Finance Corporation of Fort Lee approved 60 loans for $54 million.
One Bronze Award was awarded to a lender approving 35- 54 loans. NewBank of Flushing, NY was recognized for approving 35 loans for $12.6 million.
In addition to JPMorgan Chase’s SBA District Director’s Award for being the #1 participating lender in the 504 Loan Program, seven other lenders were presented with District Director’s Awards in the following categories: Breakthrough Lender awards were presented to Colonial American Bank of Shrewsbury for approving 17 SBA loans for $4.1 million in 2013 and Cape Bank of Atlantic City for approving 11 loans for 4.7 million. In 2012, Colonial American Bank made no SBA loans and Cape Bank approved two loans. UCEDC was presented with the District Director’s Award for being the #1 MicroLoan Intermediary with 66 loans for $1.3 million; New Jersey Business Finance Corp. was awarded the #1Certified Development Company with 60 loans for $54 million; Regional Business Assistance Corporation received the #1 Community Advantage Lender with nine loans for $1million; Noah Bank was awarded the #1 Small Loan Advantage Lender with 12 loans for $2.3 million; and Financial Resources Federal Credit Union of Bridgewater received the #1 Credit Union with 13 loans for $5.2 million.”
“Our lending programs help us leverage dollars that give small business owners access to capital here in New Jersey,” said Titone. “Partnerships with a wide variety of lenders allow us to maximize the impact we have on the small business community. Without their participation, we simply could not achieve the positive results that we gained in 2013.”