SBA Sees Rise in NJ Loan Approvals to Small Businesses; Agency Reports 12% Increase During First Half of FY 2014
NEWARK, NJ ---The U.S. Small Business Administration (SBA) New Jersey district office reported a 12 percent increase in the number of loan approvals to New Jersey small businesses during the first half of the agency’s Fiscal Year 2014, the period from October 1, 2013 through March 31, 2014.
According to SBA’s New Jersey District Director Al Titone, his office has approved 590 loans for $295 million to state small business owners during the first half of fiscal year 2014, compared to 528 loans for $315 million during the same period last year.
“Lender confidence is definitely on the rise,” said Titone. “We’re seeing an increased interest from lenders in SBA loan products. The bottom line is that it is translating into more loan approvals and that’s good for New Jersey small business owners and our local economy.”
“Over the last couple of years we have been seeing modest growth in loan approvals throughout the state,” said Titone. “Loan approvals trending upward are always a good sign that the economy is moving in the right direction.”
Of the 21 counties located throughout the state, 11 showed an increase in loan approvals; eight showed a decrease and two remained the same. “Clearly, we have more work to do in some areas of the state,” said Titone. “Leveraging resources and working more closely with our lending partners can only help toward our goal to increase small business lending around the state.”
During the first six months of fiscal year 2014, six counties showed significant increases in SBA loan approvals. Gloucester County led the way with a 110 percent increase in loans and Somerset County followed with a 100 percent increase. Loan approvals in Morris and Ocean County were up 66 percent. Middlesex and Bergen Counties rounded out the top six counties with a 17 and 11 percent increase in loans, respectively.
The top five SBA lenders in New Jersey for the first six months of fiscal year 2014 were: TD Bank with 67 loans for $6.1 million; Noah Bank with 60 loans for $39.7 million; Santander Bank with 45 loans for $4.5 million; Wells Fargo Bank with 40 loans for $10.8 million; and JP Morgan Chase Bank with 34 loans for $3.6 million.