SBA on Pace to Approve $900 Million in Loans to NJ Small Businesses

Release Date: 
Wednesday, May 23, 2018
Release Number: 
18-18

NEWARK, NJ ---The U.S. Small Business Administration’s New Jersey district office reports that state small business owners are on pace to receive $900 million in SBA-backed loans in 2018.  Over the first six months of the agency’s fiscal year 2018, SBA loan approvals and dollar volume in the state are both up 33 percent and 23 percent respectively.

According to SBA’s New Jersey District Director Alfred J. Titone, his office has approved 1149 loans for $456 million to state small business owners during the first half of fiscal year 2018 (the period of October 1, 2017 through March 31, 2018), compared to 862 loans for $373 million approved during the same period last year.  

“SBA loan approvals and dollars are trending upward, a great indicator that the economy is growing and moving in a positive direction,” said Titone.  “The bottom line is that the SBA is providing more loans and dollars to New Jersey small business owners than we did a year ago.”

“When small businesses in 19 of the 21 counties in the state are seeing more loans than they did last year, then that is good news for New Jersey,” said Titone. “These loans have helped to create 4,030 jobs and have helped to retain another 4,619 jobs here in New Jersey.  From where I sit, those loans have a far-reaching and significant economic impact on the state’s economy.”

Of the 1149 small businesses that received an SBA loan approval, 51 percent of the loans went to existing business while 49 percent went to new businesses.  Titone noted that the 49 percent that went to new businesses was a significant shift from the 32 percent average number of loans that typically go to new small businesses in the state.

There were five counties during the first six months of fiscal year 2018 that showed significant increases in SBA loan approvals.  Hunterdon County led the way with a 128 percent increase in loans.  Warren County followed with an 88 percent increase; loan approvals in Camden County were up 82 percent; Mercer County showed a 79 percent increase; and rounding out the top five counties was Ocean County with a 70 percent increase.

The top five SBA lenders in New Jersey for the first six months of fiscal year 2018 were: TD Bank with 421 loans for $41 million; Wells Fargo Bank with 44 loans for $21 million; M&T Bank with 44 loans for $8.4 million; JPMorgan Chase Bank with 44 loans for $7.4 million; and Santander Bank with 36 loans for $4.5 million.

                                                         New Jersey SBA Lending by County

                                                     First Six Months

                                                                          (For the Period from October 1st through March 31st)

                                    FY 2018                                                                                                                                       FY 2017

County

# of Loans

$ Amount

 County

# of Loans

$ Amount

Atlantic

23

$10,745,500.00

Atlantic

25

$8,822,400.00

Bergen

181

$48,321,100.00

Bergen

138

$56,149,500.00

Burlington

53

$20,275,700.00

Burlington

50

$18,320,100.00

Camden

84

$31,205,900.00

Camden

46

$16,220,000.00

Cape May

33

$31,643,400.00

Cape May

31

$12,086,000.00

Cumberland

6

$1,122,000.00

Cumberland

6

$4,456,000.00

Essex

79

$36,543,200.00

Essex

67

$25,876,500.00

Gloucester

30

$9,037,500.00

Gloucester

27

$13,182,300.00

Hudson

62

$22,383,900.00

Hudson

40

$15,776,700.00

Hunterdon

16

$3,861,200.00

Hunterdon

7

$2,175,000.00

Mercer

59

$14,637,400.00

Mercer

33

$26,091,100.00

Middlesex

84

$54,123,200.00

Middlesex

71

$30,146,100.00

Monmouth

99

$45,693,200.00

Monmouth

71

$18,352,400.00

Morris

79

$33,443,300.00

Morris

53

$29,759,700.00

Ocean

78

$28,020,200.00

Ocean

46

$13,267,900.00

Passaic

61

$22,331,000.00

Passaic

46

$25,885,100.00

Salem

3

$165,000.00

Salem

2

$1,070,000.00

Somerset

38

$6,629,000.00

Somerset

37

$22,562,400.00

Sussex

8

$4,205,000.00

Sussex

7

$1,973,000.00

Union

58

$25,342,200.00

Union

51

$29,429,600.00

Warren

15

$6,541,500.00

Warren

8

$1,147,000.00

 

 

TOTALS

 

 

1149

 

 

$456,270,400.00

 

 

TOTALS

 

 

862

 

 

$372,748,800.00

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About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.