SNJ Business People

New Jersey SBA Loan Approvals up 44% during First Quarter; Agency Cites Recovery Act Measures for Increase 

01/19/10

  The U.S. Small Business Administration’s New Jersey District Office reported that loan approvals to state small business owners were up 44 percent and that the dollar amount of the loans was up 58 percent during the first quarter of the agency’s fiscal year 2010, the period from October 1, 2009 through December 31, 2009. During that time, 313 loans were approved to small business owners from around the state for a total of $131.8 million.  

  In comparison, New Jersey small business owners received a total of 218 loans for $83 million during the same time last year.  SBA’s New Jersey District Director, James A. Kocsi said, “Clearly, the provisions of the American Recovery and Reinvestment Act, which has allowed the SBA to provide lenders with a 90 percent guaranty on most SBA loans and  the waiving of  loan fees charged to borrowers, has sparked small business lending activity throughout the state.”
  “Another positive development is that President Obama signed an appropriations bill last month, which included $125 million to continue the provisions under the American Recovery and Reinvestment Act for small business owners through February 28, 2010,” said Kocsi. “This will allow us to keep the momentum going and we expect to see our loan approvals to increase for the remainder of fiscal year 2010.”  
  Kocsi noted that that 16 out of the 21 counties in New Jersey saw an increase in SBA loan approvals during the first quarter of fiscal year 2010. “It’s a sign that the recovery is reaching the majority of the counties in our state,” said Kocsi.  “It’s our intention to make sure that all counties share in the recovery and that the leaders of these communities are aware of the impact SBA loan programs could have on the small businesses in their towns.”
  TD Bank was the top SBA lender during the first quarter, approving 49 loans for $14.2 million. BNB Bank followed with 19 loans for $12.4 million. PNC Bank was ranked third, approving 18 loans for $11.6 million.  Rounding out the top five lenders were Indus American Bank with 15 loans for $9.8 million and Innovative Bank with 14 loans for $300,000.

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