Lenders are slowing the amount of loans being issued to small companies, according to the Small Business Administration's annual lending report. The report said, across the country, lending was weaker in 2011 than it was in 2010.
Loans of less than $1 million decreased by nearly half a billion dollars, or 6.9 percent. In 2010, there was $652.2 billion outstanding in small-business loans, and in 2011, there were $606.9 billion.
Small-business loans declined for both types of loans, commercial real estate, and commercial and industrial, though the real estate loan decrease was smaller.
In New Jersey, the top small-business lender from June 2010 to June 2011 was PNC Financial Services Group, with more than $1 billion in lending and 11,534 small-business loans. More than 10,000 of those loans were microloans — those of less than $100,000.
Valley National Bank was the largest New Jersey-based small-business lender, with more than $1 billion in small-business lending across 4,562 loans. Among smaller lenders, The Bank, in Mount Laurel, lent $453 million to small businesses through 3,280 loans. New Jersey ranked 33rd in the nation for the ratio of outstanding small-business loan money per small-business employee, with $2,925 outstanding per employee.