For the third consecutive year, JPMorgan Chase & Co. approved the most Small Business Administrative loans in New Jersey. By the 2013 fiscal year ending Sept. 30, they made 136 SBA loans and paid $25 million to small business owners throughout the state.
The SBA New Jersey District Director Al Titone said, "Investing in small businesses is critical to economic and job growth throughout the state" and he commended Chase "for their efforts to make capital available to small firms that play an important role in driving this economy."
In total, SBA lenders made 1,162 loans to New Jersey small business owners last year for a total of $634 million. An SBA loan is a loan made by a bank or other lender, with repayment partially guaranteed by the federal government.
Although SBA loans represent only a fraction of the loans made by banks to New Jersey small firms, the SBA program is considered extremely significant, particularly to recent start-ups. This is because the federal guarantee enables capital to flow to businesses that might otherwise not be able to get bank financing.
Chase received the Diamond Award from the SBA, which also gives a Gold Award to one bank for approving more than 101 loans throughout the year. The Gold Award was given to TD Bank of Cherry Hill, which made 113 loans for $30.4 million.
Eight Silver Awards were presented to lenders that approved 55 and 100 loans: Santander Bank, UCEDC, Noah Bank, Republic Bank, Regional Business Assistance Corp., Wells Fargo, Cooperative Business Assistance Corp. and New Jersey Business Finance Corp.
Stay informed: Subscribe to free NJBIZ newsletters