For the fourth year in a row TD Bank received the Diamond Award by the U.S. Small Business Administration’s New Jersey district office for approving the most SBA loans to small businesses in New Jersey.
TD Bank gave out 742 loans in 2017 totaling $58.7 million to small businesses through the SBA Small Business Lending Program. The vast majority of those loans – 134 totaling $10.9 million – were given to small businesses in Bergen County. The county that was next was Monmouth, with 68 loans totaling just under $4.6 million. Middlesex County was next with 62 loans totaling just under $2.9 million.
TD Bank approved SBA loans in all 21 counties of the state. Of the 742 loans it approved, 738 were for $350,000 or less for a total of $53.4 million. TD Bank’s average loan size was a little over $72,000, which also earned the bank SBA’s District Director Award for being the top small business lender in New Jersey.
In 2017, the SBA New Jersey district office approved a total of $869 million over 2,326 loans to small business owners.
The top 15 ranking of small business lenders by number of loans in 2017 are: