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Brother, Can You Spare 191,754?

Biz BriefsSmall business is getting big money in New Jersey. Small-business owners in the state received 3,687 loans worth $707 million in the fiscal year ended September 30 through the U.S. Small Business Administration. Those figures are up 29% and 17%, respectively, over the prior year. The average loan was $191,754.

“Franchising is big right now,” says Harry Menta, a spokesman for the SBA at its Newark office. He says opening Dunkin’ Donuts and Quiznos franchises are particularly popular goals for borrowers.

Nationwide, New Jersey ranked 5th out of 68 SBA offices in total loan approvals. Bergen County topped the list in the number and value of loans for the second straight year. Businesses there landed 589 loans worth $92.1 million in fiscal 2005, up 51% and 27%, respectively. Hudson County, meanwhile, nearly doubled its loan total to $49 million from $24.8 million in the prior year.

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