Biz BriefsWhile overall Small Business Administration (SBA) loans to New Jersey companies dipped slightly in the last fiscal year, the program has been doing pretty well by local minorities and women. The SBAÂs New Jersey District office in Newark has released figures showing the total value and number of SBA-sponsored small business loans were down for the fiscal year ending Sept. 30. Companies received 3,522 SBA loans totaling an estimated $606 million compared with 3,687 loans worth $707 million in fiscal 2005.
On the other hand, says James Kosci, SBA New Jersey district director, SBA loans granted to New Jersey minority firms were up nearly 20 percent, led by a nearly 40 percent increase in loans to Hispanic-owned businesses. But while minority small-business owners received more loans that last yearÂ1,686 loans compared with 1,421Âthey received less money, $251 million compared with $274 million in fiscal 2005. Hispanic small-business owners had the highest rate of growth with 421 loans worth an estimated $48.3 million. Loans to black small-business owners jumped 28 percent with 188 loans valued at $26 million.
Loans to women showed the opposite picture: The number was down slightly, but the value was up. Women-owned small businesses received 841 loans worth $131.5 million compared with 886 loans valued at $113 million in fiscal 2005.