Small businesses and entrepreneurs in the Garden State were approved for nearly 2,000 loans – totaling $855 million – in fiscal year 2019, which closed on Sept. 30, 2109.
The U.S. Small Business Administration New Jersey District office announced the numbers on Thursday, which came in under 2018’s record totals by 345 loans and $50 million.
According to the data provided by the SBA, 10 of the state’s 21 counties had 100 or more loan approvals for the period, with Bergen, Middlesex, Monmouth, Morris and Essex leading the way.
For the second year in a row, TD Bank ranked as the top backer in the state – out of 114 lenders – with 599 loan approvals for a total $65 million.
According to SBA New Jersey Director Al Titone, in New Jersey the SBA funding helped to retain 8,500, and create 6,350, jobs.
“When you are investing $855 million in New Jersey small businesses, which SBA helped to realize this year, you are going to have solid economic impact,” Titone said in a prepared statement. “SBA is proud to play a part in contributing to the current 3.1 percent unemployment rate New Jersey is experiencing right now.”
In New Jersey the average loan size from the SBA was $493,000, Titone said, and of the 1,946 approved loans 40 percent were for new businesses.
“Together, the federal government and our resource partners continue to support small businesses throughout New Jersey and the nation,” SBA Atlantic Regional Administrator Steve Bulger, who oversees all agency programs and services for New Jersey, New York, Puerto Rico and the U.S. Virgin Islands, said in a prepared statement. “We do it through our programs that are helping to create and retain jobs, as well as providing financial stability in the communities that we serve.”
Nationally, the SBA’s 7(a) Guarantee and 504 loan programs came out to 58,000 loan approvals and just over $28 billion.
The complete Fiscal Year 2019 list of Small Business Administration Lenders will appear in the upcoming 2020 NJBIZ Book of Lists, publishing Dec. 23, 2019.