Newtek Business Services Corp. leads the pack among Small Business Administration lenders in New Jersey, according to data provided by the agency.
The latest SBA listing shows New Hyde Park, N.Y.-based Newtek displacing last year’s No. 1 lender, Live Oak Banking Co. of Wilmington, N.C. Newtek ranked 17th last year, providing six loans totaling $5.1 million. Live Oak came in at No. 8 this year, with 11 loans totaling nearly $9.5 million.
Newtek made 29 loans in New Jersey from Oct. 1, 2021, to March 31, 2022, totaling nearly $22.4 million for an average of $772,331 per loan. Finwise Bank of Sandy, Utah was the No. 2 lender, providing eight loans totaling $19.4 million for an average of more than $2.4 million. The full list appears on page 17.
WSFS Bank of Wilmington, Del.; PNC Bank of East Brunswick; and Berkshire Bank of Pittsfield, Mass. round out the top five.
Finwise boasted the highest average loan amount among lenders with more than one loan (Rutherford-based Blue Foundry Bank made one loan at $4 million).
First Chatham Bank of Savannah, Ga. posted the highest average last year, at just over $3 million.
Last year, which covered the period of Oct. 1, 2020 to March 31, 2021, Cherry Hill-based TD Bank ranked second, making 56 loans totaling nearly $16 million. According to the latest figures, TD made 117 loans for a total of about $10.1 million, good for 7th place.
Five banks joined the latest list after being unranked last year: Hanover Community Bank of New Hyde Park, N.Y. at 12; Blue Foundry at 18; Poppy Bank of Santa Rosa, Calif. at 22; Woodbridge-based Northfield Bank at 23; and Bank of America at 25. Among lenders that were ranked last year, PNC made the biggest move, from 40 to No. 4.
The SBA list ranks lenders by total loan amount in New Jersey.