 |
| Share this page
|
|
|
February 19, 2013
SBA Reports that
1st Quarter Dollar Volume in NJ is up 21%
The US Small
Business Administration (SBA) New
Jersey district office reported that
loan dollar volume to state small
business owners is up 21 percent
during the agency’s first quarter
fiscal 2013, the period from October
2012 through December 31, 2012.
According to SBA New Jersey District
Director Al Titone, state small
business owners received 249
SBA-backed loans for $151.2 million
compared to the 256 loans for $124.7
million approved during the same
period last year.
“The increase in dollar volume
demonstrates that small business
owners are willing to make big
capital investments in expansion
through renovations, the purchasing
of real estate and machinery &
equipment,” said Titone. “The
average SBA loan in New Jersey has
risen from $484,000 to $606,000,
which is an indication that the
economy is headed in the right
direction.”
Titone noted that that there was a
three percent drop off in the number
of loan approvals and cited the
disruption Hurricane Sandy caused
throughout New Jersey as the likely
source for the decrease. “We expect
to see a bounce back during our
second quarter,” said Titone.
“Barring any major catastrophes, I
am confident that we will be seeing
a bigger demand for capital as 2013
starts to unfold.”
Titone noted that eight of New
Jersey’s 21 counties saw an increase
in SBA loan approvals during the
first quarter of fiscal year 2013.
During that same time, loan
approvals for eight counties
decreased, while loan approvals for
five counties remained unchanged.
“Obviously, Hurricane Sandy has hurt
many small business owners across
the state and their ability to
secure financing,” said Titone.
“Some businesses are coming back
online. However, there are
many businesses that are still
struggling. It is a major concern
of mine and the SBA. The long-term
solution is making SBA resources
readily available to business owners
looking to get back on track. We
are still accepting disaster loan
applications through March 1 and are
able to assist small business owners
through our low-interest loan
programs.”
Leading the way in SBA lending
during the first quarter of fiscal
year 2013 was Bergen County with 48
loans for $35.5 million. Middlesex
County was second with 29 loans for
$20.5 million and Monmouth County
followed in third with 20 loans for
$8.5 million. Rounding out the
top five were Essex County with 17
loans for $10.6 million and Camden
County with 15 loans for $12.4
million.
Also, during the first quarter of
fiscal year 2013, JPMorgan Chase
Bank was the top SBA lender with 36
loan approvals for $4.9 million. TD
Bank followed with 21 loans for $8.9
million. Wells Fargo Bank and
Sovereign Bank ranked third. Wells
Fargo Bank approved 17 loans for
$7.3 million and Sovereign Bank
approved 17 loans for $5.7 million.
Rounding out the top five lenders
were Republic Bank with 15 loans for
$16.2 million and New Jersey
Business Finance.
|
|
|
|
 New Jersey Business |
 |
- Judge: PokerStars can't buy Atlantic Club casino
PokerStars had agreed in December to buy the former Atlantic City Hilton as a foothold into the U.S. online gambling market
Saturday, May 18, 2013
- Wall Street extends its winning ways
Stocks closed higher for a fourth straight week. Indexes are at record levels after surging this year on optimism about the economy and record corporate earnings.
Friday, May 17, 2013
- Curtain falls Sunday on Morristown's long-running Clearview movie theater
Landlord, chain's new owners had still been negotiating
Friday, May 17, 2013
- McDonald's considers trimming its menu down to size
The McDonald's menu has about 145 items to choose from.Michael Ainsworth/Dallas Morning News/MCT The Angus burger is going away, and it may not be the only McDonald's dish on the chopping block. The world's largest restaurant chain has also considered...
Friday, May 17, 2013
- Bristol-Myers Squibb drug study showed effectiveness against advanced melanoma cancer
While none of the drugs has been shown in large trials to extend life, doctors are awaiting early results to gain clues about which drugs may work best in which patients.
Friday, May 17, 2013
|
|
|
|
|
|
|
