Newark, NJ - The U.S. Small Business Administration (SBA) announced that it had approved over $2 million in loans to businesses in Middlesex County through February 1, 2019. The approvals were part of 116 loans for $40 million to New Jersey small business owners and entrepreneurs that the agency approved between January 28 and February 1, according to an announcement made by the agency.
The approvals were made after the 35-day partial government shutdown affected the agency’s operations. During the shutdown, the SBA loan process was halted.
“It’s great to be back and putting capital into the hands of New Jersey small business owners,” said SBA New Jersey District Director Al Titone. “Considering we were averaging 173 loan approvals per month from Oct. 1 thru Dec. 21, last week’s loan output was nothing short of phenomenal. SBA personnel in our processing centers have done a terrific job in making sure capital begins to flow again.”
Mr. Titone noted that the one-week loan totals helped to support 69 existing businesses for $17.3 million and 47 new businesses for $22.5 million across the state.
“These 116 loans helped to create 304 new jobs and retain another 350 jobs,” said Mr. Titone. “The economic impact is huge and shows the vital role SBA plays in providing capital to local small business owners.”
According to the agency, in total, 37 lenders were part of the loans approved between January 28 and February 1. Of that total, TD Bank had the most approvals with 33 loans for $1.5 million; Newtek Small Business Finance, Inc. had 8 loans for $3.2 million; Peapack Gladstone Bank had 7 loans for $2.6 million; Wells Fargo Bank had 6 loans for $1.6 million, with JP Morgan Chase following with 6 loans for $911,700 and Santander Bank with 6 loans for $777,000.
“Prior to the shutdown, New Jersey was averaging about 43 loan approvals per week. If we exceed that total by a wide margin then we will know where we stand in terms of processing loans. Of course we will also be relying on the feedback we receive from our lenders on whether they are satisfied with the rate loan applications are getting approved and processed. But for now, we are glad to be back and making certain that the New Jersey small business community receives the necessary capital needed to grow and expand their businesses,” said Mr. Titone.