NEWARK, NJ—Make it five consecutive years that TD Bank was recognized by the U.S. Small Business Administration’s New Jersey district office for approving the most loans to New Jersey small business owners. During the agency’s fiscal year 2017 (the period from October 1, 2017 through September 30, 2018), the Cherry Hill-based lender approved 851 loans for $90 million to small businesses around the state.

Once again, TD Bank was awarded SBA’s prestigious Diamond Award at a recent ceremony held at the bank’s headquarters for approving the most SBA loans in New Jersey last year.

“Over the last five years, TD Bank has been a major provider of SBA loans to small business owners across the state, making it easier for them to access capital here in New Jersey,” said SBA New Jersey District Director Al Titone. “TD Bank has a great understanding of the small business market and continues to grow its footprint in order to serve the capital needs of small businesses throughout the state.”

During fiscal year 2018, TD Bank approved SBA loans in all 21 counties in New Jersey. Of the 851 loans that the bank approved, 821 of those loans were for $350,000 or less for a total of $41.4 million. TD Bank’s average loan size was $105,534 which also earned the bank SBA’s District Director Award for being the #1 Small Loan Lender in New Jersey. TD Bank also received District Director Awards for being the #1 Export Lender with two loans for $5 million and the #1 Third Party Lender of SBA 504 loans eight loans for$13.1 million.

According to Titone, during fiscal year 2018, the SBA New Jersey district office approved a record $905 million in loans to 2,291 state small business owners. “SBA loans continue to play a vital role in growing the economy,” said Titone. “Sixty-two percent of our loan approvals went to existing businesses, while 38 percent went to startup companies. These loans helped to create 7,816 jobs and retain another 9,387 jobs throughout the state.”

“Without the help of the 122 lenders who approved at least one SBA loan this past year, we just could not have put a record amount of loan dollars in the hands of New Jersey small business owners,” said Titone. “Our partnership with these lenders continues to allow us to have a significant impact on our local economy.”

In addition to SBA’s Diamond Award, the agency awarded seven Silver Awards to lenders approving between 55 and 100 loans throughout the year. Buffalo-based M&T Bank with 92 loans for $13.2 million; San Francisco-based Wells Fargo Bank with 88 loans for $26.4 million; Mercerville-based Regional Business Assistance Corporation with 87 loans for $58 million; Manhattan-based JPMorgan Chase Bank with 84 loans for $15,1 million; Santander Bank of Boston with 74 loans for $11.2 million; Cranford–based UCEDC with 67 loans for $3.6 million; and Camden-based Cooperative Business Assistance Corporation with 64 for $1.3 million.

Seven Bronze Awards were awarded to lenders for approving between 35 and 54 loans. PNC Bank of Pittsburgh, PA approved 54 loans for $7.2 million; Independence Bank of East Greenwich, RI had 54 loans for $6.0 million; 44 Business Capital – A Division of Berkshire Bank of Blue Bell, PA with 46 loans for $20 million; Republic Bank of Philadelphia, PA with 41 loans for $46 million; Newtek Small Business Finance of Manhattan with 41 loans for$28.8 million; NewBank of Flushing, NY with 37 loans for$12 million and Celtic Bank Corporation of Salt Lake City, UT approved 35 loans for $4.4 million.

Additional SBA District Director’s Awards were presented to Financial Resources Federal Credit Union of Bridgewater as the #1 Credit Union Lender approving nine loans for $2.4 million. Cooperative Business Assistance Corporation was awarded the #1 Microlender Intermediary approving 64 microloans for $1.3 million. The #1 Breakthrough Lender of the Year went to 44 Business Capital – A Division of Berkshire Bank with 46 loans for $20 million.

The Regional Business Assistance Corporation (RBAC) was recognized for being the #1 Certified Development Company approving 40 SBA 504 loans for $53.4 million. The #1 Community Advantage Lender award also went to (RBAC) for approving 29 Community Advantage loans for $4.1 million.

“SBA continues to have a far-reaching impact on the community through our lending programs,” said Titone. “During the first half of fiscal year 2019 (October 1, 2018 through March 31, 2019) SBA has approved 911 loans for $407 million to New Jersey small business owners. We are currently on pace to approve 1,800 loans for $800 million for all of 2019.”

“It is well-known that small business is the engine that drives the economy, but we all know that capital is what fuels the engine,” said Titone. “Make no mistake that the valuable partnerships we have established with all our lenders over the years have given us the foundation and platform to provide small business owners and entrepreneurs with easier access to capital. And for that, we have our participating lenders to thank.”

About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.