NJ Veterans Get 21% More SBA Loans In 2011

NEWARK–New Jersey veterans received 21 percent more loans from the U.S. Small Business Administration than they did in 2010.

In making the announcement, SBA’s Regional Administrator Jorge Silva-Puras said that New Jersey veterans received 57 loans for $27 million during fiscal year 2011, compared to the 47 loans for $20.4 million that they received the previous year. “These totals reflect that veterans received 21 percent more loans and 30 percent more dollars from the SBA this year,” said Silva-Puras. “We are grateful to lenders like Hopewell Valley Community Bank who are making a conscious effort to give veterans access to capital.”

According to SBA’s New Jersey District Director Alfred J. Titone Hopewell Valley Community Bank provided the most loans to New Jersey veterans with 11 loan approvals for $3.7 million. Earlier this week, the bank was honored by Titone an SBA District Director Award for their achievement.”

SBA loans to veterans ranged from as small as $10,000 to the largest loan of $5 million. Bergen County led the way in SBA veteran loan approvals with eight loans for $3.5 million. Essex County followed with seven loans for $1.9 million. Rounding out the top five were Mercer County with six loan approvals for $1.7 million; Monmouth County with five loans for $6.3 million; and Hunterdon and Middlesex Counties both had four loan approvals for $1.2 million each.

“Entrepreneurship for veterans remains a top priority for the SBA,” said Titone. “We are focused on not only providing capital to the veteran community, but presenting them with a wide array of business counseling and training programs that give them the best possible opportunity to succeed.”

“As thousands of service men and women return home from wars in Iraq and Afghanistan, we stand ready to aid those veterans who are looking to entrepreneurship as their next career,” said Titone. “Many veterans possess the necessary skill set to become successful entrepreneurs. Characteristics like hard work, focus, organizational skills, discipline, tenacity and perseverance are what veterans can bring to the table.”

Veterans interested in learning more about the programs and services of the SBA should contact SBA’s Veteran Affairs Specialist Edward Haddock at 1-973-645-3968 or Scott Snair of the New Jersey Veterans Business Outreach Center at 1-973-353-3429 or by visiting www.njvetbiz.com. Additional information may be obtained by visiting SBA’s websites at www.sba.gov/vets, www.sba.gov/reservists, and www.sba.gov/patriotexpress

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