NEWARK–JPMorgan Chase 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 2011 (the period from Oct. 1, 2010 through Sept. 30, 2011). The Manhattan-based lender approved 153 SBA loans for $23 million to New Jersey small business owners.
For its efforts, JPMorgan Chase Bank received SBA’s Diamond Award at the SBA’s Annual Lender Awards Ceremony held at the Newark Club in downtown Newark. This year’s ceremony was hosted by JPMorgan Chase Bank.
SBA New Jersey District Director Alfred J. Titone said, “I am pleased to recognize JPMorgan Chase Bank for their strong commitment to making capital available to New Jersey small business owners. The top management at JPMorgan Chase believes that investing in small businesses stimulates economic growth that is so vital to our economy. They are to be commended for doing an outstanding job to meet the demand for loans from small businesses in our state.”
“While much of the credit for SBA’s lending to small businesses belongs to JP Morgan Chase Bank and the 12 other lenders we honor this year, I thank all of our participating lenders who are on the front lines utilizing our programs and providing small business owners with the necessary capital to start and expand their firms right here in New Jersey,” said Titone.
“During fiscal year 2011, New Jersey small business owners received 1,290 SBA-backed loans for $678 million,” said Titone. “That’s an 8 percent increase in loans and a 49 percent increase in dollars over fiscal year 2010. Those totals do not include the 121 SBA Microloans that our microloan intermediaries approved for an additional $2.4 million.”
“There is no doubt that the provisions under the Small Business Jobs Act of 2010 helped fuel this increase in SBA lending,” said Titone “The climate for small business lending is improving. We have witnessed that this past year and are encouraged by many of our lenders who have indicated that they are ready to do more lending in fiscal year 2012.”
This year, SBA awarded one Gold Award to a lender approving over 101 loans throughout the year. TD Bank of Cherry Hill received SBA’s Gold Award for approving 107 loans for $24.2 million.
Five Silver Awards were presented to lenders approving between 55 and 100 loans. Those receiving the awards were: New Jersey Business Finance Corporation of Fort Lee for approving 75 loans for $64 million; Cooperative Business Assistance Corp., an SBA Microloan Intermediary, approved 69 loans for $1.3 million; Republic Bank of Philadelphia, PA approved 62 loans for $73 million; Wells Fargo Bank of San Francisco, CA approved 60 loans for $22 million; and Sovereign Bank of Boston, MA approved 55 loans for $4.4 million.
Three Bronze Awards were awarded to lenders approving 35- 54 loans. The Regional Business Assistance Corporation of Mercerville was recognized for approving 42 loans for $40.2 million; BNB Bank of Fort Lee approved 41 loans for $25 million; and The Provident Bank of Jersey City approved 37 loans for $25 million.
Five District Director Awards were presented to the following lenders: Republic Bank. was recognized for being the #1 lender in Total Dollars, by approving $73 million in loans; Bank of America Merrill Lynch was recognized for being the #1 participating lender in the 504 Loan Program with 12 first mortgage loans for $8 million. The Breakthrough Lender award went to Financial Resources FCU of Bridgewater with 13 loans for $1.8 million. Hopewell Valley Community Bank of Hopewell Township was recognized for being #1 in Veteran-Owned Business Loans, approving 11 loans for $3.7 million; and the Cooperative Business Assistance Corporation also received an SBA District Director Award for being SBA’s #1 MicroLoan Intermediary, approving 69 SBA MicroLoans for $1.3 million.
“We appreciate all our lenders who participate in our lending programs and help us to promote economic development and job growth in New Jersey,” said Titone. “This is our way of saying thank you for a job well done.”
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