SBA Reports $51M in Loans Went to NJ Women Business Owners
Wed Mar 22, 2017. NEWARK – The U.S. Small Business Administration is reporting that $51 million in SBA loans were approved to New Jersey women-owned businesses during the first five months of fiscal year 2017, the period of Oct. 1, 2016 thru Feb. 28, 2017.
According to SBA New Jersey District Director Al Titone, women business owners around the state saw a nine percent increase in dollars during that time. The average SBA loan for a woman business owner was $371,000 compared to the $324,496 average the agency saw during the first five months of fiscal year 2016.
“From restaurants to supermarkets and everything else in between, SBA loans to women-owned business owners are having a significant impact on the local economy,” said Titone. “The 138 loans that were approved to women business owners during the past five months helped to create 619 jobs and retain another 616 jobs.”
Of the 138 loans approved to women-owned businesses 51 loans for $29.7 million or 37 percent of the approvals were for new businesses, while 87 loans for $21.4 million or 63 percent of loan approvals went to existing businesses.
During this period, Bergen County led the way with 19 loan approvals for $3.6 million. Essex County ranked second with 13 loan approvals for $5.6 million. Monmouth County followed with 13 loans for $3.1 million. Middlesex County ranked fourth with 12 loan approvals for $6.2 million. Rounding out the top five was Union County with 11 loans for $8.3 million.
“In New Jersey, we are extremely fortunate to have a dedicated network of lenders and resource partners who have recognized the need to provide women with the necessary access to capital in order to expand or start small businesses throughout the state.”
In total, 52 lenders approved at least one SBA loan to a New Jersey woman-owned business during this time. Topping the list of lenders who approved the most SBA loans to women was TD Bank with 20 loans for $1.4 million. Ranking second was NewBank with 10 loans for $12 million. Sturdy Savings Bank was ranked third with eight loans for $2.1 million. Rounding out the top five lenders were M&T Bank with eight loans for $1.1 million and JPMorgan Chase Bank with eight loans for $668,800.
Titone also noted that the top industries that NJ women-owned businesses received funding for included 12 restaurants for $8.7 million; seven hair salons for $1.5 million; six supermarkets/grocery stores for $7.5 million; six fitness and recreational sports centers for $2.6 million; and five child day care centers $3.4 million.
“We see the programs and services that the SBA offers women small business owners as valuable and necessary tools to help them to grow their businesses, create jobs and power the economy,” said Titone. “We want women entrepreneurs to know that the SBA can be a valuable partner and viable option to helping them build a successful small business here in New Jersey.”
For additional information on SBA’s programs for women entrepreneurs, visit www.sba.gov/women or visit SBA’s two New Jersey funded Women’s Business Centers – the Women’s Center for Entrepreneurship Corporation (WCECNJ) in Chatham at www.wcecnj.org or the Latin American Economic Development Association (LAEDA) Women’s Business Center in Camden at laedawbc.com.