In the first five months of 2012, SBA loan approval for the State of New Jersey has gone up. The State’s small businesses received 41 percent more loan approvals and the dollar volume too went up by 32 percent.
In 2012, New Jersey small-business owners could successfully secure 499 SBA-backed loans that totaled to $ 245 million. Last year, business owners could just find 354 loans worth $185 million. ‘Bergen County’ is in the lead as it received 89 loans that totals to $32.4 million.
The pace with which SBA loan making has increased, points to a better and healthier economy. All of New Jersey counties witnessed growth in number of business loans. The growth seems to be steady and if this continues for the entire year then it will inevitably bring robust development of the region within next four years.
Banks like JPMorgan Chase and TD Bank participated in making loans to small businesses operating in New Jersey during first five months of 2012. Business can also approach Biz2credit that matches lenders for borrowers. It can then become possible to find suitable lenders for a business.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com