SBA lists New Jersey’s top lenders

Newtek Business Services Corp. leads the pack among Small Business Administration lenders in New Jersey, according to data provided by the agency.

Latest SBA listing shows New Hyde Park, NY Newtek Replacing last year’s top lender, Live Oak Banking Co. of Wilmington, North Carolina, Newtek ranked 17th last year, granting six loans totaling $5.1 million. Live Oak came in at No. 8 this year, with 11 loans totaling nearly $9.5 million.

Newtek made 29 loans in New Jersey from October 1, 2021 through March 31, 2022, totaling nearly $22.4 million for an average of $772,331 per loan. Finwise Bank of Sandy, Utah was the No. 2 lender, making eight loans totaling $19.4 million for an average of more than $2.4 million. The complete list appears on page 17.

WSFS Bank of Wilmington, Delaware; PNC Bank of East Brunswick; and Berkshire Bank of Pittsfield, Mass. complete the top five.

Finwise had the highest average loan size among lenders with more than one loan (Rutherford-based Blue Foundry Bank provided a loan of $4 million).

First Chatham Bank of Savannah, Georgia, posted the highest average last year, at just over $3 million.

Last year, which covered the period from October 1, 2020 to March 31, 2021, Cherry Hill-based TD Bank ranked second, granting 56 loans totaling nearly $16 million. According to the latest figures, TD made 117 loans for a total of around $10.1 million, good for 7th place.

Five banks joined the latest list after going unranked last year: Hanover Community Bank of New Hyde Park, NY at 12; Blue Foundry at 18; Poppy Bank of Santa Rosa, California at age 22; Northfield Bank, based in Woodbridge, at 23; and Bank of America at 25. Among lenders ranked last year, PNC made the biggest jump, rising from 40 to No. 4.

The SBA list ranks lenders by total loan amount in New Jersey.

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