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Top New Jersey PPP lenders (loans <$150,000)
| Rank | Bank of America | # PPP Loans |
|---|---|---|
| 1 | TD Bank | 20,581 |
| 2 | Bank of America | 13,870 |
| 3 | Kabbage | 9,030 |
| 4 | JPMorgan Chase Bank | 9,026 |
| 5 | PNC Bank | 7,463 |
| 6 | Cross River Bank | 6,904 |
| 7 | Wells Fargo Bank | 6,694 |
| 8 | Valley National Bank | 4,878 |
| 9 | Celtic Bank Corporation | 3,981 |
| 10 | WebBank | 3,028 |
Few New Jersey-based banks were among the largest lenders to “The Garden State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a hotel, restaurant, auto repair, medical practice, veterinary or pharmacy, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top SBA Lenders in New Jersey:
Most active SBA lenders in New Jersey
| State Rank | Bank | Bank Headquarters | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | TD Bank | Wilmington, DE | 579 | $103,390 | 10.0% |
| 2 | M&T | Buffalo, NY | 111 | $151,292 | 9.2% |
| 3 | Wells Fargo | Sioux Falls, SD | 87 | $192,663 | 9.8% |
| 4 | Santander Bank | Wilmington, DE | 77 | $142,306 | 9.3% |
| 5 | JPMorgan Chase Bank | Columbus, OH | 70 | $237,021 | 8.6% |
| 6 | PNC Bank | Wilmington, DE | 67 | $145,307 | 7.9% |
| 7 | First Home Bank | Saint Petersburg, FL | 48 | $248,206 | 8.1% |
| 8 | Newtek Small Business Finance | Lake Success, NY | 42 | $662,286 | 8.2% |
| 9 | Berkshire Bank | Pittsfield, MA | 34 | $1,096,897 | 7.8% |
| 10 | Fulton Bank | Lancaster, PA | 33 | $549,470 | 8.9% |
| 11 | Peapack-Gladstone Bank | Bedminster, NJ | 29 | $919,034 | 7.5% |
| 12 | Trenton Business | Mercerville, NJ | 29 | $107,931 | 7.6% |
| 13 | NewBank | New York City, NY | 25 | $266,440 | 7.4% |
| 14 | Republic Bank | Philadelphia, PA | 24 | $1,874,992 | 7.0% |
| 15 | New Millennium Bank | Fort Lee, NJ | 24 | $801,583 | 7.0% |
| 16 | Stearns Bank | Saint Cloud, MN | 22 | $207,900 | 8.0% |
| 17 | Savoy Bank | New York City, NY | 21 | $720,033 | 7.4% |
| 18 | Five Star Bank | Rancho Cordova, CA | 19 | $240,789 | 8.0% |
| 19 | Independence Bank | East Greenwich, RI | 19 | $139,474 | 5.4% |
| 20 | Live Oak | Wilmington, NC | 18 | $1,035,389 | 6.9% |
Traditional small biz loan inquiry
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PPP loan activity data: CARES Act from March – August 2020. Does not include 2021 PPP loans.