Lenders › New Millennium Bank
7(a) lenderFort Lee, New JerseyFDIC-insured bank142nd of 2,184 by approvals
New Millennium Bank
SBA 7(a) loan approvals by fiscal year, where they went, how large they were, and how loans from earlier years turned out.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
In FY2021 to FY2025 SBA approved 263 7(a) loans, worth $273M, through New Millennium Bank of Fort Lee, New Jersey, an FDIC-insured bank in the SBA 7(a) program. By number of approvals that is 142nd among 2,184 active 7(a) lenders.
In FY2025, the latest complete fiscal year, it had 36 approvals totalling $43.0M, down 14% on FY2024 (42). FY2026 to 30 Jun 2026 adds 21 more.
The median approval was $550K, against $190K for the 7(a) program as a whole; 13.3% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 17 states and territories and 81 counties, led by New Jersey (37.6%), New York (34.6%) and Georgia (9.1%). The largest industry group was accommodation and food services at 33.5% of approvals, and 15.6% of approvals were to franchise businesses.
Of 514 disbursed loans approved in FY2010 to FY2021, SBA records 17 as charged off (3.3%), 367 as paid in full and 130 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Loans appear under the lender they are assigned to today, so a lender's figures include loans it took over. Data through 30 Jun 2026.
Approvals by fiscal year
| Fiscal year | Approvals | Dollars approved | Median approval | Average approval | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 21 | $26.6M | $880K | $1.3M | 181 |
| FY2025 | 36 | $43.0M | $750K | $1.2M | 397 |
| FY2024 | 42 | $42.4M | $412K | $1.0M | 453 |
| FY2023 | 42 | $42.8M | $622K | $1.0M | 665 |
| FY2022 | 48 | $42.6M | $375K | $887K | 422 |
| FY2021 | 95 | $102M | $553K | $1.1M | 908 |
| FY2020 | 54 | $49.7M | $270K | $920K | 481 |
| FY2019 | 83 | $82.0M | $350K | $987K | 942 |
| FY2018 | 96 | $87.2M | $350K | $909K | 1,045 |
| FY2017 | 119 | $98.9M | $350K | $831K | 1,394 |
| FY2016 | 96 | $68.1M | $350K | $709K | 1,098 |
Approvals are counted in the year SBA approved them and include approvals later cancelled. In the five fiscal years before the current window (FY2016–FY2020) the lender had 448 approvals. First approval on file: FY2010.
How earlier loans turned out
Only loans approved at least five fiscal years ago (FY2010–FY2021) are counted, because newer loans have had little time to be paid in full or charged off. "Charged off" is SBA's status for a loan on which it has written off the remaining balance.
| Loans approved FY2010–FY2021 | This lender | New Jersey | 7(a) program |
|---|---|---|---|
| Approvals in these years | 612 | 17,926 | 639,905 |
| Cancelled or never disbursed | 98 | 2,711 | 79,313 |
| Disbursed loans | 514 | 15,215 | 560,592 |
| Paid in full | 367 | 11,117 | 435,813 |
| Charged off | 17 | 1,263 | 36,891 |
| Still outstanding (status exempt from disclosure) | 130 | 2,835 | 87,888 |
| Charged off, share of disbursed loans | 3.3% | 8.3% | 6.6% |
| Dollars charged off, share of disbursed dollars | 1.0% | 2.6% | 2.5% |
| Dollars charged off | $4.4M | $172M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 73 | 32 | 0 | 0.0% | 2.8% |
| FY2020 | 43 | 28 | 1 | 2.3% | 4.0% |
| FY2019 | 71 | 48 | 0 | 0.0% | 6.7% |
| FY2018 | 86 | 65 | 1 | 1.2% | 7.9% |
| FY2017 | 97 | 76 | 1 | 1.0% | 7.7% |
| FY2016 | 84 | 67 | 9 | 10.7% | 7.2% |
| FY2015 | 49 | 41 | 5 | 10.2% | 6.9% |
| FY2014 | 7 | 6 | 0 | — | 6.4% |
| FY2013 | 0 | 0 | 0 | — | 6.0% |
| FY2012 | 0 | 0 | 0 | — | 6.3% |
| FY2011 | 1 | 1 | 0 | — | 6.9% |
| FY2010 | 3 | 3 | 0 | — | 9.2% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 7(a) program
| FY2021–FY2025 | This lender | 7(a) program |
|---|---|---|
| Median approval | $550K | $190K |
| Average approval | $1.0M | $518K |
| Approvals of $150,000 or less | 13.3% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 46.0% | 34.3% |
| Approvals to franchise businesses | 15.6% | 11.5% |
| Jobs supported per approval, as reported | 10.8 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 3.3% | 6.6% |
States served
| # | State of the business (17 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | New Jersey | 99 | $58.9M | 37.6% | |
| 2 | New York | 91 | $97.6M | 34.6% | |
| 3 | Georgia | 24 | $40.5M | 9.1% | |
| 4 | Washington | 15 | $16.5M | 5.7% | |
| 5 | Texas | 11 | $20.3M | 4.2% | |
| 6 | Maryland | 6 | $8.3M | 2.3% | |
| 7 | Connecticut | 4 | $4.2M | 1.5% | |
| 8 | Pennsylvania | 3 | $4.3M | 1.1% | |
| 9 | South Carolina | 2 | — | 0.8% | |
| 10 | Louisiana | 1 | — | 0.4% | |
| 11 | Florida | 1 | — | 0.4% | |
| 12 | Idaho | 1 | — | 0.4% |
In New Jersey the lender accounts for 0.9% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (81 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Bergen County, NJ | 44 | $28.2M | 16.7% | |
| 2 | Queens County, NY | 19 | $19.2M | 7.2% | |
| 3 | Nassau County, NY | 15 | $15.5M | 5.7% | |
| 4 | New York County, NY | 14 | $15.6M | 5.3% | |
| 5 | Hudson County, NJ | 10 | $3.6M | 3.8% | |
| 6 | Kings County, NY | 8 | $7.2M | 3.0% | |
| 7 | Union County, NJ | 7 | $2.5M | 2.7% | |
| 8 | Morris County, NJ | 7 | $2.3M | 2.7% | |
| 9 | Suffolk County, NY | 6 | $10.3M | 2.3% | |
| 10 | Bronx County, NY | 6 | $4.2M | 2.3% | |
| 11 | Westchester County, NY | 6 | $3.1M | 2.3% | |
| 12 | Snohomish County, WA | 5 | $10.2M | 1.9% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 88 | 33.5% | |
| 2 | Other Services (except Public Administration) | 79 | 30.0% | |
| 3 | Retail Trade | 56 | 21.3% | |
| 4 | Health Care and Social Assistance | 8 | 3.0% | |
| 5 | Educational Services | 7 | 2.7% | |
| 6 | Wholesale Trade | 6 | 2.3% | |
| 7 | Real Estate and Rental and Leasing | 5 | 1.9% | |
| 8 | Construction | 5 | 1.9% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 67 | 25.5% | |
| 2 | Personal Care ServicesNAICS 8121 | 35 | 13.3% | |
| 3 | Drycleaning and Laundry ServicesNAICS 8123 | 26 | 9.9% | |
| 4 | Traveler AccommodationNAICS 7211 | 21 | 8.0% | |
| 5 | Automotive Repair and MaintenanceNAICS 8111 | 16 | 6.1% | |
| 6 | Grocery StoresNAICS 4451 | 12 | 4.6% | |
| 7 | Specialty Food StoresNAICS 4452 | 8 | 3.0% | |
| 8 | Gasoline StationsNAICS 4571 | 6 | 2.3% | |
| 9 | Other Schools and InstructionNAICS 6116 | 6 | 2.3% | |
| 10 | Beer, Wine, and Liquor StoresNAICS 4453 | 5 | 1.9% |
Approval sizes
- $50,000 or less0.4%1
- $50,001 to $150,00012.9%34
- $150,001 to $350,00026.2%69
- $350,001 to $1 million28.1%74
- $1 million to $2 million16.7%44
- Over $2 million15.6%41
Loan terms
- 5 years or less1.1%3
- Over 5 to 10 years50.2%132
- Over 10 to 20 years0.4%1
- Over 20 years48.3%127
Age of the businesses
- Existing, more than 2 years old33.8%89
- New business, 2 years or less18.3%48
- Startup, loan funds will open the business27.8%73
- Change of ownership20.2%53
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 249 | 94.7% | |
| 2 | 7a General | 14 | 5.3% |
Franchise share
41 of 263 approvals in FY2021–FY2025 (15.6%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | bb.q Chicken | 3 | 1.1% | |
| 2 | Ramada | 2 | 0.8% | |
| 3 | Red Roof Inn | 2 | 0.8% | |
| 4 | RE/MAX New Jersey Region | 2 | 0.8% | |
| 5 | WNB Factory | 2 | 0.8% | |
| 6 | Holiday Inn | 1 | 0.4% | |
| 7 | La Quinta by Wyndham | 1 | 0.4% | |
| 8 | Van De Pol Enterprises, Inc. | 1 | 0.4% |
Questions and answers
How many SBA loans does New Millennium Bank make?
SBA approved 36 7(a) loans through New Millennium Bank in FY2025, worth $43.0M, and 263 over FY2021 to FY2025. That ranks 142nd of 2,184 active 7(a) lenders by number of approvals.
How large are New Millennium Bank's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $550K and the average $1.0M. The program-wide median was $190K.
What is New Millennium Bank's charge-off rate?
Of 514 disbursed loans approved in FY2010 to FY2021, SBA records 17 as charged off (3.3%), 367 as paid in full and 130 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it. Loans are listed under the lender that holds them today, so the figure includes loans taken over from other lenders. Status is as recorded by SBA on 30 Jun 2026.
Which industries does New Millennium Bank lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (67); personal care services (35); drycleaning and laundry services (26); traveler accommodation (21).
Where does New Millennium Bank make SBA loans?
In 17 states and territories. New Jersey 99, New York 91, Georgia 24, Washington 15, Texas 11. In New Jersey it accounts for 0.9% of all 7(a) approvals.
Is New Millennium Bank's SBA lending rising?
Approvals in the three latest complete fiscal years total 120, against 197 in the three before: falling (-39%).
Where does this data come from?
From the Small Business Administration's 7(a) and 504 FOIA loan files, as of 30 Jun 2026. Borrower names and addresses in those files are discarded when the files are read and appear nowhere on this site.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error