SBA Ledger

States › New Jersey › FY2023

FY20231 Oct 2022 – 30 Sep 2023

SBA loans in New Jersey, FY2023

That fiscal year's approvals by lender and by county.

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 FY2023 (1 October 2022 to 30 September 2023) SBA approved 2,337 loans in New Jersey: 2,247 under 7(a) and 90 under 504, worth $1.09bn.

That is up 41% on FY2022, when there were 1,653 approvals worth $893M.

New Jersey accounted for 3.7% of the 63,286 approvals nationwide that year. 114 lenders had at least one approval in the state; TD Bank, National Association had the most, 723.

2,337approvalsFY2022: 1,653
$1.09bndollars approvedFY2022: $893M
$140Kmedian 7(a) approvalFY2022: $150K
114lenders with an approval
21,238jobs supported, as reported

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. Data through 30 Jun 2026.

Approvals by lender

The 40 lenders with the most approvals to New Jersey businesses in FY2023, of 114 active.

#LenderProgramApprovalsDollarsShare of stateFY2022Change
1TD Bank, National Association7(a)723$96.9M30.9%401+322
2Manufacturers and Traders Trust Company7(a)179$17.3M7.7%131+48
3The Huntington National Bank7(a)106$31.2M4.5%64+42
4BayFirst National Bank7(a)85$13.4M3.6%31+54
5PNC Bank, National Association7(a)81$15.5M3.5%66+15
6JPMorgan Chase Bank, National Association7(a)72$13.2M3.1%29+43
7Wells Fargo Bank National Association7(a)69$15.8M3.0%65+4
8Newtek Bank, National Association7(a)50$27.6M2.1%0new
9Trenton Business Assistance Corporation50447$66.8M2.0%79-32
10Meridian Bank7(a)47$50.2M2.0%27+20
11Newtek Small Business Finance, Inc.7(a)47$28.7M2.0%64-17
12Fulton Bank, National Association7(a)43$42.5M1.8%33+10
13Live Oak Banking Company7(a)41$62.9M1.8%25+16
14Wilmington Savings Fund Society FSB7(a)39$25.8M1.7%36+3
15Readycap Lending, LLC7(a)34$14.8M1.5%19+15
16Santander Bank, National Association7(a)31$2.3M1.3%25+6
17Provident Bank7(a)29$35.2M1.2%22+7
18Empire State Certified Development Corporation50428$44.8M1.2%40-12
19Bank of America, National Association7(a)28$14.5M1.2%12+16
20Peapack Private Bank and Trust7(a)27$23.6M1.2%18+9
21Trenton Business Assistance Corporation7(a)27$4.6M1.2%25+2
22Northeast Bank7(a)25$2.0M1.1%28-3
23FinWise Bank7(a)22$38.0M0.9%17+5
24Celtic Bank Corporation7(a)22$15.3M0.9%15+7
25Beacon Bank and Trust7(a)18$21.7M0.8%24-6
26Hanover Community Bank7(a)18$15.2M0.8%19-1
27Mid Penn Bank7(a)17$11.0M0.7%22-5
28New Millennium Bank7(a)16$14.0M0.7%19-3
29NewBank7(a)16$9.9M0.7%19-3
30Columbia Bank7(a)15$21.7M0.6%9+6
31Financial Resources Federal Credit Union7(a)15$19.9M0.6%7+8
32First Bank of the Lake7(a)15$8.8M0.6%10+5
33Firstrust Savings Bank7(a)14$18.0M0.6%8+6
34ConnectOne Bank7(a)13$15.4M0.6%2+11
35United Midwest Savings Bank National Association7(a)13$3.5M0.6%130
36First Bank7(a)11$7.5M0.5%5+6
37TowneBank7(a)11$5.4M0.5%8+3
38KeyBank National Association7(a)11$3.5M0.5%15-4
39Byline Bank7(a)9$9.3M0.4%3+6
40Unity Bank7(a)9$8.6M0.4%13-4

Approvals by county

#CountyApprovalsDollarsShare of stateFY2022Change
1Bergen County308$136M13.2%222+86
2Middlesex County205$109M8.8%155+50
3Ocean County199$83.1M8.5%141+58
4Essex County193$70.9M8.3%114+79
5Monmouth County177$101M7.6%129+48
6Union County147$72.6M6.3%110+37
7Hudson County137$53.0M5.9%107+30
8Morris County135$58.3M5.8%93+42
9Passaic County131$50.1M5.6%77+54
10Burlington County130$65.5M5.6%88+42
11Camden County114$57.7M4.9%98+16
12Somerset County99$46.6M4.2%50+49
13Mercer County80$43.1M3.4%66+14
14Gloucester County59$19.8M2.5%45+14
15Atlantic County59$22.7M2.5%45+14
16Hunterdon County53$25.1M2.3%24+29
17Cape May County31$30.3M1.3%29+2
18Sussex County30$18.8M1.3%13+17
19Cumberland County23$11.7M1.0%13+10
20Warren County18$8.3M0.8%22-4
21Salem County9$6.7M0.4%12-3

FY2023 against FY2022

New JerseyFY2023FY2022
7(a) approvals2,2471,518
7(a) dollars$965M$715M
Median 7(a) approval$140K$150K
504 approvals90135
504 dollars$125M$178M
Jobs supported, as reported21,23815,672

Questions and answers

Which lenders made the most SBA loans in New Jersey in FY2023?

TD Bank, National Association (723), Manufacturers and Traders Trust Company (179), The Huntington National Bank (106), BayFirst National Bank (85), PNC Bank, National Association (81). 114 lenders had at least one approval.

How many SBA loans were approved in New Jersey in FY2023?

2,337: 2,247 under 7(a) worth $965M and 90 under 504 worth $125M.

Which New Jersey counties had the most SBA approvals in FY2023?

Bergen County (308), Middlesex County (205), Ocean County (199), Essex County (193), Monmouth County (177).

When does FY2023 start and end?

The federal fiscal year 2023 runs from 1 October 2022 to 30 September 2023.

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