New Jersey small business loans surging
New Jersey's Small Business Administration Office has been booming over the past year. Fiscal year 2018 was another record year in terms of loan activity.
New Jersey District Director Al Titone says full-service restaurants and limited-service restaurants see the most business loan activity in New Jersey. They are followed by liquor stores, fitness companies and trucking.
Titone says the SBA approved over a billion dollars in loans in fiscal year 2018, and "we have set records for the last five years for New Jersey."
Since October, the office has approved $40 million in 116 loans.
The office has seen a big increase in the number of business loans approved for women and minorities over the past two years.
Titone has this advice for New Jersey small businesses: "Talk to your lenders if you are looking for an SBA loan."
Loans are approved from the millions down to as less as $5,000.
Joe Cutter is the afternoon news anchor on New Jersey 101.5