Unity Bank Leads All NJ Small Business Lenders

Unity Bank, which has a branch on Cedar Grove Lane in Somerset, topped all Small Business Administration lenders in New Jersey during the year that ended September 30, 2015, with $41,769,400 in SBA loans.

The bank’s loan volume increased nearly 147 percent from the prior year’s total of $16,914,500, according to a release from the company. Unity Bank and other lenders will be honored during the SBA New Jersey District Office awards reception on Jan. 28th.

Unity’s total number of SBA loans grew by 50 percent, increasing from 26 to 39. The bank’s average loan size rose by nearly 74 percent, increasing from $650,558 to $1,128,903, according to the release.

“As a community bank, being number one in SBA loan volume is a great achievement because it illustrates our commitment to supporting businesses of all shapes and sizes,” Unity Bank President and CEO James A. Hughes said in the release. “We pride ourselves in being responsive to customer needs and have the ability to get businesses the funding they need in an expeditious manner. Unity Bank looks forward to another great year partnering with both new businesses and existing enterprises looking to invest in their future.”

Unity participates in the 7(a) Loan Program, SBA’s primary program to help start-up and existing small businesses obtain financing when they might not be eligible for business loans through normal lending channels. The bank also participates in the SBA 504 Loan program, an economic development program that offers small businesses long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization.

Unity Bank is consistently among the top 10 of New Jersey SBA lenders in loan volume, according to the release. The program also serves parts of Pennsylvania and is expanding into New York.

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