New Jersey Small Businesses See Boosts In Loans
Written by Jenna Weiner
Obama's 2010 legislation to extend loan provisions to small businesses has led to increased startups.
During the first six months of fiscal year 2011, five New Jersey counties showed significant increases in Small Business Administration loan approvals, according to Phillyburbs.com.
The influx is likely due to the Jobs Act of 2010, which improved entrepreneur news by extending SBA-enhanced loan provisions and offering billions more in lending support, tax cuts and other opportunities for small business owners, according to SBA.gov.
Alfred J. Titone, state district director, explains to the news source that loan approvals and dollars are trending upward, which is a good sign that the economy is moving in the right direction and that we are starting to gain some momentum.
The media outlet points out that the SBA's average loan size is up to $536,000 from last year's average of $410,000, and more lending partners are willing to invest larger dollar amounts in our small businesses.
Of the five counties that showed loan approval increases, a restaurant in Burlington County received one of the biggest. A $1.4 million loan was approved for the owners of Golden Corral in Delran, New Jersey. Construction of the eatery began earlier this spring.
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