Growth in lending to small businesses is expected to continue considerably as stated by ‘Al Titone’, who is the new director of Small Business Administration New Jersey Division.
The director says, “I would like to see them do more.” It is definitely not going to be bring a sea change, but then doing more loans by small lenders in a month would mean good business for Jersey based entrepreneurs.
Titone has served as the acting district director for the New York district office. The district office has covered the state’s 14 southernmost counties. Before joining SBA in 2008, Titone became the regional director for York College Small Business Development Center located in Queens.
Number of loans to small businesses has increased last year. In fiscal 2010, 1,198 loans are issued amounting to $455 million. This record to 18.7 percent increase and an overall 35.5 percent rise in loan amounts.
Titone says he wants to spread awareness and urge for more loans from banks. Titone wants to continue with the good job that his predecessor James A. Kocsi had been doing. A lot of it lies in reaching out and making sure that lenders are lending to businesses. Titone says, “I can’t really make them lend, but I can try to talk them into it.”
Money is not loaned to businesses directly by the small business administration. But 90 percent of bank loan is guaranteed to businesses that wish to expand. It also allows borrowers to pay smaller down payment.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to