Small businesses in Burlington County have grown by 62 percent in first half of fiscal year 2011. This is reported by the SBA district office of New Jersey. In the entire state, small businesses have received 13 percent more loans and 48 percent more dollars than it had been possible in the year earlier.
During the first half of fiscal 2011 covering the period (Oct. 1, 2010, to March 31, 2011), SBA guaranteed 735 small business loans totaling $394 million. In Burlington County, 44 loans that totaled $15.2 million got approved over this period. This loan volume increased from 27 totaling $8.3 million during the first half of fiscal 2010.
In Camden County, approval of 40 loans took place amounting to $20.8 million. This is an increase from 35 loans totaling $13.5 million in first half of fiscal 2010. Gloucester County has also seen an increase with approval of 23 loans totaling nearly $7 million. This is good news for New Jersey. Loan increase indicates that lender and business confidence is on the rise.
Average loan size of SBA is $536,000 that is an increase from last year’s average of $410,000. Lending partners have expressed their willingness to lend large dollar amounts to small businesses.
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