Unity Bank topped all Small Business Administration (SBA) lenders in New Jersey during the year that ended September 30, 2015, providing $41,769,400 in SBA loans, a loan volume increase of nearly 147 percent from the prior year’s total of $16,914,500. 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.
“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,” said Unity Bank President & CEO James A. Hughes. “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. The program also serves parts of Pennsylvania and is expanding into New York.
About Unity Bancorp, Inc.
Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, its primary and wholly owned subsidiary, is a financial services organization headquartered in Clinton, N.J. Unity Bank provides financial services to retail, corporate and small business customers through its 15 bank branches in Hunterdon, Middlesex, Somerset, Union and Warren Counties in New Jersey and Northampton County, Pennsylvania. Unity Bank provides traditional and community-oriented commercial banking services, including personal and business checking accounts and time deposits, money market accounts and regular savings accounts. For more information, please visit www.unitybank.com or call 800-618-BANK (800-618-2265).