Entrepreneurial Women in Ocean County received $23 Million in Loans through the Small Business Administration this year.
The U.S. Small Business Administration reported Dec. 15, 2016 that SBA loan approvals to New Jersey women business owners increased by 26 percent during fiscal year 2016, the period from Oct. 1, 2015 through Sept. 30, 2016.
New Jersey women business owners received a total of 355 SBA loans for a total of $113 million this past fiscal year, compared to the 280 loans for $111.4 million they received during fiscal year 2015.
An analysis of loan data shows this year women business owners received 20 percent of the 1,754 loans approved by SBA’s New Jersey district office and 14 percent of the $805 million that went to all small business owners around the state. The average SBA loan to a NJ women-owned business in 2016 was for a little over $316,000.
The 355 SBA loans approved to women-owned businesses in 2016 helped to create 1,345 jobs and retain another 1,475 jobs throughout the state.
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The NJ Small Business Administration office approved loans to women-owned businesses in 19 of the 21 counties in the state. Leading the way was Bergen County with 62 loans for $22.6 million. Essex County was second with 36 loans for $9.3 million; Middlesex County was third with 26 loans for $11.6 million. Rounding out the top five counties were Burlington County with 25 loans for $5.4 million and Ocean County with 23 loans for $5.8 million.
The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. We recognize that small business is critical to our economic recovery and strength, to building America's future, and to helping the United States compete in today's global marketplace. Although SBA has grown and evolved in the years since it was established in 1953, the bottom line mission remains the same. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people throughout the United States, Puerto Rico, the U. S. Virgin Islands and Guam.
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