CAPE MAY COURT HOUSE – Sturdy Savings Bank’s Commercial Lending Division leads all banks located in Cape May County when it comes to the number of loans approved under the U.S. Small Business Administration’s (SBA) 7(a) loan program, according to a recent report issued by the SBA New Jersey District Office.
For fiscal year ending September 2017, Sturdy Savings Bank ranked as the #1 SBA lender in Cape May County and 12th among 109 lenders statewide, with a total of 41 small business loans totally nearly $19 million from the period of Oct. 1, 2016 through Sept. 30, 2017. According to the SBA report, the number of loan approvals far exceeded all other banks based in Cape May County.
“As a prominent community bank, we strive to accommodate the needs of small businesses within our communities,” said Sturdy Savings Bank President and CEO Gerald Reeves. “We remain active in small business lending, offering a different variety of loan products. We understand that economic conditions have been challenging, so we continue to work at making it easier for our customers to qualify for a loan.”
According to SBA data, of the 41 loans approved by Sturdy Savings Bank, 17 of those loans went to existing businesses and 24 of the loans went to new businesses. In addition, those 41 loans helped to create an additional 233 new jobs and retain another 363 jobs in Atlantic and Cape May counties.
“Sturdy Savings Bank offers a wide range of short and long term commercial loans and credit lines to accommodate the business needs of our commercial customers,” said Reeves. “Our expert lending staff specializes in creative, flexible financing tailored to meet any business need.”
The bank, which has been recognized at a “breakthrough lender” by the SBA, serves the community at 13 different locations, including Avalon, Cape May, Cape May Court House, Dennisville, North Cape May, North Wildwood, Ocean City, Rio Grande, Somers Point, Stone Harbor, Tuckahoe and Wildwood Crest.
For more information about Sturdy Savings Bank’s Commercial Lending services, visit sturdyonline.com/Business-Loans or call (609) 463-5240.
Sturdy Savings Bank, Member FDIC, Equal Housing Lender.
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