newjerseynewsroom.com

TD Bank was recognized by the U.S. Small Business Administration's New Jersey District Office for approving the most loans to New Jersey small business owners during the agency's fiscal year 2009 (the period from October 1, 2008 through September 30, 2009). The Cherry Hill-based lender approved 168 SBA loans for $60.7 million to New Jersey small business owners.

For its efforts, TD Bank (Toronto-Dominion Bank) received SBA's Diamond Award at the SBA's Annual Lenders' Awards Ceremony held at the Newark Club in downtown Newark.

SBA New Jersey District Director James A. Kocsi said, "I am pleased to recognize TD Bank for their strong commitment to making capital available to New Jersey small business owners. Even during these tough economic times, TD Bank recognizes that small business growth is a vital component of our economy, and they are doing their best to meet the demand for loans from the small businesses in our state."

"During fiscal year 2009, New Jersey small business owners received 1,116 SBA-backed loans for $338.2 million," said Kocsi. "When President Obama signed the American Recovery and Reinvestment Act into law, SBA received funds which allowed us to raise our guaranty to 90 percent for our lenders and waive lending fees for our borrowers. Those enhancements to our loan programs resulted in a significant increase in approved loans during the last six months of our fiscal year."

This year, SBA awarded two Silver Awards to lenders approving between 75 and 124 loans throughout the year. BNB Bank of Fort Lee approved 109 loans for $51.6 million and Innovative Bank of Oakland, Calif. approved 94 loans for $2.9 million.

— ANDY LAGOMARSINO, NEWJERSEYNEWSROOM.COM