The availability of small business loans has been weak nationally but even weaker in New Jersey than in other states. The Small Business Administration released a report last week that ranked New Jersey 33rd in the nation when it came to the availability of small business loans in 2010-2011, down from 22 the year before.
Small businesses borrowed 151,190 loans for a total of about $5 billion or $2,925 per small business employee.
PNC Financial Services group made the largest number of small business loans in the state that year (11,534) for a total of $1 billion. The next three lenders were Bank of America, which made 8,834 loans for a total $492,693. American Express Bank, which made 62,324 loans for a total of $327,786 and Valley National Bank, which awarded 2,040 loans for a total $332,841.