Average loan amount for Garden State firms is just over $106K
A total of 8,599 loans for a combined $916,748,129 have gone to New Jersey companies during the second round of the Paycheck Protection Program, the Small Business Administration reported Wednesday afternoon.
Using these figures, the average loan to New Jersey companies has been for $106,611, well ahead of the national average.
All told, nationwide, the SBA said just over 400,000 loans totaling more than $35 billion have been approved. More than 65% of these loans have been for $50,000 or less. The average loan size is $87,000.
The data comes from statistics through Tuesday.
SBA officials said they not yet able to determine how many of the approved loans are companies seeking PPP for the first time or second time.
The SBA, however, did report the sectors getting the most loans:
- Accommodation & foodservice: 19%;
- Construction: 14%;
- Manufacturing: 11%.
It’s important to note that the process is just beginning. Companies that have not received word about their application should not feel they have been left out.