Commerce Bank Ranks No. 1 in SBA Lending in New Jersey and Pennsylvania.Business Editors CHERRY HILL Cherry Hill, township (1990 pop. 69,319), Camden co., W central N.J.; name was changed from Delaware township to Cherry Hill in 1961. Largely residential, Cherry Hill has been marked by great development and housing growth, especially since the 1970s. , N.J.--(BUSINESS WIRE)--Oct. 12, 2001 Commerce Bancorp This article is about the bank headquartered in Cherry Hill, New Jersey. For other uses, see Commerce Bank. Commerce Bancorp (NYSE: CBH), doing business as Commerce Bank Inc. (NYSE NYSE See: New York Stock Exchange symbol: CBH CBH cutaneous basophil hypersensitivity. ) announced today that the Bank ranks first in both number of Small Business Administration (SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ) loans made (545) and in dollar volume ($102,153,350) among all lenders in New Jersey for the fiscal year ending September 30, 2001, based upon figures supplied by the SBA District Office in New Jersey. In Pennsylvania, Commerce Bank also was the top producer of SBA loans for the fiscal year ended September 30, with 116 SBA loans for a total of more than $23 million based on figures provided by the SBA District Office in Philadelphia. "The fact that Commerce Bank issued 545 loans for over $102 million in one fiscal year is a huge accomplishment," said James Kosci, District Director of the New Jersey SBA District office. "No other bank in the history of the New Jersey SBA office has achieved these kind of numbers in one year. Commerce Bank is a long-time supporter of the Small Business Administration," Kosci added. "They really are `New Jersey's Most Small Business-Friendly Bank.'" "For the twelve month period ending September 30, Commerce Bank lent more dollars through the SBA program than any other Bank in its footprint," said Commerce Senior Vice President Arnold Horvath, responsible for all SBA lending. Commerce's footprint consists of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey, Delaware and Pennsylvania. "Based on the strong response to Commerce Bank's arrival in Manhattan, we are excited about expanding our SBA lending prospects in the greater New York region," said Commerce Chairman and President Vernon W. Hill II. "By drawing on the resources of Commerce's vast network of commercial lenders Whilst nearly all lenders offer loans on a commercial basis the term commercial lender has differed meanings around the world.
"We are very pleased to provide SBA funding to the Hispanic, African-American and Asian communities, and that we lead all banks in financing businesses owned by women and by American veterans," added Hill. Commerce Bank also ranked first in the number of SBA loans made to New Jersey woman-owned businesses (96) and to businesses owned by veterans (51). The U.S. Small Business Administration provides financial, technical and management assistance to help small businesses start, run and grow their businesses. SBA is the nation's largest single financial backer of small businesses. SBA loans, with their partial guarantees by the government, are essential to small business owners who often have less capital than they need to qualify for most loans. Commerce Bank, the region's fastest-growing independent financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. retailer, specializes in providing a full range of banking, insurance and public finance services. Headquartered in Cherry Hill, New Jersey, Commerce has assets of $10.4 billion and a network of more than 170 branches serving New Jersey, eastern Pennsylvania, northern Delaware and Manhattan. For more information about Commerce, please visit the company's interactive financial resource center at commerceonline.com. For more information, contact Sandra R. Martin, Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Manager, at (888) 751-9000, ext. 8078, or via email at smartin@yesbank.com. |
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