Business Briefs

The U.S. Small Business Administration (SBA) announced that New Jersey small-business owners received 3,687 loans for $707 million during the agency’s fiscal year 2005, the period from Oct. 1, 2004, through Sept. 30, 2005. Nationally, the New Jersey district office ranked fifth in loan approvals among SBA’s 68 district offices.

During this period, SBA loan approvals in New Jersey were up 29 percent over the 2,865 loans the SBA approved in 2004, according to James A. Kocsi, New Jersey District director. The dollars loaned were also up 17 percent over the $602 million that state small-business owners received last year.

Small businesses have generated 60 to 80 percent of the new jobs annually over the past decade, and that trend is expected to continue, Kocsi said.

Minority and women-owned businesses also shared in the increased SBA loan activity during fiscal year 2005.

SBA loan approvals to New Jersey minority small-business owners totaled 1,431 for $273.4 million compared to 1,110 for $197 million approved during fiscal year 2004. This represented a 29 percent increase in the number of loan approvals to minority-owned firms as well as a 39 percent increase in dollar volume.

Of the 1,431 loan approvals to minority-owned small businesses, Asian-Americans received 894 loans for $198.3 million, African Americans received 188 loans for $26 million, and Hispanic Americans received 303 loans for $41.6 million. Loan approvals to Asian-Americans were up 35 percent, loan approvals to African Americans were up 20 percent, and loans to Hispanic Americans also increased by 49 percent.

According to Kocsi, women business owners received 886 loans for $113 million compared to 569 loans for $109 million approved during fiscal year 2004, representing a 56 percent increase in the number of loan approvals to women-owned businesses, as well as a 4 percent increase in dollars.

Bergen County small businesses led the way in 2005 by receiving 589 SBA loans for $92.1 million, Essex County businesses followed with 294 loans for $51.3 million, and Camden County businesses received 288 loans for $49.0 million. Rounding out the top five counties were Monmouth County businesses with 272 loans for $67.1 million, and Middlesex County businesses with 260 loans for $50.5 million.

Kocsi said that the average SBA loan in New Jersey was $191,175 and that a sizable amount of loans were well under that average. He noted that more lenders are using the SBAExpress loan program, which offers a revolving line of credit and allows lenders to expedite the SBA loan process by using their own forms and procedures. This year, 68 percent of the SBA’s loans were approved under this program, for an average amount of $56,000, he said.

The SBA New Jersey District Office also provided New Jersey small disadvantaged companies with 136 federal government contracts worth $117.3 million. The contracts were issued under the agency’s 8(a) Business Development Program.

In addition to its lending activities, the SBA provided entrepreneurial

development assistance to more than 42,000 businesses and start-up companies through its statewide network of resources partners, including SCORE (Service Corps of Retired Executives) counselors, the New Jersey Small Business Development Centers, and the Women’s Business Center.

Paul Zuckerman of Marlboro was presented with the Governor’s Office of Employees Relations’ Workforce Champions Award, which recognizes New York State employees who have worked together to improve significantly state governmental operations.

Ten New York State Insurance Department (NYSID) employees and five from the New York State Division of Criminal Justice Services (DCJS) were honored for their successful efforts to reduce New York State’s automobile insurance rates. The two agencies employed a multi-faceted strategy in recent years to bring cost savings to millions of drivers statewide.

Zuckerman is a principal attorney with NYSID.

Business After Hours, sponsored by the Western Monmouth Chamber of Commerce, will be hosted by Commerce Bank, 600 W. Main St., Freehold, Nov. 21 from 5:30 to 7:30 p.m.

The fee is $10 per person and includes refreshments. Attendees should bring business cards. For more information or to register, call the Chamber at (732) 462-3030; fax (732) 462-2123; or visit www.wmchamber.com.

Freehold Music Center, Freehold Township, has been chosen as one of the tour sites for Yamaha’s Elton John Signature Series Red Piano.

Freehold Music Center will be among only a handful of piano dealers nationwide to offer a “performance” by the piano. The high-tech piano’s keys and pedals recreate note-for-note performances recorded earlier by John. No more than 50 pianos will be made, all of which will be signed by the artist.

The piano will be on display Nov. 16-30 at the store, 3681 Route 9 north. Store hours are Monday-Friday 9 a.m. to 9 p.m., Saturday 9 a.m. to 5:30 p.m., and Sundays noon to 5 p.m.

Cold Stone Creamery announced that it will be offering free holiday cake tastings Nov. 11-13 at three stores in the local area: 327 W. Main St. in Freehold, 67 Route 9 south in Marlboro, and 4707 Route 9 north in Howell.

Style Barber Shop, Freehold Township, hosted a fundraiser for victims of Hurricane Katrina recently. Ten employees along with the shop owner, Lori DeFalco, opened the shop’s doors on Oct. 16 for two hours of cuts and color, donating not only their time but the entire proceeds from the day. The shop also offered complimentary coffee, bagels, muffins and doughnuts.

Kelly Estenes and Christina Masitti, daughters of two employees, also hosted a bake sale.

The grand total as $744.

The staff includes Dawne Estenes, Lynn Raskin, Danielle DeGruccio, Michael Bogar, Donna Burke, Robin Masitti, Debbie Manning, Roxanne Wilson, Janet Mura and Jennifer Schneider.

Babies “R” Us in Manalapan will host a free “Baby Fest” Nov. 12 from noon to 4 p.m. The event will feature exhibitors throughout the store, where customers can ask questions and receive information about the products and services on display.

The Manalapan store is located at 17 Route 9 south. For more information, call the store at (732) 845-2861 or visit the company’s Web site, www.babiesrus.com