New Millennium Bank
SBA 7(a) Lending Profile · FY 2025 analysis
Industry Focus
Top industries served by New Millennium Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722511 | Full-Service Restaurants | 416 | $317.8M | $764K | 16.0% |
| 812113 | Nail Salons | 264 | $81.2M | $308K | 10.2% |
| 721110 | Hotels (except Casino Hotels) and Motels | 208 | $592.6M | $2.8M | 8.0% |
| 722513 | Limited-Service Restaurants | 176 | $83.5M | $475K | 6.8% |
| 812310 | Coin-Operated Laundries and Drycleaners | 160 | $177.0M | $1.1M | 6.2% |
| 812320 | Drycleaning and Laundry Services (except Coin-Operated) | 144 | $44.4M | $309K | 5.6% |
| 811192 | Car Washes | 136 | $270.5M | $2.0M | 5.2% |
| 812112 | Beauty Salons | 72 | $24.1M | $335K | 2.8% |
| 445110 | Supermarkets and Other Grocery (except Convenience) Stores | 72 | $110.9M | $1.5M | 2.8% |
| 446120 | Cosmetics, Beauty Supplies, and Perfume Stores | 56 | $18.7M | $334K | 2.2% |
Geographic Distribution
SBA lending activity for New Millennium Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| New York (NY) | 928 | $949.8M | 35.8% |
| New Jersey (NJ) | 976 | $560.0M | 37.7% |
| Georgia (GA) | 232 | $388.0M | 9.0% |
| Texas (TX) | 120 | $235.3M | 4.6% |
| Washington (WA) | 120 | $132.4M | 4.6% |
| Maryland (MD) | 48 | $66.8M | 1.9% |
| Tennessee (TN) | 24 | $61.4M | 0.9% |
| Connecticut (CT) | 40 | $41.0M | 1.5% |
| Florida (FL) | 8 | $40.0M | 0.3% |
| Louisiana (LA) | 8 | $40.0M | 0.3% |
| Pennsylvania (PA) | 24 | $34.6M | 0.9% |
| Idaho (ID) | 8 | $32.8M | 0.3% |
| California (CA) | 8 | $24.0M | 0.3% |
| South Carolina (SC) | 16 | $17.2M | 0.6% |
| Massachusetts (MA) | 8 | $9.8M | 0.3% |
| Virginia (VA) | 8 | $7.1M | 0.3% |
| North Carolina (NC) | 8 | $2.4M | 0.3% |
| Alabama (AL) | 8 | $1.6M | 0.3% |
Why Choose New Millennium Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 2,592 SBA loans approved, totaling $2.64B in financing
- ✓Industry Expertise: Specialized focus on Full-Service Restaurants, Nail Salons, Hotels (except Casino Hotels) and Motels
- ✓Competitive Terms: Average interest rate of 6.57% with flexible term lengths averaging 199 months
- ✓Loan Range: Loan sizes from $50K to $5.0M, with an average of $1.0M
- ✓Nationwide Reach: Active lending in 18 states, with strong presence in NJ, NY, GA
Note: Approval and terms are subject to SBA and lender requirements. This profile is based on historical data and does not guarantee future lending decisions.
Frequently Asked Questions
Common questions about New Millennium Bank SBA lending
What types of businesses does New Millennium Bank typically finance?
New Millennium Bank specializes in SBA 7(a) lending to specific industries including full-service restaurants, nail salons, hotels (except casino hotels) and motels, limited-service restaurants. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are New Millennium Bank's typical SBA loan terms?
New Millennium Bank's SBA 7(a) loans typically feature an average interest rate of 6.57% and average term length of 199 months (approximately 17 years). Loan sizes range from $50K to $5.0M, with an average loan size of $1.0M.
Do I need a business valuation for a New Millennium Bank SBA loan?
Yes, New Millennium Bank typically requires a professional business valuation for SBA loans over $250,000 or for change-of-ownership transactions. A certified valuation helps establish the purchase price, loan amount, and ensures SBA compliance. The valuation typically costs $5,000-$15,000 depending on business complexity.
How does New Millennium Bank compare to other SBA lenders?
New Millennium Bank has originated 2,592 SBA loans totaling $2.64B since 2020. They distinguish themselves through industry specialization and expertise in their focus sectors. Compare their rates and terms with other lenders in our Commercial Lending Directory.
What states does New Millennium Bank lend in?
New Millennium Bank provides SBA 7(a) financing with particularly strong presence in NJ, NY, GA, TX, WA. Based on their lending history, they have experience with diverse state-specific business regulations and licensing requirements.
Research Your Target Industry Before Applying
Before applying for SBA financing, research your industry's typical loan sizes, approval rates, and specialized lenders. Understanding industry-specific financing patterns can help you find the right lender and strengthen your application.
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