New Millennium Bank
Headquartered in FORT LEE, NJ. Analysis based on 324 SBA 7(a) loans approved between FY2020 and 2025-12-31, totaling $330.5M.
Total 7(a) loans
324
Total approved
$330.5M
Average loan
$1.0M
States funded in
18
Charge-off rate
0.42%
FY2020–FY2023 cohort
Paid-in-full rate
30.96%
Average rate
6.57%
Average term
199 mo
Top 10 industries financed
| NAICS | Industry | Loans |
|---|---|---|
| 722511 | Full-Service Restaurants | 52 |
| 812113 | Nail Salons | 33 |
| 721110 | Hotels (except Casino Hotels) and Motels | 26 |
| 722513 | Limited-Service Restaurants | 22 |
| 812310 | Coin-Operated Laundries and Drycleaners | 20 |
| 812320 | Drycleaning and Laundry Services (except Coin-Operated) | 18 |
| 811192 | Car Washes | 17 |
| 812112 | Beauty Salons | 9 |
| 445110 | Supermarkets and Other Grocery (except Convenience) Stores | 9 |
| 446120 | Cosmetics, Beauty Supplies, and Perfume Stores | 7 |
Top 10 states
| State | Loans |
|---|---|
| NJ | 122 |
| NY | 116 |
| GA | 29 |
| TX | 15 |
| WA | 15 |
| MD | 6 |
| CT | 5 |
| TN | 3 |
| PA | 3 |
| SC | 2 |
Top franchise brands financed
46 franchise loans across 37 distinct brands.
| Franchise | Loans |
|---|---|
| bb.q Chicken | 4 |
| Motel 6 | 3 |
| Ramada by Wyndham | 2 |
| Red Roof Inn | 2 |
| RE/MAX New Jersey Region | 2 |
| WNB FACTORY | 2 |
| Bonchon | 1 |
| Clarion Inn by Choice Hotels/C | 1 |
| Sleep Inn by Choice Hotels/Sle | 1 |
| Quality Inn by Choice Hotels / | 1 |
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Data source & methodology
All figures computed from the SBA Office of Capital Access FOIA dataset (7(a) loans, FY2020–present, as of 2025-12-31). Charge-off and paid-in-full rates are calculated on the FY2020–FY2023 cohort only, so loans have had time to mature. Charge-off rank covers lenders with ≥500 mature loans.