New Millennium Bank: SBA business acquisition lending record
New Millennium Bank (home state NJ) approved 105 SBA 7(a) loans to buy existing businesses since FY2018, totaling $124M. The median loan was $550,000. It ranks number 94 of 280 lenders by count and made 0.2% of all SBA acquisition loans nationally.
Seller note standby terms and third-party consents are reviewed before closing.
Submit Transaction DetailsSBA-financed deals. All 50 states.
What this tells a borrower
- Deal size it funds. Half of its acquisition loans fell between $250,000 and $1,350,000. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. New York is the largest state (41% of loans). Loans appear in only 14 states, which points to a regional lender.
- Industry concentration. Nail Salons is 22% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 288 SBA 7(a) loans of any purpose since FY2020, totaling $296M. 91% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 10% of its acquisition loans involved a franchise brand, against 18% for all lenders.
- Seasoned performance. Of its loans from FY2018 to FY2021: 1.5% charged off, 59% lower than the 3.5% national average.
New Millennium Bank acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 18 | $26.6M | $700,000 | |
| FY2019 | 23 | $24.6M | $780,000 | |
| FY2020 | 14 | $17.6M | $295,000 | |
| FY2021 | 14 | $19M | $580,000 | |
| FY2022 | 11 | $6.8M | $350,000 | |
| FY2023 | 9 | $11.5M | $720,000 | |
| FY2024 | 4 | $5M | $407,000 | |
| FY2025 | 6 | $4.8M | $400,000 | |
| FY2026 | 6 | $8M | $600,000 |
How often do these acquisition loans fail?
Of the 69 New Millennium Bank acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 1 have been charged off by the SBA, a rate of 1.5% by loan count and 0.2% by dollars. 43 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the same cohort is 3.5%, so New Millennium Bank is 59% lower than the acquisition-loan average. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
Terms signed in the LOI shape the purchase agreement that follows.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
States served
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | New York | 43 | 41.0% | $41.5M | |
| 2 | New Jersey | 28 | 26.7% | $15.8M | |
| 3 | Georgia | 7 | 6.7% | $15.8M | |
| 4 | Washington | 7 | 6.7% | $13.5M | |
| 5 | Texas | 6 | 5.7% | $6.8M | |
| 6 | Massachusetts | 3 | 2.9% | $1.5M | |
| 7 | Louisiana | 2 | 1.9% | $7.9M | |
| 8 | Tennessee | 2 | 1.9% | $7.6M | |
| 9 | Connecticut | 2 | 1.9% | $2.5M | |
| 10 | Idaho | 1 | 1.0% | $4.1M | |
| 11 | South Carolina | 1 | 1.0% | $3.5M | |
| 12 | North Carolina | 1 | 1.0% | $1.5M | |
| 13 | District of Columbia | 1 | 1.0% | $1.2M | |
| 14 | Pennsylvania | 1 | 1.0% | $840K |
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Nail Salons | 23 | 21.9% | $7M | |
| 2 | Drycleaning and Laundry Services (except Coin-Operated) | 14 | 13.3% | $4.3M | |
| 3 | Hotels (except Casino Hotels) and Motels | 12 | 11.4% | $39.9M | |
| 4 | Car Washes | 10 | 9.5% | $23.9M | |
| 5 | Coin-Operated Laundries and Drycleaners | 9 | 8.6% | $12.6M | |
| 6 | Full-Service Restaurants | 6 | 5.7% | $3.6M | |
| 7 | Limited-Service Restaurants | 6 | 5.7% | $2.7M | |
| 8 | Beer, Wine, and Liquor Retailers | 5 | 4.8% | $11.1M | |
| 9 | Convenience Retailers | 5 | 4.8% | $2M | |
| 10 | Gasoline Stations with Convenience Stores | 2 | 1.9% | $10M |
Seller note standby terms and third-party consents are reviewed before closing.
Submit Transaction DetailsSBA-financed deals. All 50 states.
Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Van De Pol Enterprises | 2 | 1.9% | $10M | |
| 2 | Motel 6 | 2 | 1.9% | $5.8M | |
| 3 | Holiday Inn | 1 | 1.0% | $5M | |
| 4 | Ramada | 1 | 1.0% | $5M | |
| 5 | Best Western | 1 | 1.0% | $4.4M | |
| 6 | Sleep Inn | 1 | 1.0% | $4.1M | |
| 7 | Super 8 | 1 | 1.0% | $2.9M | |
| 8 | Quality Inn | 1 | 1.0% | $1.5M |
Questions buyers ask
Does New Millennium Bank make SBA acquisition loans?
Yes. New Millennium Bank approved 105 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 94 of 280 lenders with 25 or more such loans. The SBA file shows past approvals only; it cannot tell you whether the lender will approve a particular buyer or deal.
How large are New Millennium Bank's acquisition loans?
The median was $550,000, with the middle half between $250,000 and $1,350,000. The national median is $645,250, so this lender's typical loan is 15% lower than the national figure.
Which states does New Millennium Bank lend in?
New York (43), New Jersey (28), Georgia (7), Washington (7), Texas (6), Massachusetts (3). Its loans appear in 14 states, so it is closer to a regional lender.
Which industries does New Millennium Bank finance?
Nail Salons (23), Drycleaning and Laundry Services (except Coin-Operated) (14), Hotels (except Casino Hotels) and Motels (12), Car Washes (10), Coin-Operated Laundries and Drycleaners (9). The top industry is 22% of its acquisition loans.
How have New Millennium Bank's acquisition loans performed?
Of 69 loans approved FY2018 to FY2021: 1.5% charged off, 59% lower than the 3.5% national acquisition average. Charge-offs reflect the borrowers and industries a lender serves as well as its underwriting.
Terms signed in the LOI shape the purchase agreement that follows.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
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Related
- New York acquisitions
- New Jersey acquisitions
- Georgia acquisitions
- Nail Salons
- Drycleaning and Laundry Services (except Coin-Operated)
- Hotels (except Casino Hotels) and Motels
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by New Millennium Bank.