New Millennium Bank
New Millennium Bank is an FDIC-insured community-focused financial institution providing personal and business banking services including checking accounts, savings, CDs, mortgages, SBA loans, and commercial real estate financing. Founded in 1999 with its New Jersey State Banking Charter, the bank operates multiple locations across New Jersey, New York, and Georgia while serving low to moderate income individuals, families, and underserved communities.
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Data source: SBA 7(a) FOIA loan-level data, covering activity through June 30, 2026 across the trailing 3 years (15 loan records for this lender). Refreshed quarterly from public loan-level records; figures are not supplied or reviewed by the lender.
New Millennium Bank ranks #245 of 564 SBA 7(a) lenders nationally by acquisition-loan volume.
Most of New Millennium Bank’s 7(a) acquisition lending falls in the $0-$500K range: 10 loans, 66.7% of the portfolio.
| Loan size | Share of loans | Loans | % of portfolio |
|---|---|---|---|
| $0-$500K | 10 | 66.7% | |
| $500K-$1M | 1 | 6.7% | |
| $1M-$2M | 1 | 6.7% | |
| $2M-$3M | 2 | 13.3% | |
| $4M-$5M | 1 | 6.7% |
Industries with highest loan volume
Nail Salons
5
loans
$506K
avg. amount
Drycleaning and Laundry Services (except Coin-Operated)
3
loans
$278K
avg. amount
Coin-Operated Laundries and Drycleaners
2
loans
$2.7M
avg. amount
Sports and Recreation Instruction
1
loans
$464K
avg. amount
Cosmetics, Beauty Supplies, and Perfume Retailers
1
loans
$120K
avg. amount
Paint and Wallpaper Retailers
1
loans
$200K
avg. amount
Hotels (except Casino Hotels) and Motels
1
loans
$4.1M
avg. amount
Automotive Body, Paint, and Interior Repair and Maintenance
1
loans
$720K
avg. amount
10-Year
1.0%
Percentile Ranking
85th
85th percentile
New Millennium Bank’s median variable rate is + 1.50%, against a market median of Prime + 1.88%, 38 below market.
It priced below the market median in every one of the last 8 quarters.
| Loan Size | Avg Rate |
|---|---|
| $0-$500K | Prime + 1.45% |
| $500K-$1M | Prime + 1.25% |
| $1M-$2M | Prime + 1.25% |
| $2M-$3M | Prime + 0.75% |
| $4M-$5M | Prime + 0.75% |
| Quarter | This lender | Market median | Market range | Loans |
|---|---|---|---|---|
| Q1 '19 | Prime + 1.25% | Prime + 2.00% | Prime + 1.25% – Prime + 2.50% | 3 |
| Q2 '19 | Prime + 1.38% | Prime + 2.00% | Prime + 1.50% – Prime + 2.50% | 4 |
| Q3 '19 | Prime + 1.25% | Prime + 2.00% | Prime + 1.50% – Prime + 2.50% | 3 |
| Q4 '19 | Prime + 1.25% | Prime + 2.00% | Prime + 1.50% – Prime + 2.50% | 3 |
| Q3 '20 | Prime + 1.25% | Prime + 2.25% | Prime + 1.75% – Prime + 2.75% | 3 |
| Q3 '21 | Prime + 1.00% | Prime + 2.00% | Prime + 1.50% – Prime + 2.50% | 3 |
| Q1 '22 | Prime + 1.25% | Prime + 2.00% | Prime + 1.74% – Prime + 2.50% | 3 |
| Q3 '23 | Prime + 1.25% | Prime + 2.00% | Prime + 1.25% – Prime + 2.50% | 3 |
New Millennium Bank has originated 7(a) acquisition loans in 4 states, most actively in New York (7), New Jersey (6) and Connecticut (1). Darker states on the map carry more volume.
| State | Loans | % of Total |
|---|---|---|
| New York | 7 | 46.7% |
| New Jersey | 6 | 40.0% |
| Connecticut | 1 | 6.7% |
| Idaho | 1 | 6.7% |
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