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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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SBA 7(a) Acquisition Loan Data As Of March 31, 2026
Last 12 Months
Last 3 Years
YoY Growth
low activity
As Of March 31, 2026
Median
$350K
Average
$819K
Sweet Spot
$0-$500K
Industries with highest loan volume
Nail Salons
7
loans
$447K
avg. amount
Nail Salons
Loans
7
Avg. Amount
$447K
Drycleaning and Laundry Services (except Coin-Operated)
4
loans
$296K
avg. amount
Drycleaning and Laundry Services (except Coin-Operated)
Loans
4
Avg. Amount
$296K
Cosmetics, Beauty Supplies, and Perfume Retailers
3
loans
$120K
avg. amount
Cosmetics, Beauty Supplies, and Perfume Retailers
Loans
3
Avg. Amount
$120K
Coin-Operated Laundries and Drycleaners
3
loans
$2.8M
avg. amount
Coin-Operated Laundries and Drycleaners
Loans
3
Avg. Amount
$2.8M
Sports and Recreation Instruction
3
loans
$464K
avg. amount
Sports and Recreation Instruction
Loans
3
Avg. Amount
$464K
Paint and Wallpaper Retailers
2
loans
$200K
avg. amount
Paint and Wallpaper Retailers
Loans
2
Avg. Amount
$200K
Automotive Body, Paint, and Interior Repair and Maintenance
1
loans
$720K
avg. amount
Automotive Body, Paint, and Interior Repair and Maintenance
Loans
1
Avg. Amount
$720K
Hotels (except Casino Hotels) and Motels
1
loans
$4.1M
avg. amount
Hotels (except Casino Hotels) and Motels
Loans
1
Avg. Amount
$4.1M
10-Year Default Rate
0.7%
Percentile Ranking
84th
84th percentile
This Lender
Market Average
| Loan Size | Avg Rate |
|---|---|
| $0-$500K | Prime + 1.42% |
| $500K-$1M | Prime + 1.25% |
| $1M-$2M | Prime + 1.25% |
| $2M-$3M | Prime + 0.83% |
| $4M-$5M | Prime + 0.75% |
As Of March 31, 2026 - States by loan volume (darker blue = higher volume)
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