Magyar Bank
NEW BRUNSWICK, NJ 8901
⭐ SBA Preferred LenderStates Served
Top Industries Financed
- Full-Service Restaurants
- Limited-Service Restaurants
- Plumbing, Heating, and Air-Conditioning Contractors
- All Other Specialty Trade Contractors
- Retail Bakeries
Quick Summary
Magyar Bank is an SBA-approved lender headquartered in NEW BRUNSWICK, New Jersey. They are an SBA Preferred Lender, meaning they can approve loans without prior SBA review. Since 2020, they have approved 78 SBA 7(a) loans totaling $71.8M, with an average loan size of $920K. They serve businesses across 3 states.
About Magyar Bank
Magyar Bank is an SBA-approved lender headquartered in NEW BRUNSWICK, New Jersey. Since 2020, they have approved 78 SBA 7(a) loans totaling $71.8M, with an average loan size of $920K. As an SBA Preferred Lender, they have delegated authority to approve SBA loans without prior SBA review, resulting in faster processing times. They serve businesses across 3 states.
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Nav is the only place where you can track your FICO SBSS score — the score the SBA uses to determine loan eligibility.
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Frequently Asked Questions
Is Magyar Bank an SBA Preferred Lender?
Yes, Magyar Bank is an SBA Preferred Lender (PLP). This means they have delegated authority from the SBA to approve loans without prior SBA review, resulting in faster approvals — typically 7–10 business days instead of 4–6 weeks.
How many SBA loans has Magyar Bank approved?
According to SBA FOIA public records, Magyar Bank has approved 78 SBA 7(a) loans totaling $71.8M since 2020. Their average loan size is $920K.
What states does Magyar Bank serve?
Magyar Bank serves businesses in 3 states: New Jersey, New York, Pennsylvania.
How do I apply for an SBA loan with Magyar Bank?
To apply for an SBA 7(a) loan with Magyar Bank, contact them directly through the form on this page. Before applying, check your FICO SBSS score (the SBA's pre-screening score) and have your financial statements, business plan, and tax returns ready. Most SBA lenders require 2+ years in business, $100K+ annual revenue, and a personal credit score of 640+.
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