WASHINGTON (CNN) — Former Massachusetts Gov. Mitt Romney raised $14 million in the past three months for his presidential bid and made a personal loan of an additional $6.5 million to the campaign, aides said Tuesday.

Romney reported having $12 million cash-on-hand, which is $10 million more than one of his chief rivals for the Republican nomination, Sen. John McCain. The Arizona senator announced Monday that he raised $11.2 million in the second quarter and had $2 million cash-on-hand.

Former New York City Mayor Giuliani, who holds the lead in many early polls of Republican presidential hopefuls, has yet to release his fundraising total for the second quarter.

Romney's campaign noted that all of the money raised by the former governor during the second quarter can be spent in the primary election. And the campaign said that 50,000 new donors contributed in the second quarter.

But Romney's fundraising haul in the second quarter dropped off by $7 million after posting more than $21 million in the first quarter.

Meanwhile, the Democratic frontrunners for their party's presidential nomination continue to lead the pack in early fundraising. Sen. Barack Obama, D-Illinois, raised $32.5 million in the second quarter, while Sen. Hillary Clinton, D-New York, will report raising $27 million in this same three month time period. Of the $32.5 million, Obama can use $31 million in his bid for the Democratic nomination, while Clinton can spend $21 million of her second-quarter total to try and win her party's nomination.

All presidential candidates have until July 15 to report their fundraising and spending activity to the Federal Election Commission.

– CNN Political Editor Mark Preston