Small business lenders in New Jersey provide resources to build companies and expand opportunities.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
The Garden State, as New Jersey is often known, sits near New York and the Atlantic Ocean. It is an area that’s noted for its many waterfront areas including along the Delaware River. Though the state is small in terms of overall land size, it is home to over 9.3 million people, making it one of the more densely populated areas in the country. The largest city is Trenton, with other large cities including Newark, Jersey City, and Paterson. New Jersey’s location has allowed it to be an important role player both in the development and founding of the country and in the growth of New York City. It’s not uncommon for people to work in NYC and live in New Jersey. With a thriving culture and a lot of character, this is one state that has much to offer those who live here.
When it comes to the economy of New Jersey, it is just as diverse and versatile as that of the state itself. The state’s economy is based on many things, including the pharmaceutical industry, information tech, financials, biotech, and agriculture. There is also a large scientific economy present here. While these major industries exist, New Jersey is also home to a wide range of small businesses, including those in the service industry, creatives, artisans, and much more. The U.S. Small Business Administration says there are 953,416 small businesses operating in the state. Those companies provide 1.9 million jobs for those that live here, making up a significant amount of the state’s workforce. Payroll for these businesses amounts to $96,576,052.
When it comes to funding those businesses, it is often necessary to turn to small business loans. There are a variety of lenders available, each with a wide range of loans to offer. The most recent data from the Small Business Administration for the last three years shows there are 4,047 small business loans in place right now, with a total loan value of $2,871,431,854 in New Jersey. More so, the average loan size for companies in the state is $709,521. Those are funds that companies can use for many needs, including to help them grow.
Small businesses in New Jersey are typically companies that have under 100 employees. These companies are vital to the growth and success of the state’s economy, which is why funding their capital needs is so important. New Jersey small business lenders are available to do this, often offering millions of dollars in loans to companies in a wide range of industries. What’s important to know is that these business loans are designed to be as flexible and versatile as businesses themselves.
All small business loans require borrowers to repay the amount borrowed in installment payments over a period of time. There is interest on these loans, which can range widely from as low as 5% on up. The interest helps compensate lenders for their availability of capital, and the amount of interest paid is nearly always dependent on the company’s ability to repay the debt. To determine that, lenders will take a closer look at the company’s financials, including profit and loss statements, bank statements, and balance sheets. They are looking not just at profit but also at the company’s ability to repay debts.
Small business lenders often offer loans to companies for a wide range of purposes. Though these are not typically loans used to start up a company, they can be used to help fund the growth of a company in various ways, such as new equipment, modernization, new product launches, and more. Some of the most common types of small business loans include:
As a business owner, it is possible to turn to any of these lenders – private and public companies – to borrow capital for a wide range of needs. The funds borrowed are often dependent on the qualifications of the company, including the credit history of the business or the business’s owner. More so, lenders want to know what the business is and what the company’s competition is.
For those small business owners starting up as a nonprofit, small business grants or special nonprofit grants may be available to you as well. As you expand your search for financial assistance and business financing, don’t forget to include those resources, if applicable. Some alternative financial options include statewide grants for business needs, the New Jersey Economic Development Authority, the New Jersey Small Business Development Center, an economic development corporation, small business funds, microloans, the New Jersey Business Action Center, local assistance programs, real estate loans, and community development centers. Further, if you meet specific requirements as a women-owned business or minority-owned business, you may be eligible for other funds, too. There are many initiatives out there beyond lending partners. Upcoming events can help you see all that is available to you in the business community.
To help with your cash flow in entrepreneurship, these might give you some assistance to start with, but ultimately, you might need more funds that come to you via a small business loan. Direct loans all have unique eligibility requirements, so it’s good to have a variety of lending partners to evaluate in your financing options.
| Rank | Bank Name | # of New Jersey Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | TD Bank | 287 | 7.05% | $238,244 |
| 2 | M&T Bank | 102 | 6.89% | $152,310 |
| 3 | WSFD Bank | 57 | 5.26% | $971,179 |
| 4 | Wells Fargo Bank | 53 | 7.44% | $311,868 |
| 5 | Newtek Small Business Finance | 44 | 6.17% | $707,527 |
| 6 | 1st Colonial Community Bank | 41 | 4.72% | $768,871 |
| 7 | Peapack-Gladstone Bank | 40 | 5.35% | $1,101,925 |
| 8 | Live Oak Banking Company | 38 | 5.23% | $1,898,105 |
| 9 | New Millennium Bank | 37 | 4.59% | $533,581 |
| 10 | Lakeland Bank | 35 | 5.32% | $863,171 |
TD Bank was founded in 1852 in Portland, Maine, as a bank to help the community. Since that time, TD Bank has grown to be able to provide all types of services and products to meet the needs of its customers on a broad level all across the country.
We reached out to TD Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Manufacturers and Traders Trust Company has been in business for 165 years and is also known as M & as M&T Bank operating in 8 states and Washington, DC, with 780 branches. Manufacturers and Traders Trust Company provide a number of banking services through loans, grants, and personal banking.
We reached out to M&T Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Wells Fargo Bank was started in 1852 by Henry Wells and William G. Fargo as a bank to help customers build business and manage money. Wells Fargo Bank offers many products through its many branches to meet customers’ needs, including mortgages, wealth management, and personal and small business banking.
We reached out to Wells Fargo Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Newtek offers a number of services for businesses to help them to meet their financial needs. Products such as loans, cloud solutions, IT security, payment processing, payroll, and options when it comes to disaster recovery are available to protect and help a business to thrive and grow.
We reached out to Newtek to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
WSFS Bank offers services to customers in 5 states and has been doing so since starting in 1832. With $20 billion in assets and 119 offices, Wilmington Savings Fund Society can meet its customers’ needs with individual, corporate and individual money managing services to meet their needs.
We reached out to WSFS Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Small business loans in New Jersey are often available to companies that have a strong foundation for success. How do you get to that point, though? There are some excellent resources available that may be able to offer some help and guidance.
Perhaps the most notable of options is to turn to the Small Business Administration in New Jersey. With local offices as well as online resources, companies can gather the information they need. This could include information such as help with business formation, paying taxes, obtaining permits, getting loans, and much more. There is no cost to a company to use this organization’s services.
Another excellent resource is SCORE, an organization that connects companies with established, successful professionals who can often operate like a mentor. There are also some great workshops, online resources, seminars, and other events throughout the year designed to connect companies with the support they need. There is no cost to using this service as a small business owner either.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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