Small Business Loans & SBA Loans in New Jersey

New Jersey is the most densely populated state in the country, meaning it has more than its share of customers, all just waiting to be served by your business. A business loan can help you successfully serve these customers in the Garden State.

Types of New Jersey Business Loans

At only 8,723 square miles, New Jersey might be small, but it is mighty. It is a profitable home for many small businesses, and a business loan can help you set up shop or expand your operations right away in the Garden State.

SBA Loans

Many private lenders offer business loans that are partly backed by the Small Business Administration (SBA)—these are often called SBA loans but are often technically known as 7(a) loans.

Line of Credit

A line of credit is revolving credit, meaning you can access the funds in it, as needed to pay for business expenses, and then repay only the balance utilized.

Term Loan

A term loan is a traditional “small business loan”—that is, a bank or other lender disburses funds to your business upon approval and then you repay the loan (plus interest and fees) over several years.

Equipment Finance

In an equipment financing agreement, you obtain the equipment your business needs and then pay down the cost of the equipment over a period of time.

Accounts Receivable Financing

An alternative to term loans, with accounts receivable financing you receive a loan based on the amount of unpaid invoices that are owed to your business.

New Jersey Small Business Loan Options

Several local organizations provide small business funding resources in New Jersey.

The New Jersey Economic Development Authority (NJEDA) has many helpful lending programs that cater to small businesses in the state, ranging from microloans and a small business fund aimed at entrepreneurs from underserved backgrounds.

NJ Gateway Federal Credit Union is one of several credit unions in New Jersey that offers commercial lending.

Jersey Shore Federal Credit Union is another one of several credit unions in New Jersey that offers commercial lending.

Pursuit offers more than 15 small business loans, including SBA 7(a) and SBA 504 loans for businesses across New Jersey.

WSFS Bank offers multiple types of loan products to small businesses in New Jersey, including SBA 7(a), SBA 504, and SBA Express loans.

How to apply for a small business loan

Fill out the 15-minute online application.

It’s secured with bank-grade encryption and SSL technology, so you know your information is safe.

Receive matches.

See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.

Get funded.

Once you choose a card, you can get approved in as little as 7-10 days.

Apply Now

FAQ about Small Business Loans in New Jersey

As soon as you get the idea to open your business in New Jersey, check out the state’s Business Action Center (or BAC), which has a wealth of resources for smaller companies. They even have a Business Helpline—1-800-JERSEY-7 (1-800-537-7397). For mentorship, low cost or free training, and help with business plans, connect with local chapters of New Jersey SCORE or the Small Business Development Center Network (SBDC).


Along with their great resource library, the state’s BAC website has a rolling list of grants available for small businesses. As the Garden State’s small businesses were hit so hard by the pandemic, the state continues to offer grants to companies helping New Jersey’s economy recover through the Economic Development Authority.


To qualify for a small business loan in New Jersey, select a corporate structure (like sole proprietorship or LLC) and register your business with the NJ Treasury, if needed. You’ll likely have to register with the county as well, regardless of business structure, and you should check with city or other local officials about needed licenses and permits. After formally registering your company, create documentation like business plans, revenue statements, and your credit report, and then contact financiers about their specific application requirements.

The type of loan that is best for your New Jersey business depends on several factors: how long you’ve been open, how much revenue you turn every year, and, most importantly, your business goals. New Jersey has a higher cost of doing business than some states further from the coast, but its connections to the bustling Northeast Corridor economy make it an excellent home for small businesses. If you are ready to see what your loan options are in New Jersey, start comparing today, with the free, online Lendio platform

Generally, it is best to use business loans as a route to further company expansion, although financing can also definitely be used if your company is facing rough waters. Yes, New Jersey is densely populated and home to many businesses. A business loan, then, can help your company outshine the competition and leverage everything the Garden State has to offer, like proximity to major commerce centers and tourism.

An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.

SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.

Quickly compare financing options from multiple funders.

Applying is free and won’t impact your credit

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