GoSBA’s 50 Best New Jersey SBA Lenders In 2024
Overview of SBA Loans in New Jersey
The U.S. Small Business Administration (SBA) New Jersey District Office serves 21 counties, with a combined population of nearly 9 million residents. New Jersey has a diverse and prosperous economic base, known for its pharmaceuticals, life sciences, financial services, manufacturing, information technology, and transportation sectors. As a top hub for economic activity, New Jersey is an excellent environment for small businesses to thrive.
Finding the Best New Jersey SBA Loans
Finding the best and most affordable business loans can be challenging, but we make it easier by comparing all the top SBA lenders in New Jersey for you. After reading our analysis, click “Apply Now” and let us match you with the best SBA loan providers in New Jersey.
Top SBA Lenders in New Jersey for 2024
GoSBA Loans is proud to present the updated 2024 list of the 50 best SBA banks providing SBA loans in New Jersey. As a strong state for small business entrepreneurs, New Jersey SBA loan providers financed 1,866 businesses valued at more than $767 million in FY 2023. This thriving state is an excellent place for small businesses to flourish, and SBA lenders play a crucial role in providing the necessary funding.
Challenges in Accessing SBA Loans in New Jersey
One of the biggest challenges that small businesses face is access to affordable financing. The top lenders signing SBA-backed loans in New Jersey include larger financial institutions like TD Bank and Republic First Bank, as well as smaller players like Metro City Bank and Radius Bank. Some of these banks have stringent underwriting requirements, which can make the process difficult for small business owners. Many entrepreneurs are better off working with smaller and more aggressive SBA lenders that may offer a more personalized approach.
How GoSBA Loans Helps New Jersey Small Businesses
Applicants that apply for an SBA loan through GoSBA Loans benefit from automatic circulation of their loan applications to 33 of the top 100 New Jersey SBA lenders, significantly increasing their chances of approval. Below is our official ranking for the 50 Best New Jersey SBA 7(a) Lenders in 2024.
Top 50 SBA Lenders in New Jersey (2024)
Bank Name |
Amount Funded |
Loans Funded |
|---|---|---|
| Fulton Bank, National Association | $22,074,500 | 28 |
| Firstrust Savings Bank | $16,471,500 | 10 |
| Berkshire Bank | $12,104,300 | 16 |
| BayFirst National Bank | $11,683,100 | 90 |
| Bank of America, National Association | $10,751,400 | 23 |
| Dogwood State Bank | $10,341,000 | 6 |
| FinWise Bank | $10,250,000 | 10 |
| Financial Resources FCU | $8,160,000 | 5 |
| Columbia Bank | $6,864,000 | 7 |
| Byline Bank | $6,075,000 | 8 |
| First Bank | $5,874,000 | 3 |
| First Bank of the Lake | $5,594,400 | 17 |
| Cadence Bank | $5,290,000 | 18 |
| Capital One, National Association | $4,410,000 | 1 |
| Celtic Bank Corporation | $4,325,100 | 15 |
| Citizens Bank, National Association | $3,821,200 | 11 |
| Bank Five Nine | $3,696,000 | 6 |
| Fund-Ex Solutions Group, LLC | $3,290,600 | 2 |
| Bank of Hope | $2,975,000 | 1 |
| First Internet Bank of Indiana | $2,869,000 | 1 |
| First Savings Bank | $2,105,000 | 3 |
| Colony Bank | $2,082,800 | 15 |
| Customers Bank | $1,807,000 | 3 |
| GBank | $1,625,000 | 1 |
| First Commerce Bank | $1,400,000 | 1 |
| Exos Small Business Lending LLC | $1,260,000 | 1 |
| Five Star Bank | $1,225,000 | 2 |
| ConnectOne Bank | $1,215,000 | 2 |
| 1st Colonial Community Bank | $1,198,900 | 6 |
| Flushing Bank | $1,162,000 | 2 |
| Bankwell Bank | $1,135,000 | 1 |
| Blue Foundry Bank | $1,100,000 | 2 |
| Centerstone SBA Lending, Inc. | $990,000 | 1 |
| First Chatham Bank | $884,000 | 2 |
| American Momentum Bank | $704,000 | 1 |
| First Western SBLC, Inc | $690,000 | 1 |
| First Bank of Central Ohio | $608,000 | 1 |
| 22nd State Bank | $590,500 | 2 |
| CDC Small Business Finance Corporation | $557,900 | 3 |
| Citizens Bank | $505,800 | 2 |
| City National Bank of Florida | $500,000 | 1 |
| City National Bank | $466,000 | 2 |
| Asian Bank | $405,000 | 1 |
| Fifth Third Bank | $364,500 | 1 |
| CRF Small Business Loan Company, LLC | $350,000 | 1 |
| CTBC Bank Corp. (USA) | $255,000 | 1 |
| Cross River Bank | $250,000 | 1 |
| Capital Bank, National Association | $150,000 | 1 |
| Excelsior Growth Fund is the CDFI affiliate of NYBDC Local | $150,000 | 1 |
| First Command Bank | $98,000 | 1 |
Analyzing the table above, Fulton Bank, National Association leads the way in New Jersey, funding over $22 million across 28 loans. This positions Fulton Bank as a prime choice for business owners looking for substantial financing in the state.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, BayFirst National Bank takes the lead with an impressive 90 loans totaling over $11.6 million. This indicates that BayFirst National Bank is highly active in the SBA lending market and a good option for businesses seeking a lender experienced in processing multiple SBA loans.
Other Notable SBA Lenders in New Jersey
Berkshire Bank and Cadence Bank are also significant players in the New Jersey SBA lending scene, with Berkshire Bank funding 16 loans and Cadence Bank funding 18 loans. These banks are suitable options for businesses seeking moderate-sized loans with a lender that has extensive experience in the local market.
For small businesses looking for smaller loans, institutions like Citizens Bank, Bank Five Nine, and First Bank of the Lake provide a variety of options. Their focus on small loan amounts makes them a great choice for startups or small businesses looking for accessible financing.
Why Choose GoSBA Loans for SBA Loans in New Jersey?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in New Jersey. We help match you with the lender that suits your business needs, taking into account loan amounts, approval criteria, and loan terms. By working with us, you’ll gain access to a network of lenders, ensuring that your application reaches the right banks at the right time, ultimately increasing your likelihood of success.
Benefits of SBA Loans for New Jersey Small Businesses
Whether you’re a new startup or an established small business, securing an SBA loan can help you expand operations, purchase equipment, or boost working capital. New Jersey’s diverse economic base and thriving entrepreneurial ecosystem provide a unique opportunity for small business owners to succeed, and we’re here to help you every step of the way.
Ready to Apply for an SBA Loan in New Jersey?
If you’re ready to find the best SBA lenders in New Jersey, contact us today to begin your journey. Our team at GoSBA Loans is committed to helping your small business secure the financing it needs to grow and thrive in 2024 and beyond.
