GoSBA’s Top 50 New Jersey SBA Lenders in 2024
Overview of SBA Loans in New Jersey
New Jersey, with a population of approximately 9.3 million people, is a significant player in the U.S. economy. The state’s economy is driven by diverse industries, including pharmaceuticals, finance, manufacturing, and transportation. With its strategic location near major metropolitan areas like New York City and Philadelphia, New Jersey is home to a mix of large corporations and small businesses.
Popular industries in New Jersey include healthcare, pharmaceuticals, finance, manufacturing, and hospitality. In FY 2023, New Jersey SBA loan providers funded 2,750 businesses, with a total loan volume of $1.9 billion. The state also has a thriving entrepreneurial community, with a growing number of women-owned businesses making significant contributions to the economy.
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. GoSBA Loans helps businesses secure the financing they need to grow—whether for purchasing equipment, refinancing high-interest loans, acquiring commercial property, or financing business improvements. After reading our analysis, click “Apply Now” to let us match you with the best SBA loan providers in New Jersey.
Challenges in Accessing SBA Loans in New Jersey
A significant challenge for small businesses in New Jersey is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions like TD Bank, M&T Bank, Wells Fargo, Santander Bank, JPMorgan Chase, Bank of America, Celtic Bank, Fulton Bank, Peapack-Gladstone Bank, and Valley National Bank. These ten lenders funded 1,150 businesses in New Jersey, with a combined loan volume of $1.2 billion. However, just because these lenders are popular does not mean they are the best fit for every business type. Many small businesses may find better success with specialized SBA lenders.
How GoSBA Loans Helps New Jersey Small Businesses
At GoSBA Loans, we understand the struggle of finding the best and most affordable SBA loans for your business. Our unique approach circulates your loan application to 30 of the top 100 SBA lenders in New Jersey, increasing your chances of approval. We make lending for small businesses easier, faster, and more affordable. Below is our official ranking of the top 50 New Jersey SBA lenders in 2024.
Top 50 New Jersey SBA Lenders in 2024
| Bank Name | Sum of Term (Months) | Amount Funded | Loans Funded | Average Interest Rate (%) |
|---|---|---|---|---|
| TD Bank, National Association | 67,447 | $66,112,100 | 554 | 11.93 |
| Newtek Bank, National Association | 11,444 | $53,205,400 | 90 | 11.96 |
| Live Oak Banking Company | 4,674 | $40,502,500 | 28 | 10.04 |
| Readycap Lending, LLC | 11,814 | $26,696,000 | 99 | 13.22 |
| Wilmington Savings Fund Society, FSB | 5,253 | $23,931,500 | 31 | 10.66 |
| Fulton Bank, National Association | 4,434 | $22,074,500 | 28 | 10.23 |
| Firstrust Savings Bank | 1,716 | $16,471,500 | 10 | 10.80 |
| JPMorgan Chase Bank, National Association | 9,852 | $14,517,300 | 85 | 13.24 |
| Provident Bank | 3,352 | $14,355,000 | 19 | 9.96 |
| The Huntington National Bank | 5,245 | $12,560,600 | 42 | 10.99 |
| Berkshire Bank | 3,227 | $12,104,300 | 16 | 10.89 |
| BayFirst National Bank | 10,788 | $11,683,100 | 90 | 13.23 |
| Peapack-Gladstone Bank | 2,244 | $11,359,000 | 12 | 10.38 |
| Magyar Bank | 2,364 | $11,351,900 | 12 | 11.10 |
| Bank of America, National Association | 3,900 | $10,751,400 | 23 | 8.77 |
| Dogwood State Bank | 900 | $10,341,000 | 6 | 11.17 |
| Hanover Community Bank | 1,260 | $10,337,500 | 6 | 10.96 |
| FinWise Bank | 1,560 | $10,250,000 | 10 | 11.15 |
| Manufacturers and Traders Trust Company | 10,602 | $9,586,000 | 104 | 12.43 |
| Meridian Bank | 1,680 | $9,052,000 | 13 | 11.12 |
| Financial Resources FCU | 900 | $8,160,000 | 5 | 11.05 |
| Wells Fargo Bank, National Association | 8,048 | $7,921,000 | 54 | 12.64 |
| Northeast Bank | 6,959 | $7,097,500 | 58 | 11.25 |
| Columbia Bank | 1,227 | $6,864,000 | 7 | 11 |
| Byline Bank | 966 | $6,075,000 | 8 | 11.19 |
Leading New Jersey SBA Lenders by Loan Volume
Analyzing the table above, TD Bank leads the way in New Jersey with the highest loan volume, funding over $66.1 million across 554 loans. This positions TD Bank as a strong choice for businesses looking for substantial financing in New Jersey.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, TD Bank also takes the lead with 554 loans totaling over $66.1 million. This makes TD Bank highly active in the SBA lending market and a reliable choice for small business owners seeking an experienced lender.
Other Notable SBA Lenders in New Jersey
Newtek Bank and Readycap Lending are also significant players in the New Jersey SBA lending market. Newtek Bank funded 90 loans totaling $53.2 million, while Readycap Lending funded 99 loans with a loan volume of $26.7 million. These banks are ideal for small business owners seeking moderate-sized loans from established lenders.
For businesses looking for smaller loans, institutions like Peapack-Gladstone Bank, Wells Fargo, and Financial Resources FCU provide various options. Their focus on smaller loan amounts makes them suitable for startups and small businesses needing 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 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.
