Top SBA Lenders – SBA Loans New Jersey

Last annual update: Feb 18, 2022

 

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Few New Jersey-based banks were among the largest lenders to “The Garden State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a hotel, restaurant, auto repair, medical practice, veterinary or pharmacy, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top SBA Lenders in New Jersey:

Most active SBA lenders in New Jersey

NJ RankNew Jersey BankBank HQs# of NJ LoansAvg InterestAvg New Jersey Loan
1TD BankWilmington, DE2987.3%$213,818
2M&TBuffalo, NY1096.9%$130,230
3Wells FargoSioux Falls, SD627.3%$316,521
4United Midwest Savings BankDe Graff, OH566.0%$323,418
5Newtek Small Business FinanceLake Success, NY496.1%$788,863
6Wilmington Savings Fund SocietyWilmington, DE495.2%$1,098,900
7PNC BankWilmington, DE445.7%$325,361
8Live OakWilmington, NC385.2%$1,713,861
9Peapack-Gladstone BankBedminster, NJ385.3%$1,095,053
101st Colonial Community BankCollingswood, NJ364.8%$719,033
11Meridian BankMalvern, PA345.3%$931,500
12New Millennium BankFort Lee, NJ334.7%$549,909
13Republic BankPhiladelphia, PA325.1%$1,020,031
14NewBankNew York City, NY314.8%$1,036,452
15Berkshire BankPittsfield, MA305.2%$1,233,733

 

SBA loans – New Jersey

A note about these New Jersey SBA lenders – People frequently ask us if one of the banks above is 1) on the New Jersey preferred lender list 2) an approved lender in New Jersey, or 3) participating in the New Jersey SBA Express lending program. All these questions revolve around whether a given SBA bank makes small business SBA loans in New Jersey and can they process SBA loans quickly. The answer is yes, of course. These are not the small banks that only make a few SBA loans a year and do not understand the SBA 7(a) loan program. These are the banks that have made the most SBA loans in New Jersey. We analyze thousands of SBA loans each year and rank lenders based on recent activity. We would be remiss if we did not mention that although many banks will only lend in certain geographies, there are a handful of extremely aggressive nationwide SBA lenders who will lend anywhere. These lenders understand the SBA program as well as anyone and move very quickly, so we recommend not limiting your search to your home state. If you utilize our lender match tool, we can find you suitable SBA banks based on your geography, industry, and company and size at no cost or obligation to you to save you valuable time.

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