Top SBA Lenders – SBA Loans New Jersey

Last annual update: Mar 2, 2024

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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:

Top SBA lenders in New Jersey

State RankBankBank HQs # of LoansAvg Interest Avg Loan
1TD BankWilmington, DE 50312.0% $133,863
2M&TBuffalo, NY 10512.4% $97,648
3BayFirst National BankSaint Petersburg, FL 7711.9% $160,506
4JPMorgan Chase BankColumbus, OH 5512.0% $172,927
5PNC BankWilmington, DE 4911.7% $228,204
6Newtek BankMiami, FL 4012.0% $319,650
7Noah BankMiami, FL 4012.0% $319,650
8Wells FargoSioux Falls, SD 3711.4% $297,586
9Readycap Lending, LLCBerkeley Heights, NJ 3311.3% $419,336
10BancorpSouth BankTupelo, MS 3210.8% $252,719
11Live OakWilmington, NC 319.2% $1,450,223
12Meridian BankMalvern, PA 2510.3% $1,072,880
13Celtic BankSalt Lake City, UT 2210.9% $716,568
14Newtek Small Business FinanceLake Success, NY 2211.6% $487,195
15Huntington BankColumbus, OH 2110.5% $377,105
16Wilmington Savings Fund SocietyWilmington, DE 2110.3% $640,810
17Bank of AmericaCharlotte, NC 206.9% $612,500
18United Midwest Savings BankDe Graff, OH 2010.8% $188,800
19Northeast BankLewiston, ME 1710.9% $73,729
20Peapack-Gladstone BankBedminster, NJ 1610.2% $1,043,063

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Top industries receiving SBA loans in New Jersey

RankIndustry (NAICS Description)# of LoansAvg Interest Avg Loan
1Full-Service Restaurants7111.2% $499,531
2Residential Remodelers6812.0% $133,831
3Limited-Service Restaurants4310.7% $447,693
4General Freight Trucking, Local4111.7% $154,580
5Landscaping Services3411.4% $248,835
6Beauty Salons3212.1% $112,538
7Plumbing, Heating, and Air-Conditioning Contractors2811.1% $617,721
8Child Day Care Services2710.1% $953,256
9All Other Specialty Trade Contractors2711.2% $278,411
10General Freight Trucking, Long Distance, Truckload2512.7% $137,644
11Snack and Nonalcoholic Beverage Bars2211.1% $430,573
12Janitorial Services2011.9% $106,245
13Electrical Contractors2011.6% $204,650
14Fitness and Recreational Sports Centers2011.4% $480,295
15Commercial and Institutional Building Construction1712.0% $368,235
16Offices of Mental Health Practitioners (except Physicians)1611.2% $255,994
17Electronic Shopping1612.6% $82,500
18General Automotive Repair1511.0% $350,933
19Offices of Lawyers1411.1% $521,157
20Administrative Management and General Management Consulting Services1411.1% $319,800

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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