Small Business Loans in New Jersey
Ready to find success and secure a small business loan? You're in the right place! Our in-house research team of finance experts has compiled this most comprehensive list of business loans for you to find the best option for you. Bad credit and startups acceptable when meeting specific qualifications.
5 Small Business Loans in New Jersey
Our list is the result of in-depth research on small business lending in New Jersey, based on solid, reliable data. We've sorted these lenders by the amount of small business loans they've issued throughout the current year.
In essence, our list highlights those banks and lenders that are actually providing loans to small businesses in New Jersey.
(This is quite different from many other sites, which tend to concentrate on nonprofits with limited lending activities or government programs that are often inaccessible to a large number of businesses.)
Takeaway: Large, national banks do most of the small business lending in New Jersey.
Methodology: Our study is based on data from SBA 7a loans, ensuring that all the lenders we've listed offer these loans. Additionally, we've compiled details about various other small business loan options available from these lenders, as advertised on their websites.
Unfortunately, traditional banks usually set high criteria, including the need for good credit scores and at least two years of business experience.
As a result, we've started our list with two alternative financing options, catering to small business owners who may be dealing with credit challenges or those who are newcomers to the business arena.
1. Credit Suite
Credit Suite stands out in the realm of business credit advice and software solutions, offering a pair of unique financial products.
For business owners with bad credit, they offer a Cash Flow Financing solution. This allows you to leverage your business's cash flow for flexible financial assistance. Instead of standard monthly payments, the repayment plan is tied to a portion of your ongoing cash flow.
Furthermore, their Credit Line Hybrid is dedicated to financing based on individual credit quality, bypassing the requirement for comprehensive financial records, banking history, or business plans.
It's great for a wide range of business owners, from startup to established, offering financial support ranging from $5,000 to $150,000.
Business financing options offered:
- Credit Suite Cash Flow Financing
- Credit Suite Credit Line Hybrid
2. TD Bank
TD Bank, a significant banking entity, operates in every East Coast state, with the exception of Georgia. Boasting numerous retail locations, they provide a comprehensive selection of financing products tailored for small businesses. Notably, TD Bank holds the designation of an SBA Preferred Lender.
Business loan applications at TD Bank can be conveniently submitted either online or through direct interactions at their branches.
Business financing options offered:
Term Loans
Business Lines of Credit
Commercial Real Estate Loans & Mortgages
SBA Loans
Revolving Lines of Credit
Equipment Financing
Asset Based Lending
Supply Chain Financing
TD Business Solutions Credit Card
3. Manufacturers and Traders Trust Company
M&T Bank, based in Buffalo, New York, boasts a substantial portfolio of business loans. Additionally, they provide several loan products specifically tailored to meet the needs of various industries.
Business financing options offered:
Business Lines of Credit
Business Credit Cards
Term Loans
Equipment Financing
Small Business Administration (SBA) Loans
Farm & Rural Business Loans
Restaurant Business Loans
Medical Practice Loans
4. BayFirst National Bank
BayFirst National focuses mainly on SBA loans, as evident from their website which features slogans such as "Lightning Fast Business Loans!" and "In-house team, quick funding," emphasizing their service ethos.
The major advantage they possess is their in-house underwriting team, which contributes to both swift processing and specialized knowledge in loan handling.
Considering the usual extended timeframe required to fund SBA loans, this aspect of their operation offers them a significant competitive advantage.
Business financing options offered:
SBA Loans
Commercial Real Estate Loans
Commercial Term Loans
Commercial Lines of Credit
Construction Loans
Heavy Equipment Financing
5. PNC Bank
PNC, a substantial national banking entity, operates numerous retail outlets. Its extensive scale naturally leads to a comprehensive array of small business loan options and a selection of five business credit cards.
On their website, you can find fundamental details about the loan amounts and terms for each type of financing. PNC enables the convenience of online applications and provides a detailed checklist of necessary business documents required for each specific business loan application.
Business financing options offered:
Term Loans
Unsecured Small Business Loans
Secured Small Business Loans
Small Business Commercial Real Estate Loans
Secured Vehicle Finance Loans
Small Business Lines of Credit
5 Business Credit Cards
Small Business Grants in New Jersey
Small business grants provide you with a useful lump sum of funds that you can use to further your business endeavors.
While often not as sizable as traditional business financing, grants are still a desirable alternative funding source that all businesses should take advantage of.
They eliminate the need for a good credit score (a credit score altogether, in fact) and give you business financing options.
As a result, you won’t have to turn to working capital loans and other business term loans (or using a merchant cash advance on your business credit card) and help you build your business with less stress.
But which small business grant programs can you apply for in New Jersey? Here are a few small business grants being offered to New Jersey small businesses.
The Horizon Foundation for New Jersey: The Horizon Foundation for New Jersey is an extension of the Horizon Blue Cross Blue Shield of New Jersey. It offers grants to nonprofits that are focused on expanding healthcare, reducing barriers to healthcare access, and improving opportunities in their community.
Community Development Block Grants: The Community Development Block Grant program focuses on developing stronger, more resilient communities. From disaster funding to neighborhood development, their comprehensive grant programs are a resource worth looking into when you’re hoping to secure funding for your small business.
Impact100 South Jersey: Impact100 South Jersey serves the South Jersey community, awarding grants to organizations that serve the region. They’re funded entirely by philanthropic businesswomen, and it may even be something you consider contributing to once your New Jersey business grows and becomes more stable in the future. If you live in North Jersey in places like Jersey City, consider the other options on this list.
Business.NJ.gov: Business.NJ.gov is a comprehensive resource for small businesses. If you’re looking for funding, check their website. Chances are that there will be grant programs you can find and apply to. You may also find Small Business Administration loans, government loans, and beyond
Government and Nonprofit Financing Programs in New Jersey
An SBA loan program isn’t accessible to every business. Fortunately, you won’t be limited to an SBA loan as a small business owner in New Jersey. Another way you can satisfy the business need for financing is through government and nonprofit financing programs in New Jersey.
Your small business loan options include:
TruFund: TruFund understands the unique challenges small business owners face, especially when it comes to funding. That’s why they help lower-income businesses tap into financing of anywhere from $50,000 to $350,000 through their own loan program. Consider TruFund when you need alternatives to small business loans from traditional business lenders, and you need a fair amount of cash.
The New Jersey Economic Development Authority (NJEDA): NJEDA offers a wealth of small business services and funding opportunities, such as helping each New Jersey small business find community development financial institutions (CDFI) or offering direct support via the NJ Capital Access Fund loan program.
New Jersey Community Capital: New Jersey Community Capital is dedicated to investing in projects that support the community and aid in creating generational wealth and stability. This includes small businesses. You can submit an NJCC Loan Inquiry for a New Jersey business loan on their website. More details about terms, cash amounts, and more can be found there.
Small Business Loans, Grants, and Non-Profits
Loans |
Grants & Non-Profit |
How to apply for a small business loan in New Jersey
Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!
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