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.
