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Small Business Loans in New Jersey (2021 Update)

There are over 750,000 small businesses in New Jersey, making it one of the top states in the country for entrepreneurship. The increasing number of business owners throughout the state and America in general has caused a significant rise in business loan applications. Business loans are essential for building a company and improving its sales.

When to Take Out a LoanSmall Business Loans in New Jersey

It is totally up to you when you think your business could benefit from a loan. You might take out a loan because your business is struggling and you're on the brink of closure. Alternatively, you might need a loan, not because your business is doing poorly, but because it's doing well and you need to expand. Before taking out a loan, calculate how much money you'll need and create a list of specific goals for using those funds.

Where to Go for a Loan in New Jersey

There are dozens of banks in New Jersey that offer high-quality business loans. Here are just a few of those lenders:

  • 1st Constitution Bank
  • Cornerstone Bank
  • Unity Bank
  • Heritage Community Bank
  • BankAsiana
  • Fulton Bank of New Jersey
  • Harvest Community Bank
  • Capital Bank of New Jersey

The Application Process

Applying for a small business loan is different from personal loans because company assets are required to be approved. If your company isn't successful enough or is considered a liability to the lender, you may not get the money you need. The lender may or may not take the owner's credit score into consideration when approving the loan. An example of this would be if there is a prospective company that comes to the lender for a business loan, but the owner has a bad credit score. The bank may still approve this loan because the company is not considered high-risk, but instead has growth potential.

Ideally, your company should be over one or two years old to successfully obtain a business loan. Eight in every ten new companies will fail within their first year, so banks see this is a risk factor and won't often approve money for these businesses. During the application process, you'll need to present business-related documentation to support your company's worth. The lender will ask for receipts, losses, expenditures and banking information. Loans take an average of 45 days to be approved from start to finish.

Paying Back the Loan

Repayment of the loan is specifically unique to your term contract. Business loans can have an interest rate ranging from 5.5 percent to 8.5 percent. Higher rates will require more expensive repayment amounts, making the loan more costly in the long run. You can choose between five, ten and fifteen-year term lengths, giving you adequate time to pay the loan back in full. If your business should fail while you're paying off the loan, the lender will require capital and assets from the company before it goes under to protect themselves.

Banks in New Jersey That Offer Small Business Loans

Here are the best banks to get a small business loan:


Based in Palisdales Park, New Jersey, BankAsiana was established in 2007. However, it has since been acquired by Wilshire State Bank in October 2013.

1st Constitution Bank

1st Constitution Bank offers a variety of loan services to individuals and businesses in New Jersey. Aside from New Jersey, it also has offices in Alabama and Ohio.

Unity Bank

While Based in Rush City, MN, Unity Bank also operates in other states such as in its office in Clinton, New Jersey. In just a year, it loaned small businesses a total of $174 million.

Cornerstone Bank

Cornerstone Bank was founded in 1882 in York, Nebraska. However, it has since expanded to include an even more diversified list of services and products and to serve other states as well.

Fulton Bank of New Jersey

The Fulton Bank of New Jersey first opened its doors in 1989 where it is headquartered today – in Mt. Laurel, New Jersey.

Heritage Community Bank

Staying true to its small community values, Heritage Community Bank has remained relevant despite being founded in 1933 by making innovative banking and loan products available to the public.


Top Cities in New Jersey and Their Lenders

New Jersey is one of the nation’s smallest states – it’s situated right next to New York City. The area benefits greatly from its association with the city. Many local residents work in New York City and commute every day for work. While much of New Jersey can be expensive, a lot of it is also much cheaper than New York City. If you want to start a business in the area, it’s important to choose a lender that can help your business succeed.

In this article, we’ll take a look at the various cities in New Jersey to help you best determine where you should start a small business. We’ll also take a look at the top small business lenders in each city!

Newark, New Jersey

Newark is the largest city in New Jersey – it’s most famous for its airport, which caters to most of the New Jersey and New York City area. But Newark also plays home to some of the largest shipping and transportation industries in the country. It’s very well-known for being a major player in the logistics field. Below are the top lenders for New Jersey small business owners:

Garden Savings Credit Union

Garden Savings Credit Union is our top pick for the Newark region. The lender offers some of the best rates in the region – they’re a great partner if you’re looking to save money with your financing. They also help you build a funding strategy that suits your business. With a deep understanding of the local economy, they’re a great choice for any business owner.

Newark CEDC
Newark CEDC is the perfect lender for local business owners who need small amounts of financing. They provide loans for less than $20,000 for their partners. It’s the easiest way to get quick access to small amounts of working capital.

Jersey City, New Jersey

Jersey City is around the same size as Newark – it’s also one of the major economic hubs of the area. Jersey City’s economy is largely based around the services industries. Finance plays a huge role in the area. If you’re looking to start a business somewhere that has an established commercial presence, Jersey City is a good option. Below are our top picks for the area:

BFS Capital

BFS Capital is a finance provider in the Jersey City region that offers financing to small business owners who need quick access to capital. They have some of the fastest loan turnaround times in the area – they’re the perfect choice for those who want cash quickly.

The Jersey City Loan Fund

The Jersey City Loan Fund is a fund that has been set up to provide small business owners in the area with loans for their small businesses. It’s a great option for those who want small business loans for working capital, inventory, or equipment financing.  

Paterson, New Jersey

Paterson, New Jersey is one of the most scenic cities in the state. It plays home to a variety of the area’s best nature parks and trails. The city also attracts a lot of retail shoppers because of its low sales tax rate. Below is the lender we recommend for the area:

City National Bank

City National Bank is our top pick for the Paterson, New Jersey region. This regional bank has a large presence in the Paterson region. They bank understands the complexities of the local economy and provides full-service banking solutions to their local clients.

Woodbridge, New Jersey

Woodbridge is another retail-focused city in the state of New Jersey. Its proximity to the coast also attracts trade. Below is our top pick for Woodbridge lenders:

RSI Bank

RSI Bank is one of the region’s oldest lenders. They’ve been providing loans to area business owners and consumers for over 150 years. If you want to work with a partner that has a longstanding reputation in the community, this is one of our top picks.

Toms River, New Jersey

Toms River is a coastal city in New Jersey that is well-known for its hospitality and entertainment industries. It’s a popular tourist destination for local and regional visitors. It’s a great place to start a business if you want to enter the coastal hospitality industry. Below is our favorite area lender:

Bilderberg Business Lenders

Bilderberg Business Lenders is our favorite lender in the Toms River area. This local lender is devoted to providing business loans to the small business owners in the area. They have an office right in the heart of town where you can meet with one of their commercial lending specialists.

Clifton, New Jersey

Clifton is another retail hotspot in the New Jersey area. The city is small, but there are also plenty of small business owners operating in the area. If you’re looking to start a small business in the area, have a look at the lender below:

Commercial Mortgage Depot

Commercial Mortgage Depot is the top lender in the Clifton, New Jersey region. They are a nationwide lender with a large local presence. They have the strength to provide you with the financing you need.


Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don't worry as there still may be other alternative lenders willing to work with you.