Disclosure: Our content isn't financial advice. Do your due diligence and speak to your financial advisor before making any investment decision. We may earn money from products reviewed. (Learn more)

Are you looking for New Jersey’s best business loans & startup financing companies? For your small business in the Garden State, many banks, credit unions, and unconventional lenders are offering different loan types. No wonder so many lenders are operational in this state given that New Jersey is home to over 950k small businesses (99.6% of all NJ businesses)!

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 10 business loans & startup financing options in NJ to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every New Jersey-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans & innovative financing options with a simplified process.

At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! However, it is important to talk directly to Swoop’s experts to determine your creditworthiness.

2. Peapack-Gladstone Bank

The average loan amount that this establishment approves is $1.1 million. Moreover, 5.35% is the average rate of interest that Peapack-Gladstone Bank offers to founders. So, this lender is #2 on our list. With the funding provided by this lender, you get this:

• Working Capital Lines of Credit
• Term Loans
• Owner-Occupied Commercial Mortgages
• Leasehold Improvement Loans
• Letters of Credit
• Loans Secured by Marketable Securities or Brokerage Accounts

3. WSFS Bank

WFSF Bank provides ample financial services to startup founders in Delaware and NJ. This lender’s name stands for Wilmington Savings Fund Society, offering commercial lending to local entrepreneurs since the early 1830s. It has 100+ offices throughout New England with almost $20 billion available in assets. However, the amount of money that you can borrow cannot be more than $5 million. Term lengths are often 10 to 25 years. So, get in touch with this lender if you wish to maximize the financial prospects of your business.

4. 1st Colonial Community Bank

With the average rate of interest being 4.72%, this lender helps New Jersey-based startups with over $760k as the average loan amount. This lender provides lending services to clients not just in NJ but also in Pennsylvania. So, you can take out commercial real estate loans, construction loans, working capital lines of credit, and much more.

5. Provident Bank

Another reliable bank that offers amazing lending opportunities to New Jersey-based startups is Provident Bank. You can open a commercial line of credit with this lender, too. Lines of credit may also be used as overdraft protection from $5,000 to $10,000, especially when you borrow this loan to your business checking account. You can apply for term loans by contacting this lender as well.

6. Pursuit Lending

This lender realizes that New Jersey is a prime region for starting a new business. Hundreds of NJ businesses have received funding from Pursuit Lending. You can purchase commercial real estate or get working capital from this lender to excel in business. At Pursuit Lending, you’ll get SBA 7 (a), 504, microloan, SmartLoan, and capital access fund among other solutions. Also, up to 90% of financing is available via Pursuit Lending.

7. Spencer Savings Bank

Spencer Savings Bank is yet another credible startup financing provider for NJ-based startups. If you open a line of credit with Spencer Savings Bank, here’s what you’ll get:

• Express Lines – Amounts Up To $100,000
• Competitive Variable Interest Rates
• Traditional Lines – $100,001 – $500,000
• Interest–Only Payments
• Local Decision Making
• Streamlined Annual Renewal Process
• Simplified Application
• Fast Approval Turnarounds

8. New Millennium Bank

The average interest rate offered by New Millennium Bank is around 4.60%. Also, $533,000 is the average loan amount that you can take out from this lender. Also, this lender gives you quick & fast access to commercial real estate loans. This lender gives you SBA loans as well. So, you can easily take your NJ-based business to new heights of success with New Millennium Bank.

9. Blue Foundry Bank

At the Blue Foundry Bank, you can access various lending types to make sure that your startup in NJ has enough cash to pay off the workers and vendors easily. Blue Foundry offers you loans from $100k to $500k with down payment requirements as low as 10% and term lengths being 10 years! Moreover, funds up to $5 million are available for up to 25 years. This way, you can watch your business in NJ, Delaware, Connecticut, or Rhode Island reach new heights of success.

10. New Jersey Community Capital

At NJCC, you can apply for ample funding to make sure that Garden State business has the money needed to excel in the region’s corporate landscape. The program provides low-interest recovery loans from $10,000 to $75,000 to New Jersey-based small businesses and nonprofits. This funding line is especially for NJ startups that were damaged in the recent hurricanes. But this community capital also provides you with financial backup so you can stay profitable when the money is tight!

New Jersey Government Resources

Check out these government resources about business grants/funding and startup financing options in NJ:

• New Jersey Funding Programs
• Help for Businesses / Paterson, New Jersey
• Small Business Services and Financing

Top Cities in New Jersey for Business Loans

Curious to know which cities, census-designated places, townships, or municipalities in NJ are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Newark
2. Jersey City
3. Paterson
4. Elizabeth
5. Edison
6. Woodbridge
7. Toms River
8. Hamilton Township
9. Trenton
10. Clifton
11. Camden
12. Brick Township
13. Bayonne
14. Perth Amboy
15. East Orange
16. Union City
17. Middletown
18. Hackensack
19. Old Bridge Township
20. West New York
21. Morristown
22. Dover
23. Long Branch
24. South Brunswick Township
25. North Bergen
26. Freehold Township
27. Plainfield
28. New Brunswick
29. Asbury Park
30. South Orange

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in NJ in this economy.

Now, choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. If something needs to be clarified, get in touch with Sophisticated Investor to understand how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.