New Jersey businesses took out 6,147 SBA 7(a) loans worth $2.69B in fiscal years 2024 to 2026, counting only loans that were not cancelled. That ranks 6th of 52 by number of loans and 12th by dollars. The median loan was $150K at a median starting rate of 10.50%. In FY2026 alone, lenders approved 2,021 New Jersey loans for $1.02B before cancellations.
What stands out in New Jersey
One lender dominates
TD Bank, National Association approved 1,473 of New Jersey's 6,147 SBA 7(a) loans in FY2024 to FY2026, a 24.0% share. The top three lenders together made 40.0%. For comparison, the largest 7(a) lender nationally, The Huntington National Bank, holds 10.3% of all loans. When one bank makes this many of a state's loans, its pricing and credit appetite set the tone, so a second quote is worth getting.
Light use of SBA 504
New Jersey had 244 SBA 504 loans, 0.04 for every 7(a) loan, against 0.10 nationally. The 504 program finances owner-occupied real estate and long-life equipment through a certified development company; in New Jersey the most active was Trenton Business Assistance Corporation (164 loans).
SBA Express is the main channel
47.6% of New Jersey's 7(a) loans were made through SBA Express, against 35.8% nationally. Express loans are capped at $500,000 and the lender makes the credit decision itself, so they move faster but are smaller. The median New Jersey loan was $150K (national median $175K).
Fewer business purchases
7.5% of New Jersey 7(a) loans financed a change of ownership, that is, buying an existing business, against 10.9% nationally. Most New Jersey loans fund existing owners rather than buyers.
Top SBA 7(a) lenders in New Jersey
| Lender | Loans | Share of state |
|---|---|---|
| 1. TD Bank, National Association | 1,473 | 24.0% |
| 2. Manufacturers and Traders Trust Company | 686 | 11.2% |
| 3. Newtek Bank, National Association | 295 | 4.8% |
| 4. The Huntington National Bank | 267 | 4.3% |
| 5. Northeast Bank | 264 | 4.3% |
| 6. JPMorgan Chase Bank, National Association | 247 | 4.0% |
| 7. Readycap Lending, LLC | 247 | 4.0% |
| 8. Live Oak Banking Company | 197 | 3.2% |
| 9. BayFirst National Bank | 164 | 2.7% |
| 10. Wells Fargo Bank National Association | 128 | 2.1% |
SBA 504 loans in New Jersey
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| New Jersey | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 244 | 18,076 |
| 504 dollars | $398M | $20.82B |
| Median 504 loan | $1.1M | $742K |
| Jobs supported (reported at approval) | 3,012 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Trenton Business Assistance Corporation | 164 |
| Empire State Certified Development Corporation | 74 |
New Jersey SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 2,501 | 2,830 | 2,021 |
| Dollars approved | $892M | $1.20B | $1.02B |
| Loans not cancelled | 2,163 | 2,258 | 1,726 |
| Median loan | $150K | $173K | $200K |
| Median rate | 11.50% | 10.50% | 9.50% |
| Loans of $150K or less | 58.2% | 49.5% | 45.1% |
| SBA Express share | 50.9% | 44.7% | 47.1% |
FY2026 approvals in New Jersey changed by −28.6% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
What a typical New Jersey SBA loan looks like
| FY2024-FY2026, not cancelled | New Jersey | United States |
|---|---|---|
| Median loan | $150K | $175K |
| Average loan | $438K | $508K |
| Median starting rate | 10.50% | 10.25% |
| Variable-rate loans | 91.8% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 51.3% | 49.0% |
| Loans of $500K or less | 80.3% | 76.9% |
| Loans of $1M or more | 11.7% | 13.6% |
| Startups (loan opens the business) | 13.7% | 16.1% |
| Startups and businesses 2 years old or less | 31.2% | 32.0% |
| Change of ownership (buying a business) | 7.5% | 10.9% |
| Franchise businesses | 9.8% | 11.0% |
| SBA Express loans | 47.6% | 35.8% |
| Jobs supported (reported at approval) | 52,421 | 1,733,816 |
Most frequent franchise brands among New Jersey 7(a) loans: The UPS Store (25), Success On The Spectrum (16), Dunkin' (10).
Industries that borrow most in New Jersey
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Construction | 778 | 12.7% | $150K | 10.75% |
| Retail | 714 | 11.6% | $200K | 10.50% |
| Restaurants and hotels | 689 | 11.2% | $215K | 10.25% |
| Professional services | 665 | 10.8% | $103K | 10.75% |
| Other services (repair, personal care) | 658 | 10.7% | $140K | 10.50% |
| Health care | 568 | 9.2% | $248K | 10.25% |
| Administrative and support services | 387 | 6.3% | $150K | 10.50% |
| Wholesale trade | 364 | 5.9% | $217K | 10.75% |
Where in New Jersey the loans go
| County | Loans |
|---|---|
| Bergen | 909 |
| Ocean | 529 |
| Middlesex | 496 |
| Essex | 484 |
| Monmouth | 473 |
| Union | 427 |
| Hudson | 405 |
| Morris | 376 |
| City | Loans |
|---|---|
| Jersey City | 169 |
| Lakewood | 157 |
| Toms River | 119 |
| Newark | 99 |
| Clifton | 68 |
| Cherry Hill | 67 |
| Paterson | 66 |
| Edison | 63 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
How older loans performed
Of the 2,253 SBA 7(a) loans approved for New Jersey businesses in FY2020 and FY2021 (not cancelled), 109 had been charged off by September 30, 2026: 4.8% by count and 0.6% of dollars approved. The national figures are 3.7% and 1.0%. Loans from these years have had five to seven years to season, so they say more about losses than recent loans do.
SBA district office for New Jersey
New Jersey loans are overseen by the SBA New Jersey District Office. District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in New Jersey
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide, and see our guide to business funding in New Jersey.
Frequently asked questions
How many SBA loans were made in New Jersey?
Lenders approved 2,501 SBA 7(a) loans for New Jersey businesses in FY2024, 2,830 in FY2025 and 2,021 in FY2026, before cancellations. Net of cancelled loans, the three years total 6,147 loans worth $2.69B, plus 244 SBA 504 loans worth $398M.
Which banks make the most SBA loans in New Jersey?
In FY2024 to FY2026 the most active 7(a) lenders in New Jersey were TD Bank, National Association (1,473 loans, 24.0%), Manufacturers and Traders Trust Company (686 loans, 11.2%), Newtek Bank, National Association (295 loans, 4.8%).
What is the typical SBA loan size and rate in New Jersey?
The median 7(a) loan in New Jersey was $150K and the average was $438K. The median starting interest rate was 10.50%, 91.8% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to New Jersey by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: New York, Ohio, Pennsylvania, Illinois, or see all states.