Paterson: 2,611 businesses, 83 SBA loans and a UEZ
ZIP codes with a Paterson mailing address held 2,611 business establishments and 30,123 employees in 2023 [2]. Paterson borrowers took 83 SBA loans worth $30.9 million from FY2024 to June 2026, at a median of $120,000 [1]. Volume rose from 27 loans in FY2024 to 37 in FY2025, with 19 more in the first nine months of FY2026 [1].
Paterson's SBA borrowers look like the city's industrial and street-level economy: snack food makers (5 loans), grocery wholesalers (4), auto glass shops (4), auto repair (3), special needs transportation (3) and dry cleaners (3) [1]. TD Bank made 25 of the Paterson loans, M&T Bank 10, Newtek Bank 8 and Wells Fargo 7 [1].
Paterson is an Urban Enterprise Zone. The local UEZ office is at 131 Ellison Street, (973) 321-1565 [5][9]. A business holding a UEZ certificate may collect sales tax at 3.3125% instead of the full rate on most sales of goods made at its zone location [6]. Paterson also holds 8 of the county's 15 Opportunity Zone census tracts from 2018 [7].
Worked example: $120,000 SBA 7(a) loan for a Paterson business
For variable-rate 7(a) loans of $50,001 to $250,000, the SBA caps the rate at the base rate plus 6.0% [3]. Prime was 7.00% on the Federal Reserve's Oct 20, 2026 release [4], so the cap is 13.0%.
At that cap, $120,000 over 10 years is $1,791.73 a month and $95,007.47 in total interest. A lender may quote you less than the cap. Guaranty and closing fees are extra.
Clifton, Wayne and Passaic city
| Town | SBA loans | SBA dollars | Median loan | Establishments |
|---|---|---|---|---|
| Paterson | 83 | $30.9 million | $120,000 | 2,611 |
| Clifton | 80 | $33.5 million | $137,500 | 2,522 |
| Wayne | 54 | $24.2 million | $178,350 | 2,076 |
| Passaic | 46 | $12.3 million | $150,000 | 1,371 |
Clifton took the most SBA dollars in the county, led by physician offices (4 loans), long-haul trucking (4), landscapers, restaurants, beauty salons and caterers (3 each); M&T Bank was its busiest lender with 14 loans [1]. Wayne's borrowers skewed to dentists and limited-service restaurants (4 each) [1].
Passaic city is the county's second UEZ town, run from City Hall at 330 Passaic Street, Room 206 [5]. Its SBA borrowing slowed: 21 loans in FY2024, 19 in FY2025 and 6 in the first nine months of FY2026 [1]. Supermarkets and grocery stores were its most common borrower type (4 loans) [1]. Passaic city holds 4 Opportunity Zone tracts, Clifton 2 and Prospect Park 1 [7].
What Passaic County businesses borrow for
Passaic had 12,406 establishments and 146,956 employees in 2023, and 10,868 of those locations had fewer than 20 people [2]. Retail is the largest group at 1,840 locations, 14.8% of the county, followed by construction (1,318) and outpatient health care (1,162) [2]. There were also 496 food and beverage stores, 291 of them grocery and convenience stores [2].
Construction firms took the most SBA loans here (45, $12.5 million), but health care took far more money per loan: 34 loans worth $25.9 million at a median of $200,000, with physician offices at a median of $350,000 [1]. Nail salons were the single most common borrower type, 9 loans at a median of $50,000 [1].
Who lends in Passaic County
| Lender | Loans | Median loan |
|---|---|---|
| TD Bank | 85 | $70,000 |
| M&T Bank | 59 | $50,000 |
| Northeast Bank | 37 | $150,000 |
| JPMorgan Chase Bank | 23 | $150,000 |
| Newtek Bank | 21 | $150,000 |
| ReadyCap Lending | 14 | $312,000 |
M&T Bank's 59 loans make it a much bigger player here than in most New Jersey counties [1]. For property and large equipment, Trenton Business Assistance Corporation handled 11 of the county's 13 SBA 504 loans, worth $18.6 million at a median of $1,016,000 [1].
Card processing for Passaic County businesses
Passaic County leans on corner trade. Of its 496 food and beverage stores, 291 are grocery and convenience stores, and 208 of those had fewer than 5 employees in 2023 [2]. A bodega in Paterson or Passaic lives on small baskets, so the fixed part of each card fee matters more than the percent.
Take a $30 grocery basket. Square's in-person rate of 2.6% + 15¢ [12] costs 93¢, about 3.1%. If the shopper pays with a debit card from a large bank, federal rules cap that bank's interchange at 21¢ plus 0.05% of the sale [11], about 22.5¢, which is why debit-heavy stores often save on interchange-plus pricing.
Thinking of a card surcharge? New Jersey law, P.L.2023, c.146, says the surcharge can be no more than your actual cost to process the credit card [10]. Learn the fee parts on our credit card processing fees guide, then put your own statement through the fee analyzer.
Free help and faster options in Passaic County
- NJSBDC at William Paterson University serves Passaic and Union counties from 1600 Valley Road in Wayne, with an affiliate office at 131 Ellison Street in Paterson [8].
- The Paterson UEZ office at the same Ellison Street building handles UEZ certification for Paterson businesses [9].
- Passaic city's UEZ is run by the Enterprise Zone Development Corp. at City Hall [5].
If an SBA loan is too slow, a term loan or line of credit can close faster at a higher rate, and trucks or kitchen gear fit equipment financing. A merchant cash advance is a purchase of future receivables, not a loan, and usually the costliest route. Batch Capital lays them side by side after the quiz.