New Jersey SBA lending, year by year
The median starting rate that year was 10.5% [2]. We counted every SBA 7(a) and 504 loan in SBA's public loan-level file whose project is in New Jersey, by federal fiscal year (October to September). The file is current through June 30, 2026 [2][4]. Counts include loans approved and later cancelled, which is how SBA reports approvals.
| Fiscal year | 7(a) loans | 7(a) dollars | 7(a) median | 504 loans | 504 dollars |
|---|---|---|---|---|---|
| FY2021 | 1,496 | $1.11 billion | $358,000 | 139 | $190.9 million |
| FY2022 | 1,518 | $714.8 million | $150,000 | 135 | $178.0 million |
| FY2023 | 2,247 | $965.3 million | $140,000 | 90 | $124.9 million |
| FY2024 | 2,501 | $892.3 million | $150,000 | 93 | $139.4 million |
| FY2025 | 2,830 | $1.20 billion | $150,000 | 83 | $137.5 million |
| FY2026 (Oct to Jun only) | 1,462 | $698.7 million | $185,000 | 59 | $110.6 million |
Two trends stand out. The number of 7(a) loans nearly doubled from fiscal 2021 to fiscal 2025, while 504 loans for buildings and big equipment fell from 139 to 83. And fiscal 2026 is running ahead on size: the median 7(a) loan so far is $185,000, up from $150,000 [2]. For county-by-county figures, see our NJ SBA lending by county study.
What New Jersey SBA borrowers actually paid and borrowed
For a 7(a) loan, the rate is "Negotiated between borrower and lender subject to SBA maximums" [3]. Advertised rates rarely tell you what a business like yours will pay, but SBA's loan file records each loan's starting rate, so we can see what New Jersey borrowers actually got.
| Loan size | Loans | Median starting rate |
|---|---|---|
| $50,000 or less | 752 | 10.75% |
| $50,001 to $250,000 | 1,082 | 10.5% |
| $250,001 to $350,000 | 185 | 10.25% |
| Over $350,000 | 811 | 9.75% |
About 92% of New Jersey 7(a) loans in fiscal 2024 had a variable rate (2,305 of 2,501) [2], so payments can change when the base rate moves. The median term across all NJ 7(a) loans from fiscal 2024 through June 2026 was 120 months [2]. Ask the lender to show every fee in dollars before you sign.
How big New Jersey SBA loans are
The median hides a wide spread. Splitting the 6,793 NJ 7(a) loans from fiscal 2024 through June 2026 into size bands shows that more than half were $150,000 or less, while about one in ten topped $1 million [2]:
| Loan size | Loans | Share |
|---|---|---|
| $50,000 or less | 1,923 | 28% |
| $50,001 to $150,000 | 1,683 | 25% |
| $150,001 to $350,000 | 1,374 | 20% |
| $350,001 to $1 million | 1,116 | 16% |
| Over $1 million | 697 | 10% |
Thirty-two loans hit the $5 million program maximum [2][5]. Borrowers reported that these loans support 58,577 jobs in total, a self-reported figure SBA records at approval [2]. And 587 of the loans, about one in twelve, went to franchise businesses, led by The UPS Store with 23 [2].
Which New Jersey businesses get SBA loans
Restaurants lead by a wide margin. From fiscal 2024 through June 2026, full-service restaurants received 363 SBA 7(a) and 504 loans for NJ projects, and limited-service restaurants 202 [2]. The rest of the top ten is mostly trades and personal services:
| Industry (NAICS) | Loans | Total | Median |
|---|---|---|---|
| Full-service restaurants | 363 | $221.6M | $250,000 |
| Limited-service restaurants | 202 | $81.7M | $254,000 |
| Residential remodelers | 194 | $40.0M | $100,000 |
| Fitness and recreational sports centers | 152 | $64.3M | $225,000 |
| Beauty salons | 133 | $29.7M | $60,000 |
| Landscaping services | 121 | $27.8M | $100,000 |
| Plumbing, heating and AC contractors | 116 | $50.8M | $150,000 |
| Child care services | 114 | $98.8M | $407,500 |
| Local freight trucking | 114 | $20.0M | $52,500 |
| Beer, wine and liquor stores | 100 | $106.3M | $801,500 |
Liquor stores and child care centers borrow large amounts per loan, often to buy an existing business or license. Truckers and salons borrow small. If your industry is on this list, an SBA lender has likely seen a file like yours.
7(a), SBA Express or 504: which one New Jersey owners use
The 7(a) program is the SBA's main loan, up to $5 million, for working capital, equipment, real estate, refinancing and buying a business [5]. SBA Express is a faster 7(a) version up to $500,000 where the lender uses its own forms and makes the credit decision [3]. The 504 program finances major fixed assets through a Certified Development Company (CDC) with a senior bank lender, and cannot be used for working capital or inventory [6].
In New Jersey, 3,073 of the 6,793 7(a) loans from fiscal 2024 through June 2026 were SBA Express loans, with a median of $50,000 [2]. Most of the rest were made under the Preferred Lenders Program, where approved banks decide without waiting on SBA review [2][3]. For 504 loans, one CDC dominates: Trenton Business Assistance Corporation handled 155 of the 235 New Jersey 504 loans in that period [7]. Our SBA lenders page ranks the banks.
How to apply for an SBA loan in New Jersey
- Check the basics. SBA requires an operating, for-profit U.S. business that meets SBA size rules and "Not be able to obtain the desired credit on reasonable terms" from non-government sources [5].
- Pick the program by use: 7(a) or Express for working capital and general needs, 504 for a building or long-life equipment [5][6].
- Apply through a lender, not through SBA. SBA says "You will always work directly with your lender and not with SBA" [5].
- Get free help if you want it. The SBA New Jersey District Office in Newark serves all 21 counties, Monday to Friday 8:00 a.m. to 4:30 p.m., and its acting district director is Daniel Rickman [8].
If a bank says the SBA process will take too long for what you need, compare the faster options in dollars before you choose. Business Funders's quiz shows SBA and non-SBA options side by side.