Gyms, child care and sit-down restaurants borrow big here
Somerset's SBA borrowers lean toward businesses people visit for a service. Fitness and recreational sports centers took 9 loans worth $5.3 million at a median of $350,000 [1]. Child care centers took 5 loans worth $10.2 million, at a median of $1,120,000 [1]. Full-service restaurants took 10 loans worth $9.5 million, at a median of $661,000 [1].
By sector, professional services had the most loans (36), but health care drew the most money: 33 loans, $21.1 million, at a median of $320,000 [1]. Arts and recreation took 20 loans worth $11.2 million [1]. Franchise names show up too; the Success On The Spectrum franchise accounted for 4 loans [1].
Worked example: $350,000 for a Somerset County fitness studio
The SBA caps variable 7(a) rates on loans of $250,001 to $350,000 at the base rate plus 4.5% [3]. With prime at 7.00% on Oct 20, 2026 [4], that is 11.5%.
At that cap, $350,000 over 10 years costs $4,920.84 a month and $240,500.86 in interest. Equipment with a long useful life or real estate can qualify for a longer term, which lowers the payment [3]. Fees are separate.
Somerset, Hillsborough, Somerville and Bridgewater
| Town | SBA loans | SBA dollars | Median loan | Establishments |
|---|---|---|---|---|
| Somerset | 42 | $27.6 million | $200,000 | 1,496 |
| Hillsborough | 30 | $12.8 million | $269,600 | 994 |
| Somerville | 21 | $10.6 million | $300,000 | 1,033 |
| Bridgewater | 19 | $9.4 million | $184,500 | 1,246 |
| Basking Ridge | 15 | $7.6 million | $240,000 | 591 |
Borrowers with a Somerset mailing address led with 42 loans, with plumbing and HVAC firms the most common borrower (4) [1]. Bridgewater's ZIP code held 1,246 establishments and 34,211 employees in 2023 [2], yet only 19 SBA loans went to Bridgewater borrowers, and just 1 in the first nine months of FY2026 [1]. Watchung had only 9 loans but a median of $685,000 [1].
Somerset's 3 Opportunity Zone tracts from 2018 are in Bound Brook (2) and North Plainfield (1) [6].
Somerset's business base
Somerset had 9,831 establishments and 188,127 employees in 2023; 8,348 locations had fewer than 20 people [2]. Retail (1,006 locations) and outpatient health care (964) are the largest groups, followed by construction (832) and restaurants (668) [2]. The county also had 223 dentist offices and 78 fitness centers [2].
Who lends in Somerset County
| Lender | Loans | Median loan |
|---|---|---|
| TD Bank | 45 | $50,000 |
| Northeast Bank | 21 | $50,000 |
| M&T Bank | 20 | $100,000 |
| Huntington National Bank | 15 | $125,000 |
| Newtek Bank | 14 | $100,000 |
| JPMorgan Chase Bank | 11 | $250,000 |
Newtek's 14 loans added up to $7.7 million, more than TD Bank's 45 ($5.2 million) [1]. SBA 504 property loans were rare here: 5 in all, 4 through Trenton Business Assistance Corporation and 1 through Empire State Certified Development Corporation, and none in the first nine months of FY2026 [1].
Card processing for Somerset County businesses
Somerset's card-heavy trades are its 668 restaurants, 1,006 shops, 321 personal care businesses and 78 fitness centers [2]. Dinner checks and memberships here tend to be larger, and on a larger ticket the percent you pay matters far more than the per-sale fee.
Take a $140 dinner for two. At Square's in-person 2.6% + 15¢ [11], the fee is $3.79. Shift one point off the percent and it falls by $1.40 a check. On debit, a large bank's interchange is capped at 21¢ plus 0.05% of the sale [10], 28¢ here, so debit-heavy rooms gain the most from interchange-plus pricing.
If you plan to pass costs to diners, New Jersey's P.L.2023, c.146 limits a credit card surcharge to your actual processing cost [9]. Compare models on the credit card processing fees page and check your statement with the fee analyzer.
Free help for Somerset County owners
- NJSBDC at The College of New Jersey serves Somerset, Hunterdon, Middlesex and Mercer counties from 2000 Pennington Avenue in Ewing, (609) 789-8364 [7].
- The Somerset County Business Partnership is the county's chamber of commerce, with 925 members and a Small Business Network program [8].
If an SBA loan is too slow, a term loan or line of credit can close sooner at a higher rate, and gym gear fits equipment financing. A merchant cash advance is a purchase of future receivables, not a loan, and usually the most expensive choice. Batch Capital compares them after the quiz.