Known as the “Garden State,” New Jersey is located between Boston and Washington D.C., putting it smack in the middle of a powerhouse of economic activity in the United States. The opportunities for New Jersey small businesses are endless when it comes to consumers and industry.

With all that New Jersey business enterprises have going for them in the state, small businesses still have the same challenges and limited resources for acquiring small business loans from a bank. Getting small business funding from traditional banks will be challenging due to their strict business funding loan requirements.

AdvancePoint Capital has the resources of a full marketplace of funding alternatives for small businesses. Let’s find out what’s available to fund and grow a small business in New Jersey.

The 9 Best Small Business Loan Options and Resources for New Jersey Small Businesses

Long Term Small Business Loans for NJ Small Businesses

Long term business loans are defined as business financing with a duration of greater than two years that charges principal & interest. Long term business loans are predominantly for expansion and growth or to finance sizeable long term business projects.

Product Overview

Rates: Interest rates starting at 6.50% or treasury index plus 1% to 2.5%

Terms: 2 to 10 years

Fees: 0% to 3% origination fees

Credit Standards: Lender will consider all types, but good to excellent preferred

Learn More

Business Line of Credit for NJ Small Businesses

A business line is an open revolving form of financing.  It is a flexible financing product that allows business owners to draw funds on demand or to make purchases. A business line charges a principal &  interest rate but has a limit that cannot be exceeded without permission and approval of the lender. This financing option is a great solution to access working capital. This option is available both with alternative lenders and at a traditional bank, but a local bank will have stricter guidelines making getting an offer difficult.

Product Overview

Rates: Interest rates starting at 6.50% or treasury index plus 1% to 2.5%

Terms: Open revolving line

Fees: 0% to 3% origination fees

Credit Standards: Lender will consider all types. Good to excellent preferred.

Short Term Small Business Loans for NJ Small Businesses

Short term business loans are defined as business loans that are typically repaid with 6 to 18 months. Small businesses in New Jersey choose this option when they do not qualify for traditional business financing. A lump sum of money is provided upfront with a fixed payback calculated using a “factor rate,” to pay back over a short term of time. This option is popular with small business owners because of the reduced documentation requirements and underwriting tolerances that are laxer than traditional bank financing.

Product Overview

Rates: Factor rates range from 1.09% up to 1.45%

Terms: 6 to 18 months in duration (typically 12 months or less)

Fees: Business funder may charge 0% to 5% origination fees

Credit Standards: All types considered

Small Business Cash Advance for NJ Small Businesses

Business Cash Advances (BCA) is also known as the Purchase of Future Sales Agreement. The owner is advanced money off of future sales and is responsible for payback a fixed payback known as “specified amount,” which is greater than the advanced lump sum. This difference between the advance and payback is called the “factor rate or cost,” which is a fixed cost. The advance is repaid by taking a fixed percentage (specified percentage) of future overall sales deposits. The payments are collected by an ACH fixed daily or weekly payment deducted from the bank account based on the specified percentage of future sales. At the end of every month, reconciliation can occur if the fixed payments taken are more than the set future percentage of sales. The small business owner can request a refund for overpayment so that the set specified percentage of sales collected for the company matches the sales volumes. Repayment continues until the payback is paid back in full.

Product Overview

Rates: 1.09% up to 1.45% factor rates and are risked based pricing

Terms: No term limits. Collection time frame is dependent on future sales

Fees: Origination fees range from 0% to 5%

Credit Standards: All types considered

Merchant Cash Advance for NJ Small Business

Merchant Cash Advance (MCA) is also known as a Purchase of Future Sales Agreement, is very similar to business cash advances. The most significant difference is the repayment process which is connected to the future credit card sales instead of overall sales. MCA’s take a set percentage of future card sales at the time of batch until the advance is paid back in full.

Product Overview

Rates: Factor rates that range from 1.09% up to 1.45%

Terms: No term limits (payoff depends on future card sales)

Fees: Origination fees that range from 0% to 3%

Credit Standards: Poor, fair, good, or excellent is accepted. All types considered.

Learn More

Equipment Financing for NJ Small Business

Small business owners that rely on heavy industrial machinery to operate an efficient workflow process often turn to equipment loans. These loans secure the equipment as collateral, so there is low risk if the business owner defaults. The good news is limited paperwork is necessary for approval.

Product Overview

Rates: Interest rates from treasury index plus 2% interest rate or 1.09% up to 1.45% Factors

Terms: 2 to 7-year terms

Fees: Lender may charge origination fees ranging from 1% to 3%

Credit Standards: Good to excellent preferred.

Learn More

Small Business Administration (SBA) Loans for NJ Small Businesses

The Small Business Administration (SBA) is a Federal government agency that provides programs, guidelines, and loan guarantees to approved lenders for SBA business loans. The Small Business Administration (SBA) offers small business a government-backed loan, but the Small Business Administration (SBA) is not a lender. The SBA merely provides guarantees that give approved lenders the ability to take on the risk of business lending with attractive rates and terms that could not normally be afforded to small businesses. Without a government program like Small Business Administration (SBA) present to provide guarantees, the approved lender would not be comfortable lending under the terms outlined by SBA without that guarantee. The Small Business Administration’s (SBA) loans are very popular but difficult to acquire due to the requirements, guidelines, and restrictions.

AdvancePoint Capital can help guide New Jersey Small business through the process of government programs such as the Small Business Administration (SBA) loan programs in a clear, fast, and efficient manner to have the best likely hood of approval.

Small Business Administration (SBA) Loan Programs That Can Benefit and Grow the Small Business Community in New Jersey 

SBA Standard 7 (a) Loan Program – SBA standard 7(a) is the SBA’s primary program is designed to provide financial assistance to small businesses. 

SBA 504 Loan Program-The SBA 504 Loan is a powerful economic development loan program that will provide small businesses another avenue for business financing while promoting business growth and job creation. The purpose of proceeds from SBA 504 Loans must be used for fixed assets such as construction, real estate, land, or land improvements (and certain soft costs) or can also be used to refinance existing debt.

SBA Disaster Loans-The SBA Economic Injury Disaster Loans (EIDL)-These Small Business Administration loans only provide assistance in natural disasters like tornadoes, wildfires, or floods. However, when the COVID-19 crisis was declared a nationwide emergency on March 13th, small businesses were able to access this SBA program for emergency financing.

SBA Paycheck Protection Program (PPP) loan-The Small Business Administration (SBA) has established the SBA Paycheck Protection Program loan are loans to fund small businesses directly affected by the Coronavirus (COVID-19 ) crisis and need financial help.

Product Overview

Rates: Interest rates starting around 6.00%, treasury index plus 1% to 2.5%

Terms: 3 to 25 years

Fees: Lender may charge origination fees ranging from 1% to 3%

Credit Standards: The Small Business Administration requires good to excellent, but all types will be considered.

Learn More

U.S. Small Business Administration

How to Grow Your Business in New Jersey
View the New Jersey Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.

U.S. (SBA) U.S. Small Business Administration New Jersey District Office
➠ Or click here for local resources.

Invoice Financing for NJ Small Business

Invoice financing offers the ability for an advance on invoices that have been issued to clients, but not collected. This solution provides cash quickly to small businesses that want to avoid waiting for outstanding invoices to be paid by the client. Invoice financing costs range from 1% to 2.5% fee off of the face value of the invoice advanced. This not considered a loan but an advance of funds.

Product Overview

Rates: None

Terms: No term limits as it is not a business loan

Fees: 1% to 3% fee based on invoice. Monthly service fees depending on the volume of invoices factored

Credit Standards: Clients need to be favorable, NOT the owner creating the invoices

Learn More

Purchase Order Financing for NJ Small Business

Purchase Order financing offers the ability to raise capital to pay suppliers upfront for verified purchase orders. Purchase order loans will finance an entire order or a portion of it, depending on the finance company.  When the supplier is ready to ship the order, the purchase order financing company collects payment directly from the customer. The purchase order finance company will subtract their fees and then sends the balance of the invoice to your business.

Product Overview

Rates: None

Terms: No term limits as it is not a business loan

Fees: 1% to 3% fee for each purchase order

Credit Standards: All parties need favorable history but all types considered

Learn More

The fast, convenient and straightforward way to get the money you need for your business – now! Get Your Quote Today by filling out our simple form.

Why Do You Need a Business Loan?

What do NJ small businesses use their loan proceeds for? The most common reasons New Jersey small businesses look for financing help:

  • Working Capital    
  • Equipment   
  • Business Expansion   
  • Cash Flow Shortages   
  • Financial Resources for Emergencies 
  • Advertising or Marketing Services  
  • Debt Refinancing   
  • Inventory and other hard resources  
  • Employees, help, or staff resources 
  • Operational needs to support services
  • Spur Economic Development

The State of New Jersey Resources, Information, Grants, and Other Opportunities to Help New Jersey Small Businesses

The State of New Jersey Economic Development Authority (NJEDA or EDA) The New Jersey Economic Development Authority creates public-private partnerships to provide access to capital to fund New Jersey businesses. The primary focus is to provide funds to small to mid-size businesses (SMB’s) and non-profits organizations.

The State of New Jersey Economic Development Authority (EDA) Programs

  • Micro Business Loan Program
  • Premier Lender Program
  • Direct Loans
  • CDFI Loan to Lender Program
  • Premier CDFI Program
  • Small Business Bonding Readiness Assistance Program
  • Small Business Fund
  • Small Business Lease Assistance Program
  • Small Business Services
  • Wineries & Vineyards Program

New Jersey Department of State Business Assistance Programs

Small & Mid-Sized Business Assistance Programs

Premier Lender Program- The Premier Lender Program creates new opportunities for small businesses and EDA’s lending partners by providing low-costs financing opportunities with faster turnaround.

Direct Loans- New Jersey businesses in need of financing and committed to job creation/retention may be eligible for direct loans through the EDA when conventional financing is not available.

Access Program- Access is a pilot lending program that provides financing to small businesses in New Jersey – either in the form of direct loans through EDA, or through loan participations/guarantees in partnership with an EDA Premier Lenders.Access is different from other EDA financing programs in that it provides greater flexibility to borrowers by placing greater emphasis on the borrower’s cash flow and less emphasis on hard collateral.

Small Business Fund- Creditworthy small, minority-owned or women-owned businesses in New Jersey that have been in operation for at least one full year and may not have the ability to get bank financing, or not-for-profit corporations that have been operating for at least three full years, may be eligible for assistance under the Small Business Fund.

Bond Financing- Creditworthy manufacturing companies, 501(c)(3) not-for-profit organizations, and exempt facilities in New Jersey may be eligible for long-term financing under the Bond Financing Program.

Small Business Lease Assistance Program- The Small Business Lease Assistance Program offers reimbursement of a percentage of annual lease payments to for profit businesses and non-profit organizations in eligible areas that plan to lease between 500 – 5,000 square feet of new or additional market-rate, first-floor office, industrial or retail space for a minimum 5-year term.

CDFI Loan to Lender Program

Union County Economic Development Corporation (UCEDC)- A statewide, not-for-profit economic development corporation dedicated to assisting and financing small businesses and minority- and women-owned enterprises. Access to capital is often a small business owner’s greatest challenge and UCEDC offers a variety of financing options when conventional lending sources are not available. With loans ranging from $500 to $5 million, including microloans, SBA 7a, and SBA 504 loans, UCEDC will work with start-up and established businesses to find the right financing solution.

Cooperative Business Assistance Corporation (CBAC)- A non-profit, public-private partnership created in 1987. Established to encourage the growth and stability of the small business sector, CBAC facilitates opportunities for banks to make business loans in the City of Camden, New Jersey, Philadelphia, Pennsylvania, and the six counties located in Southern New Jersey. CBAC offer loans to businesses for as little as $1,000 to as much as $2,000,000 through various loan and guaranty programs.

Greater Newark Enterprises Corporation (GNEC)- GNEC provides financial assistance and training to small businesses, businesses owned by women, low-income individuals, and minorities for the purpose of encouraging entrepreneurship.

New Jersey Community Capital (NJCC)- New Jersey Community Capital is a 501(c)(3) nonprofit CDFI that provides innovative financing and technical assistance to organizations that support housing and sustainable community development ventures that increase jobs, improve education and strengthen neighborhoods. NJCC offers loan capital that is broader than bank lending to results-oriented, socially responsible organizations that are committed to creating positive change in low-to-moderate income communities throughout New Jersey.

Regional Business Assistance Corporation (RBAC)- RBAC is a private non-profit organization formed in 1981 to provide loans to both new and existing small businesses in New Jersey.  RBAC’s mission is to provide loan capital and business mentoring to small business owners that cannot access more conventional bank financing.  All RBAC loan programs can be, and often are used in partnership with other lenders for larger loan amounts.

Frequently Asked Questions by New Jersey Businesses

Can I qualify for a small business loan if I have bad credit in New Jersey?

New Jersey business owners have many options available to them. Products and terms will vary depending on the different levels of bad credit, financial condition, and most recent cash flow.

Can I get a small business loan with no documentation in the State of New Jersey?

Reduced documentation business funding is available that may help you if you are trying to avoid providing a lot of documentation. Business terms will be less favorable the less documentation you provide.

Can I get a start-up business loan in the State of New Jersey?

Getting a start-up business loan can be difficult and challenging. Other than the SBA, your search will need to include looking at non-traditional means to raise capital to start a business (for example, private sources or investors may be able to help). Please contact AdvancePoint Capital for more details and help in your search.

How to start a business in New Jersey?

The State of New Jersey Economic Development Authority has a variety of information and programs to help you start a business in New Jersey.

Are there women small business grants available in New Jersey?

NJEDA does have grants available to help women-owned businesses. You can also look at Amber Grants for Women when starting a business. This grant is open specifically to businesswomen in New Jersey. Their judges award 12 monthly $4,000 grants and businesses are then entered into a once a year competition grant for $25,000.

How to get a grant for a New Business in New Jersey.

The State of New Jersey Economic Development Authority (EDA) has grants available such as the CDFI Emergency Assistance Grant Program that can help. Please contact AdvancePoint Capital for help and additional resources and services for grants.

Are New Jersey non-profit small businesses able to receive a small business loan for their operations?

Yes, there are many financing products that can help Non-profits. Please contact AdvancePoint Capital for help and resources related to getting your non-profit business funded. 

Does a business lender require all partners, members, or owners of business organizations in New Jersey to be on the application for a small business loan? Are all partners, members, or owners required to sign for a business loan?

If you want financial help for your business, most financing products require a majority (over 50%) of owner participation and signature.

The Bottom Line: Advice, Tips, Warnings about Small Business Loans in New Jersey

How to Choose the Right Small Business Loan Program for Your New Jersey Business

New Jersey small businesses should always start the loan search by asking the question; What is the reason and/or purpose of the money for the business? Do you know what obstacles you may face when trying to secure your business approval? Business financing is significantly different than consumer financing. Have you been provided all business loan options and resources available in the business financing marketplace? Have you checked out reviews of the business lender you have chosen to work with for help?

Why Advancepoint Capital for a Small Business Loan for My New Jersey Business?

AdvancePoint Capital has the resources, experience, and access to a large small business finance marketplace with a variety of product offerings to help New Jersey small businesses directly. We try to guide, assist and serve the needs of every New Jersey borrower, no matter what the industry, community, language, revenue or income communities, we serve all applicants with a range of loan amounts. Please don’t rush your decision without comparison shopping. Let AdvancePoint Capital help your NJ business make the smart financing decisions using our simple search process to view a menu of options and get an offer to help grow your business.

We have the resources and services to help small businesses compare, shop, and save and make the right loan decision! Please check out our reviews on Google and resources like the New Jersey Better Business Bureau and see what businesses like you say about our products, resources, and services.

Where Do New Jersey Small Businesses Apply for a Small Business Loan?

Local New Jersey businesses will find applying for a loan with AdvancePoint Capital is as easy at 1, 2, 3. Start with this website online form (don’t forget to provide your name & e-mail), then fill out the short application page, wait a few hours for your approval, choose an option, then fund your business.


The fast, convenient and straightforward way to get the money you need for your business – now!

Get your Quote Today by filling out our simple form.


Get Quote Now!

* All loans made by either WebBank, an FDIC-insured Utah industrial bank, or Bank of the Internet Federal Bank, an FDIC-insured federally chartered thrift located in California. In connection with the loans, the Banks' underwriting conditions and terms apply.