SBA loans by state
SBA loans in New Jersey: 2,021 approvals in FY 2026, median $200,000
504 lending was light, 75 approvals. Only 10% of the loans came from lenders based in New Jersey.
Independent site, not a lender and not affiliated with the U.S. Small Business Administration. Loans are applied for only with an SBA lender.
Your loan against approvals in your state
Example, not your result yet· change a figure to see yours
New Jersey: 7(a) loans approved last year
2,021
| Your rate vs. last year’s loans of this size, all states | about the median for this size |
| New Jersey: median rate at approval, $50,001 to $250,000 | 9.75% |
| New Jersey: median 7(a) loan last year | $200,000 |
| Payment over 10 years, SBA fee added to the loan | $2,702/mo |
Last year’s loans: the 7(a) loans SBA approved from October 1, 2025 to September 30, 2026 (fiscal year 2026), in SBA’s public loan file of September 30, 2026. Rates at approval were set when prime was 6.75% or 7.00%; today: prime rate 7.00% on November 2, 2026. Your rate is compared on its margin over prime, so the change in prime since last year does not count against you.
New Jersey, FY 2026: 2,021 SBA 7(a) approvals for $1.0 billion (5th of the 50 states and DC, SBA file of September 30, 2026). 504 lending was light, 75 approvals. Only 10% of the loans came from lenders based in New Jersey. Business purchases were rare, 9% of loans. Variable rates dominated: only 7% of loans were fixed. 45% of loans went through SBA Express. Only 133 lenders were active. The state stood out for loans to funeral homes and funeral services. 35% of approvals were revolving lines of credit. Lending was spread out; Bergen County led with 16%. 12% of variable loans were priced at the SBA maximum. Mid-size loans were priced at a median of 9.75%, above the national 9.75%. Today’s cap on a $200,000 variable loan: 13.00%.
Fee notices read and loan file counted by Radif Partners · Editorial policy · Method and sources
| Lender | FY 2026 loans | Median loan | Median variable rate | Lender’s home state |
|---|---|---|---|---|
| TD Bank | 371 | $55,000 | 9.75% | Delaware |
| M&T Bank | 310 | $50,000 | 10.50% | New York |
| Newtek Bank | 188 | $150,000 | 9.75% | Florida |
| Northeast Bank | 146 | $154,000 | 9.75% | Maine |
| Live Oak Banking | 88 | $350,000 | 9.24% | North Carolina |
Hardly any 504 loans
Only 75 504 debentures went to New Jersey projects against 2,021 7(a) loans, a ratio 6th lowest among the 50 states and DC. The CDC most present was Trenton Business Assistance Corporation. For a building, the 504 route is still open and worth pricing against a 7(a) real estate loan.
Almost no in-state SBA lending
Home-state lenders made just 10% of New Jersey’s loans, 8th lowest among the 50 states and DC. A borrower here usually ends up with TD Bank and M&T Bank, dealing by phone and online rather than at a branch. Margins: 2.50 points over prime at the median for in-state lenders, 3.00 points for the others.
Acquisitions are rare
Only 9% of New Jersey’s loans financed the purchase of a business, 8th lowest among the 50 states and DC. Expansion and working capital for current owners made up the bulk.
Fixed rates almost absent
Only 7% of New Jersey’s loans were fixed-rate, 7th lowest among the 50 states and DC. Almost every borrower here carries a prime-based rate whose payment moves when prime does.
| Loan size | Loans | Median variable rate, FY 2026 | SBA maximum today |
|---|---|---|---|
| $50,000 or less | 498 | 10.25% | 13.50% |
| $50,001 to $250,000 | 713 | 9.75% | 13.00% |
| $250,001 to $350,000 | 230 | 9.75% | 11.50% |
| over $350,000 | 580 | 9.00% | 10.00% |
SBA Express carries much of the volume
45% of New Jersey’s approvals were SBA Express loans (34% nationally). Express stops at $500,000, carries a 50% guaranty and lets the lender decide on its own forms; the fee is charged on that smaller guaranteed part.
Fewer lenders per loan than most states
133 lenders made all 2,021 of New Jersey’s loans. For that many loans, its number of lenders is the 6th lowest among the 50 states and DC. The national SBA lenders that work by phone widen the choice.
More common here than nationally: funeral homes and funeral services
10 New Jersey loans went to funeral homes and funeral services, 2.9 times the national share for that trade. The most frequent trades overall were full-service restaurants, limited-service restaurants and fitness and recreational sports centers. SBA’s lending rules list these properties as special-purpose, which raises the owner’s contribution on a 504 project to 15% and allows a 7(a) purchase that is mostly real estate to run up to 25 years.
Lines of credit are common
35% of New Jersey’s approvals were revolving lines rather than term loans (24% nationally). A line is drawn and repaid as the business needs; interest runs only on what is drawn, but the guaranty fee is set on the full approved amount.
Counties with the most approvals: Bergen (326), Ocean (166) and Essex (155). Trades: full-service restaurants (114), limited-service restaurants (71), fitness and recreational sports centers (61), residential remodelers (42) and plumbing, heating, and air-conditioning contractors (41).
All states compared.