Paterson is the third-largest city in the U.S. state of New Jersey, after Newark and Jersey City. It is the county seat of Passaic County. As of the 2010 United States Census, its population was 146,199, making it New Jersey's third-largest city. Paterson has the second-highest density of any U.S. city with over 100,000 people, behind only New York City. For 2015, the Census Bureau's Population Estimates Program calculated a population of 149,222, an increase of 1.7% from the 2010 enumeration, ranking the city the 210th-most-populous in the nation.

Paterson is known as the "Silk City" for its dominant role in silk production during the latter half of the 19th century. The city has since evolved into a major destination for Hispanic immigrants as well as for immigrants from the Arab and Muslim world. It has the second-largest Muslim population in the United States by percentage.

The economy of Paterson is based on a diverse set of industries. The city's largest employer is the government, which employs about one-fifth of the city's workforce. The second-largest employer is healthcare, which employs about one-sixth of the workforce. Other major industries include manufacturing, retail, and education. Paterson is also a major transportation hub, with several major highways and public transportation systems passing through the city.

Paterson has a large number of small businesses, many of which are owned and operated by immigrants. The city's main shopping district is located along Main Street, which is lined with a variety of small businesses, including restaurants, bakeries, grocery stores, and clothing stores. There is also a growing number of small businesses in the city's downtown area.

Comparing SBA Loan Types in Paterson

Our Experts

When it comes to small business loans, the SBA 7(a), SBA 504, and SBA Express programs are some of the best options available. Boasting favorable terms and low rates, these financing vehicles can provide up to $5 million for your business plans.

SBA 7(a) Loans specifically connects small business owners with lenders across the country who are prepared to offer the very best terms to support their businesses. If you're looking to buy commercial real estate or equipment, or if you need access to repair capital, SBA 7(a) loans should definitely be one of your top options.

Our experienced team will provide you with the very best terms from our network of lenders to ensure your business has what it needs to succeed. We offer this service completely free of charge.

Looking for more information about Paterson? Read on below. Otherwise, click the button below, and we'll get right back to you with your free SBA 7(a) loan quote.

Small Business Loans Available in Paterson

There are several options for small business loans in Paterson. The Small Business Administration (SBA) offers several loan programs, including the 7a, 504, and Express programs, that can be used for a variety of purposes, such as working capital, equipment, and real estate. SBA loans are backed by the government and usually have lower interest rates and longer repayment terms than other types of loans.

1. SBA 7(a) Loans

The SBA 7(a) loan program is the Small Business Administration's most popular loan program. It can be used for a variety of different purposes, from working capital to equipment and even real estate. An SBA 7(a) loan's interest rate is generally lower than interest rates on conventional loans. Loan terms are also longer than most conventional loans, which keeps monthly debt service costs low. SBA 7(a) loans are capped at $5 million.

2. SBA 504 Loans

The SBA 504 program is aimed at businesses looking to acquire heavy equipment or fixed assets or for purchasing or developing real estate. Loan terms are typically up to 10 years for equipment purchases and 25 years for real estate, and interest rates are generally lower than most conventional financing options.

3. SBA Express Loans

SBA's Express Loan program are designed for speed: While loans max out at $500,000, the application turnaround time is just a few days. This convenience does not come for free, with interest rates generally higher — and repayment schedules typically shorter — than other SBA loan types, which increases the cost of debt service.

If you are interested in applying for a small business loan in Paterson, we’ll match you with the best lender: Click here for a free quote.

Getting the Right Insurance for Your Property

If you own the property you operate out of, you'll need adequate insurance in place as part of the SBA financing process. Unfortunately, the cost of property insurance has shot up in recent years — and not just in the disaster-prone areas that may immediately come to mind.

Janover Insurance Group is happy to provide you with a free, zero-obligation quote on insuring the commercial real estate your business owns and occupies. Simply click here to get started.