Jersey City is the second-largest city in the U.S. state of New Jersey, after Newark. It is the seat of Hudson County as well as the county's largest city. As of 2019, the Census Bureau's Population Estimates Program calculated that Jersey City's population was 270,753, with the largest population increase of any municipality in New Jersey since 2010, an increase of about 9.4% from the 2010 United States Census, when the city's population was 247,597.
Jersey City is bordered to the east by the Hudson River and Upper New York Bay and to the west by the Hackensack River and Newark Bay. A port of entry, with 16 miles (26 km) of waterfront and significant rail connections, Jersey City is an important transportation terminus and distribution center. Service industries have played a prominent role in the city's economy, with the Port of New York and New Jersey and the financial sector providing significant employment. Jersey City was ranked the 69th best place to live in the United States by CNN Money magazine in 2006. The city is also a major shopping destination, hosting numerous malls, boutiques, and art galleries.
The Jersey City Economic Development Corporation is the city's primary agency responsible for promoting economic growth in Jersey City. The agency's mission is to attract and retain businesses in Jersey City, and to promote the city as a destination for tourists and shoppers. The Jersey City Small Business Development Center is a division of the Jersey City Economic Development Corporation. The center provides counseling and training to small businesses in the city.
Jersey City has a diverse economy, with significant contributions from the financial sector, the Port of New York and New Jersey, and tourism. The city is also a major shopping destination, hosting numerous malls, boutiques, and art galleries. The Jersey City Economic Development Corporation is the city's primary agency responsible for promoting economic growth. The agency's mission is to attract and retain businesses in Jersey City, and to promote the city as a destination for tourists and shoppers. The Jersey City Small Business Development Center is a division of the Jersey City Economic Development Corporation. The center provides counseling and training to small businesses in the city.
Comparing SBA loan types in Jersey City
Three SBA programs come up most often for Jersey City, New Jersey businesses, and they do different jobs.
Small business loans available in Jersey City
An SBA 7(a) loan made to a Jersey City, New Jersey business is made by a participating lender, not by the SBA. The lender underwrites it, sets the rate within the SBA maximum, and services it. What varies locally is which lenders are active, not the program rules.
Common uses here are the same as everywhere: working capital, equipment, owner-occupied commercial real estate, refinancing business debt, and buying an existing business.
Insurance and closing
Most SBA lenders require hazard and, where the collateral is real property, property insurance in place before closing. See commercial property insurance for businesses and ways to ensure your SBA loan closes smoothly.
Getting started in Jersey City
Check the eligibility requirements, run the numbers with the SBA 7(a) loan calculator, then get financing and we will route your inquiry to lending partners.