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
Three SBA programs come up most often for Paterson, New Jersey businesses, and they do different jobs.
Small business loans available in Paterson
An SBA 7(a) loan made to a Paterson, 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 Paterson
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.