SBA New Jersey Office
About SBA New Jersey Office
- Financial assistance for new or existing businesses is available through the agency’s 7(a) Guaranteed Loan program. These loans are made available through local lenders and can be used for working capital, leasehold improvements, the purchase of real estate, machinery and equipment, to purchase an existing business, and the refinancing of existing business indebtedness that is not already structured with reasonable terms and conditions. Small business owners may borrow up to $5 million.
- In addition to the 7(a) loan program, the SBA offers small business owners its 504 Certified Development Company Loan program. The CDC/504 loan program is a long-term financing tool, designed to encourage economic development within a community. The 504 Program accomplishes this by providing small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization.
- For small business owner looking for smaller loans,SBA’s Microloan Program provides small, short-term loans and certain types of not-for-profit child-care centers. The SBA makes funds available to local specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries make loans to eligible borrowers. The maximum loan amount is $50,000, but the average microloan is about $13,000.
- The SBA offers free consulting services through a number of organizations that can assist you in developing a business plan, registering your business to developing strategies to expand your bsuiness. The SBA works with a network of Small Business Development Centers (SBDCs) located on college campuses throughout New Jersey. SBDCs also conduct training events throughout the district.
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