Banking on Business Success

The US Small Business Administration and the New Jersey Economic Development Authority have the backs of small businesses, especially when they partner with financial institutions.

By Irene Maslowski, Contributing Writer On Oct 7, 2025

Small businesses are the backbone of New Jersey’s economy, driving innovation, job creation, and community vitality. With over one million enterprises employing nearly half the state’s workforce, they fuel growth in sectors ranging from technology and manufacturing to retail and the arts. As New Jersey continues to evolve, the resiliency and creativity of its small business community remain essential to building a dynamic and inclusive future.

Owning a small business in the Garden State offers distinct advantages, including access to diverse markets, a robust transportation system, a skilled workforce, and proximity to major hubs such as New York City and Philadelphia – without the steep costs
of operating there. 

However, challenges here are significant: high taxes, workforce shortages, economic uncertainty, and limited access to capital. To help address these obstacles, both the U.S. Small Business Administration (SBA) and the New Jersey Economic Development Authority (NJEDA) provide critical resources to startups and established firms alike.

The SBA

The U.S. Small Business Administration (SBA) is a federal agency dedicated to empowering small businesses across the nation. It achieves this by providing crucial capital, fostering entrepreneurial development through training, and offering expert counseling. The SBA’s core lending initiatives, like the versatile 7(a) working capital program and the 504-loan program for real estate and equipment financing, alongside microloans, connect aspiring and current business owners with a network of banks and credit unions.
This not only ensures vital access to financing, but the SBA’s federal guarantee that attaches to a loan made by a lender with private funding, mitigates risk for lenders.

Beyond financial support, the SBA offers invaluable educational resources, presentations, and advisory services. Its role becomes even more critical during federally declared disasters, as demonstrated by the emergency relief programs that provided a lifeline to countless entrepreneurs during events like COVID-19 and the recent sinkholes along I-80 in Morris County.

“Before COVID, the SBA was known as ‘America’s best kept secret.’ But since the pandemic and the $1.6 trillion the SBA administered to hard-hit small business owners and entrepreneurs, that secret is out of the bag,” states SBA Atlantic Regional Administrator Matt Coleman, who oversees the federal agency in New Jersey, New York, Puerto Rico and the U.S. Virgin Islands. “The SBA has small business owners’ backs as the agency essentially delivers capital, contracting, and counseling assistance to entrepreneurs.” The benefits small business owners receive with an SBA loan strengthens local relationships while helping banks become more comfortable with their customers’ business model. The SBA’s federal guarantee provides lenders with reduced risk, thus increasing their appetite to take on a specific small business loan while strengthening local relationships. The small firms get the resources they need to start, grow, and expand, while communities receive jobs, services, and a more vibrant local economy.

Garden State small businesses and entrepreneurs have tapped SBA traditional loan programs for over $768 million from January 2025 – when President Donald Trump took office – to August 1,. creating or supporting 12,377 jobs across New Jersey. This is over $115 million more in capital going to small businesses than the same period in 2024.

A new program under the Trump administration and launched by the SBA in early 2025, is the “Made in America Manufacturing Initiative.” Its mission is to restore economic strength by empowering small manufacturers and revitalizing domestic industry. A key component of the initiative includes incentives to re-shore manufacturers who may have previously left the United States due to an unwelcoming manufacturing climate. Officially launched this past March, the program combines regulatory reform – aiming to cut $100 billion in burdens – with expanded access to capital through the SBA 7(a) Working Capital Pilot program. It also established a new Office of Manufacturing and Trade to provide targeted support, training, and policy guidance. Bipartisan legislation pending in Congress – the Made in America Manufacturing Finance Act – also seeks to increase the loan cap to manufacturers from $5 million to $10 million in support of this initiative.

The NJEDA 

NJEDA, in contrast, focuses exclusively on New Jersey’s economy. Its programs include low-interest loans, bonds, tax incentives, clean energy financing, and innovation-driven investments. Through initiatives like the Premier Lender Program, NJEDA partners with banks to expand access to affordable financing for equipment, real estate, and working capital – particularly for businesses that may not qualify for traditional loans. By sharing loan risk with lenders, NJEDA strengthens community impact through job creation and economic stability.

Banks are central partners in this ecosystem. They not only provide capital, but also bring local knowledge and underwriting expertise, guiding entrepreneurs through complex applications and supporting long-term growth. 

TD Bank

TD Bank, headquartered in Cherry Hill, has consistently been a leading SBA lender in New Jersey. In 2025, it ranked first with 412 SBA loans totaling $65.4 million, averaging about $158,000 per loan.

“TD Bank sees itself as being ‘deep to the street,’” says Gregory Carlisle, market president for Southern and Coastal New Jersey. “We are advisors to business, but also connectors to the community.” TD continues supporting clients after loans are disbursed, helping them monitor financial health and stay on track with business goals.

Beyond lending, TD Bank invests heavily in community programs, particularly financial literacy initiatives for underserved populations. By equipping individuals with financial knowledge, the bank helps strengthen long-term community resilience. “TD Bank is not just transactional,” Carlisle emphasizes. “We strive to build lasting partnerships and stay true to our core beliefs. When the community does well, everyone does well.”

To access more business news, visit NJB News Now.

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