New Jersey Business Loans
New Jersey: Big on Small Business
Although it’s small in square miles, New Jersey offers huge opportunities for small businesses. And with many New Jersey business loan options, here are a few reasons why it’s a great place to launch your venture:
New Jersey offers numerous business assistance incentives that make it an attractive place to establish and grow a business, while its proximity to the New York metro region and major East Coast cities like Philadelphia provide the population foundation for small businesses to thrive. Small businesses also benefit from the state’s diversity – it’s one of the most diverse in the U.S. by any measure – and its overall household wealth (New Jersey consistently ranks as one of the wealthiest states in the U.S.).
Nicknamed “the Garden State,” New Jersey’s small geographic footprint also means that it’s easy to navigate between northern and southern regions, which have distinctive characteristics:
• Residents of northern New Jersey say that its bustling cities and towns, proximity to New York City (its just across the Hudson River) and numerous amenities make it an ideal area in which to live and work. Growing cities like Hoboken and Jersey City are an easy commute to Manhattan and longstanding urban hubs like the state’s largest city, Newark, offer numerous business and industrial opportunities at a lower cost than their New York-borough counterparts.
• Many people equate southern New Jersey with its beach towns, agriculture and Philadelphia suburbs. The popular “Jersey Shore” includes diverse areas from Atlantic City – made famous for its casinos – while quieter, seaside villages like Cape May offer historic and beautiful areas for vacationers.
When you head to the western part of the state, you’ll find numerous small towns, often centered around agriculture, as well as long-established cities like Camden and the state’s capital, Trenton.
Healthcare, technology and tourism
Business opportunities are as diverse as the state’s people and places and these industries are showing notable growth:
• Healthcare: Every facet of the healthcare industry thrives in New Jersey, from pharmaceuticals to bioinformatics to hands-on care. Small businesses in these areas, as well as businesses that serve them, find ample reasons to launch, expand or relocate here.
• Technology: Tech in all its forms is also growing here, with significant research and development (R&D) partnerships between businesses of all sizes and New Jersey’s colleges and universities. Technology incubators and hubs are found throughout the state and innovative entrepreneurs are supported through startup and expansion programs that offer mentoring, R&D labs and more.
• Tourism: Most of the state is surrounded by water and New Jersey’s Atlantic Ocean beaches have long been popular with residents and tourists alike. Visitors from throughout the U.S. and Canada typically drive nearly $45 billion in New Jersey’s annual economy, with vacations along the Jersey Shore leading the way, offering tremendous opportunities for small businesses in leisure and hospitality.
In addition, businesses that serve the needs and wants of New Jersey’s diverse residents can do very well here: From restaurants, retail and personal-care services to automotive and agricultural services and everything in between, there are endless opportunities.
A diverse and educated workforce
Along with a myriad of business opportunities that come from serving the Garden State’s residents are businesses that specifically meet the needs of its ever-evolving educational institutions. New Jersey boasts more than 60 colleges and universities, with prestigious schools like Princeton, Rutgers and Montclair State among them. In addition to serving thousands of New Jersey residents, many students come from out of state to attend school here, then stay on for professional opportunities throughout New Jersey, in Philadelphia and all around the New York metro region.
Funding options as diverse as New Jersey’s small businesses
If you’re looking for a New Jersey business loan and want to learn more about how Pursuit loans can help you grow – or if you’re considering launching or relocating here – contact Pursuit or apply online today. We offer more than 15 loan options that support small businesses, from $10,000 microloans to SBA loans up to $5.5 million. We’ve helped thousands of small business owners get the funding they need to thrive and we’re here to support your dreams, too.