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County12th of 21 in New Jersey by approvalsFIPS 34035
SBA loans in Somerset County, New Jersey
7(a) and 504 approvals to businesses located in the county, set against the number of businesses there and against the state.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Businesses in Somerset County, New Jersey, received 410 SBA loan approvals worth $215M in FY2021 to FY2025 (393 7(a), 17 504).
That is 41.7 approvals per 1,000 business establishments (9,831 establishments in 2023), close to the New Jersey figure of 46.8 and close to the national 41.0.
It ranks 12th of 21 New Jersey counties with approvals. In FY2025 there were 113, up 20% on FY2024.
76 lenders had approvals here; the most active were TD Bank, National Association (82), Northeast Bank (20) and JPMorgan Chase Bank, National Association (19). The most common industry was personal care services.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Lenders most active in Somerset County
By number of approvals to businesses in the county, FY2021–FY2025; 76 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | TD Bank, National AssociationWilmington, DE | 82 | $8.6M | 20.0% | |
| 2 | Northeast BankLewiston, ME | 20 | $2.0M | 4.9% | |
| 3 | JPMorgan Chase Bank, National AssociationColumbus, OH | 19 | $4.7M | 4.6% | |
| 4 | Manufacturers and Traders Trust CompanyBuffalo, NY | 19 | $4.6M | 4.6% | |
| 5 | Provident BankJersey City, NJ | 18 | $15.7M | 4.4% | |
| 6 | BayFirst National BankSaint Petersburg, FL | 18 | $4.1M | 4.4% | |
| 7 | The Huntington National BankColumbus, OH | 14 | $4.4M | 3.4% | |
| 8 | Wells Fargo Bank National AssociationSioux Falls, SD | 14 | $2.4M | 3.4% | |
| 9 | Meridian BankMalvern, PA | 12 | $8.4M | 2.9% | |
| 10 | Newtek Bank, National AssociationMiami, FL | 11 | $6.5M | 2.7% | |
| 11 | Trenton Business Assistance CorporationPrinceton, NJ · CDC | 10 | $15.2M | 2.4% | |
| 12 | PNC Bank, National AssociationWilmington, DE | 10 | $2.5M | 2.4% | |
| 13 | Celtic Bank CorporationSalt Lake City, UT | 8 | $7.7M | 2.0% | |
| 14 | Readycap Lending, LLCBerkeley Heights, NJ | 8 | $1.2M | 2.0% | |
| 15 | Peapack Private Bank and TrustBedminster, NJ | 7 | $11.4M | 1.7% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Personal Care ServicesNAICS 8121 | 25 | 6.1% | |
| 2 | Restaurants and Other Eating PlacesNAICS 7225 | 24 | 5.9% | |
| 3 | Management, Scientific, and Technical Consulting ServicesNAICS 5416 | 18 | 4.4% | |
| 4 | Computer Systems Design and Related ServicesNAICS 5415 | 16 | 3.9% | |
| 5 | Residential Building ConstructionNAICS 2361 | 16 | 3.9% | |
| 6 | Child Day Care ServicesNAICS 6244 | 14 | 3.4% | |
| 7 | Other Amusement and Recreation IndustriesNAICS 7139 | 13 | 3.2% | |
| 8 | Building Equipment ContractorsNAICS 2382 | 12 | 2.9% | |
| 9 | Offices of Other Health PractitionersNAICS 6213 | 12 | 2.9% | |
| 10 | Automotive Repair and MaintenanceNAICS 8111 | 12 | 2.9% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Professional, Scientific, and Technical Services | 58 | 14.1% | |
| 2 | Other Services (except Public Administration) | 54 | 13.2% | |
| 3 | Construction | 53 | 12.9% | |
| 4 | Health Care and Social Assistance | 48 | 11.7% | |
| 5 | Retail Trade | 44 | 10.7% | |
| 6 | Accommodation and Food Services | 29 | 7.1% | |
| 7 | Wholesale Trade | 20 | 4.9% | |
| 8 | Manufacturing | 20 | 4.9% |
Approvals by fiscal year
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 49 | $23.0M | $150K | 0 | — | 49 | 535 |
| FY2025 | 111 | $52.4M | $200K | 2 | — | 113 | 860 |
| FY2024 | 91 | $40.4M | $150K | 3 | $1.4M | 94 | 993 |
| FY2023 | 96 | $45.2M | $150K | 3 | $1.5M | 99 | 893 |
| FY2022 | 47 | $24.0M | $150K | 3 | $3.3M | 50 | 581 |
| FY2021 | 48 | $31.7M | $365K | 6 | $11.3M | 54 | 693 |
| FY2020 | 42 | $28.3M | $277K | 1 | — | 43 | 461 |
| FY2019 | 56 | $28.0M | $100K | 4 | $7.2M | 60 | 545 |
| FY2018 | 85 | $34.7M | $125K | 2 | — | 87 | 696 |
| FY2017 | 86 | $35.8M | $150K | 4 | $4.2M | 90 | 789 |
| FY2016 | 62 | $28.1M | $150K | 3 | $5.9M | 65 | 800 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 345 approvals.
Against New Jersey and the country
| FY2021–FY2025 | Somerset County | New Jersey | United States |
|---|---|---|---|
| Approvals | 410 | 11,132 | 342,825 |
| Approvals per 1,000 establishments | 41.7 | 46.8 | 41.0 |
| Median 7(a) approval | $200K | $150K | $190K |
| Median 504 approval | $713K | $952K | $657K |
| Average approval | $525K | $508K | $573K |
| 504 share of approvals | 4.1% | 4.9% | 11.0% |
| Jobs supported per approval, as reported | 9.8 | 9.2 | 10.5 |
| Share of state approvals | 3.7% | 100.0% | — |
Approval sizes
- $50,000 or less24.1%99
- $50,001 to $150,00021.5%88
- $150,001 to $350,00019.3%79
- $350,001 to $1 million21.2%87
- $1 million to $2 million8.3%34
- Over $2 million5.6%23
Age of the businesses
- Existing, more than 2 years old55.1%226
- New business, 2 years or less18.3%75
- Startup, loan funds will open the business17.8%73
- Change of ownership8.5%35
- Not answered0.2%1
Questions and answers
Which lenders make the most SBA loans in Somerset County?
By approvals in FY2021 to FY2025: TD Bank, National Association (82), Northeast Bank (20), JPMorgan Chase Bank, National Association (19), Manufacturers and Traders Trust Company (19), Provident Bank (18). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Somerset County?
The median 7(a) approval was $200K and the median 504 approval $713K; the New Jersey 7(a) median was $150K.
Which industries get the most SBA loans in Somerset County?
Personal Care Services (25); Restaurants and Other Eating Places (24); Management, Scientific, and Technical Consulting Services (18); Computer Systems Design and Related Services (16); Residential Building Construction (16).
Is SBA lending in Somerset County rising?
Approvals in the three latest complete fiscal years total 306, against 147 in the three before: rising (+108%).
How does Somerset County compare with the rest of New Jersey?
41.7 approvals per 1,000 establishments against 46.8 statewide, and 410 of the state's 11,132 approvals.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Establishment counts are from the Census Bureau's County Business Patterns 2023, which leaves out most farms, government and businesses without employees. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error