New Jersey's small business landscape has been battered: America's second-worst state in two separate tax and policy indexes, among the bottom four in Thumbtack's survey.
So what keeps around an experienced small businessman like Henry Passapera?
He actually moved away from New York in 1975 with another company before starting his own: P&R Trading, an international supplier of aircraft parts and equipment.
But that didn't take him back to the Big Apple. Instead, Passapera launched P&R Trading in a Lyndhurst industrial park in 1980.
Even after more than 30 years as a small business owner, he hasn't regretted the decision to stay in the state. He has a list of reasons why:
“We have easy access to transportation hubs. Our shipping gets done promptly. Customs works with us. (The) state provides good backup for services whenever we need it.”
Besides all of that, New Jersey is Passapera's home — he can't imagine ever leaving it.
But would he suggest New Jersey over a place like New York for an entrepreneur — without the personal ties — to build a business in?
For him, it's a “yes.”
“In dealing with other friends that are in small business here, they've found the facilities and property here to be cheaper than New York,” he said. “It's really not a bad place to be.”
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MORE RESOURCES TO CONSIDER
New Jersey’s Economic Development Authority, a partner of the NJSBDC network, makes capital available for small businesses through “financial intermediary organizations.” These groups can offer term loans and lines of credit to small businesses that may not otherwise qualify for financing. Some of those organizations include:
A statewide, nonprofit economic development corporation dedicated to assisting and financing small businesses and minority- and women-owned enterprises
Cooperative Business Assistance Corp.:
A nonprofit, public-private partnership established to encourage the growth and stability of the small business sector by facilitating opportunities for banks to make business loans.
New Jersey Community Capital:
A nonprofit that offers loan capital that is “broader than bank lending” to “socially responsible organizations” that are committed to bettering low-to-moderate income communities throughout N.J.
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