UNION COUNTY, NJ — The Union County Board of Chosen Freeholders is making available a below-prime, no collateral working capital loan program for the county’s established small businesses. This special program provides easy access to up to $25,000 in working capital to allow local businesses to pay off more expensive debt, take advantage of new opportunities, or cover expenses during slow periods.
The program is administered by UCEDC, a nonprofit economic development corporation, and is made available through the support of a grant from Investors Bank.
“Small businesses contribute to the county’s local employment and neighborhood vitality and we’re committed to offering solutions to ensure their success,” said Freeholder Chairman Bruce H. Bergen. “That’s why we’re working so closely with UCEDC to make sure that Union County businesses take full advantage of this low-interest loan program.”
Offered as part of Bergen’s “Union County: At Work and Play” initiative, this program was created to spur economic growth with incentives and loans. Thanks in part to a match from Union County, UCEDC was recently awarded a $1.3 million grant from the federal government to make loans to small businesses.
The program offers up to $25,000 in working capital at 3 percent — a half-point below Prime — at five years fixed, with no collateral requirements. There are no fees or prepayment penalties.
To be eligible, applicants must be in operation for at least three years, have a profitable business, and show a personal credit score of at least 680. UCEDC offers an online “Rapid Pre-Qual Application” process, which offers potential borrowers an initial assessment of their application within two business days.
“Too often, sound small businesses can’t get the working capital they need from their bank and are forced to borrow elsewhere at very high interest rates,” said Bergen. “Our partnership with UCEDC provides an extraordinary alternative — very low fixed interest from a well-respected non-profit New Jersey lender.”
For information about UCEDC’s 3 percent Working Capital Loan Program call 908-527-1166 or visit www.ucedc.com.