UCEDC News - Press Release
UCEDC Launches Line of Credit Program
UCEDC, a statewide non-profit economic development corporation, is launching a line of credit program for New Jersey small businesses. This program is the first of its kind in the New Jersey micro-enterprise community, and will be a key tool in providing access to capital to New Jersey small business owners.
According to Ellen McHenry, Director of Finance for UCEDC, "Our line of credit program will be a valuable tool for the business owner with fluctuating cash flow needs. Unlike a term loan, business owners can tap into the line when they need it, and therefore are not tying up their cash flow to monthly payments."
UCEDC lines of credit are available from $5,000 to $20,000 for any of the following uses: the purchase of supplies or inventory, or working capital. Moreover, the program is open to all small businesses, from start-up to existing, throughout the state.
Variable rates for the lines of credit range from prime + 5% for brand new businesses to prime +3% for business owners showing at least two years of successful operations.
McHenry states, "UCEDC is in the business of promoting smart economic growth among the New Jersey small business community. Our line of credit is meant to help businesses grow. Therefore, we have opened this program up to new businesses, and offer below market terms and conditions: our lines of credit are for a one year, renewable term, and there is no "clean-up" period."
UCEDC, a non-profit economic development corporation based in Union, New Jersey, is dedicated to stimulating economic growth for small businesses throughout New Jersey by providing them with resources and solutions for business expansion. Since 1977, UCEDC has lent more than $10 million and leveraged over $160 million in community investments. In addition, the corporation has assisted hundreds of businesses in obtaining over $500 million in government contracts. UCEDC grows local economies and strengthens communities by creating new jobs and a stronger and more stable business climate.
Related File: UCEDCLaunchesLOC.pdf
Posted: 10/24/2008
