UCEDC Launches New 3% Interest Loan Program for Small Businesses

(CRANFORD, NJ) Small businesses throughout New Jersey now have access to low-interest, no collateral financing for working capital and debt reduction thanks to UCEDC’s new 3% working capital loan program.

UCEDC, a statewide nonprofit economic development corporation, is offering up to $25,000 at 3% for five years with no collateral requirements to small business owners with established and profitable operations and good personal credit.  The program is supported by a grant from Investors Bank.

“Even profitable businesses find it difficult to secure modest amounts of working capital from conventional sources,” says Maureen Tinen, UCEDC President. “We launched this below prime rate program to help those savvy small business owners who could leverage inexpensive working capital into further growth and sustainability.”

Qualified applicants will have been in business for three years or more and be profitable in the latest tax year. Business owners should have a personal credit score of at least 680.

“This program provides strong businesses with the opportunity to pay down expensive debt, seize new business opportunities, or just have cash on hand for unforeseen needs.  It’s the kind of cushion that can really make a difference,” notes Tinen.

UCEDC offers loans from $5,000 to $5 million to meet the needs of small businesses at every stage of their growth, including start-ups.  Information on the 3% Working Capital program and UCEDC’s other financing options can be found on the loan products page or by calling 908-527-1166.