UCEDC Offers Second Round of 0% Working Capital Loans for COVID-19 and Flood Crisis Relief
In this phase of the COVID-19 Crisis, UCEDC is offering a low-interest, quick-response, working capital loan program. Small business owners can borrow up to $15,000 at 0% for up to five years with no collateral requirements to meet their COVID-19 and flood crisis needs.
The Crisis Relief Loan Program is designed to provide broad access to much-needed working capital. The program features a quick turnaround (after completing the application requirements), no collateral requirements, no pre-payment penalties, and no processing or application fees.
Eligibility Requirements Include:
- Businesses operating at least two years and with a minimum credit score of 660 are eligible to apply for up to $15,000
- Businesses operating prior to 3/21/20 but less than two years, or with a credit score between 630-659 are eligible to apply for up to $10,000
- No loan or credit card charge–offs within 3 years
- Business must be located in New Jersey
- Not eligible if you have already received a loan under this specific UCEDC program (which launched in August 2021)
- Personal guarantees of all owners with more than 10% ownership interest, with the following documentation for each guarantor:
- Completed UCEDC Loan Application for each guarantor
- Copy of driver’s license
- Personal cash flow statement
- Personal financial statement
- Most recent personal tax return
- 2019 and 2020 complete business tax returns, and 2021 interim financials (if available). If 2020 tax returns are on extension, please provide a copy of the extension and 2020 financials
To start the process, please fill out our Loan Pre-Qual Form below or speak to one of our loan officers at 908-527-1166.