The Hudson County Economic Development Corporation today announced the launch of “The Million Dollar Challenge”, a new small business lending initiative aimed at increasing access to capital for the county’s business owners and entrepreneurs.
Working in partnership with UCEDC, a nonprofit small business lender and training organization, the Hudson EDC is committed to bringing $1 million of fairly priced capital to viable start-ups and growing small businesses that would otherwise be denied conventional lending. Financing will be provided by UCEDC through its SBA loan products.
“Access to capital is the lifeblood of small businesses but too often, hard-working business owners and entrepreneurs can’t get the financing they need,” says Thomas DeGise, Hudson County Executive. “We want to give Hudson County’s small businesses a fair chance to start, grow and thrive and I’m pleased to see that the Hudson EDC has taken on this challenge with such an innovative response.”
Loans of $5,000 to $5 million will be made available to start-up and established businesses throughout Hudson County. Hudson EDC and UCEDC staff will work with strategic partners such as business/professional associations, chambers, business incubators, and other public and private entities to promote the program and assist businesses in applying.
“The Million Dollar Challenge is all about helping businesses of all sizes and types get a fair chance to succeed,” says Michelle Richardson, Hudson EDC Executive Director. “It doesn’t matter if you’re a sole proprietor working from home or the owner of a generations-old manufacturing business – you are a vital part of our economy and community.”
There are many reasons why a sound small business may not be able to secure conventional lending, says UCEDC President Maureen Tinen. “Just being less than two years in operation can automatically disqualify you from getting a bank loan. Issues like insufficient collateral or not having enough of your own equity to contribute are other typical roadblocks. Our job is to look for the “yes” and we encourage the county’s small businesses to contact us.”
Small business owners and entrepreneurs can learn more about The Million Dollar Challenge by visiting the UCEDC website.