UCEDC Offers 2% Working Capital Loans for COVID-19 Crisis Relief
*ATTENTION – We have currently exhausted all of our available funds for the COVID-19 Crisis Relief Loan Program and we are no longer able to process new Crisis Relief Loan applications.
Please check back at www.ucedc.com for up to date information regarding funding options, resources, and programs as they become available.
For now, the United States Small Business Administration has re-launched its Disaster Assistance Loan program. Details can be found on the SBA website www.sba.gov.
******
In response to 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 2% for up to five years with no collateral requirements to meet their COVID-19 crisis needs.
The Crisis Relief Loan Program is designed to provide broad access to much-needed working capital. The program features a quick turn-around (after completing the application requirements), no collateral requirements, no pre-payment penalties, and no processing or application fees.
Eligibility Requirements:
- Business impacted by the COVID-19 pandemic
- Businesses in existence at least two years and with a credit score of 680 and up are eligible to apply for up to $15,000
- Businesses in existence between one and two years, or with a credit score between 650-680 are eligible to apply for up to $10,000
- Profitable prior to the COVID-19 crisis
- No loan or credit card charge –offs within 3 years
Application Requirements:
- Personal guarantees of all owners with more than 10% ownership interest
- Completed UCEDC Loan Pre-Qualification form for all guarantors
- Copy of driver’s license
- Personal cash flow statement
- Personal financial statement
- 2018 complete business tax returns (2019 if already available)
To apply, fill out our Loan Pre-Qualification Form or speak to one of our loan officers at 908-527-1166.