Women business owners in Union County can now access zero-percent working capital financing, thanks to a new loan program launched by UCEDC, a nonprofit economic development corporation.
The unprecedented interest elimination on loans up to $25,000 is made possible by grants from Investors Bank and the Tory Burch Foundation Capital Program, powered by Bank of America.
“Working capital is the lifeblood of small businesses and unfortunately, women-owned businesses often come up short,” says UCEDC President, Maureen Tinen. “With the elimination of all interest payments on this loan, we’re hoping that more women entrepreneurs will now have the cash they need to grow their business.”
The loan program, offered in partnership with the Union County Board of Chosen Freeholders exclusively to women-owned businesses in the county, offers up to $25,000 at zero-percent interest for five years with no collateral requirements. Eligible borrowers will have been in business for at least three years, be profitable in their latest tax return, and have a personal credit score of at least 680.
Women borrowers who may not qualify for the zero-percent loan program have an attractive alternative in UCEDC’s current Loan Sale for Women–Owned Businesses. Borrowers are eligible for a two-percentage point discount on their interest rate for loans up to $50,000. This program is available to both start-up and established businesses.
“No matter what stage your business is in, even it’s still just an idea that you’re considering, we encourage you to contact UCEDC for more information about the unique financing options we’ve established to support small business growth,” advises Tinen.