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 credit score of 660 and up 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

Application Requirements:

• 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.