ANNOUNCEMENT: FINANCIAL RESOURCES AVAILABLE – COVID-19 (3/27)

Just Announced: The UCEDC is Offering 2% Working Capital Loans for COVID-19 Crisis Relief

In response to the COVID-19 Crisis, the Union County Economic Development Corporation released Monday, March 23rd, a Crisis Relief Loan Program to assist businesses being affected by the COVID-19.

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.

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.

UCEDC is offering two tiers of loans: businesses in operation over two years and with a 680 credit score are eligible to apply for up to $15,000; and businesses with over one year of operations with a credit score greater than 650 are eligible to apply for up to $10,000.

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)

OTHER FINANCIAL RESOURCES

  • NJEDA Micro Loans makes financing of up to $50,000 available to NJ businesses with annual revenues of no more than $1,5000,000 and 10 full-time employees or less.
  • The Small Business Administration’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses.
  • Facebook is offering $100M in cash grants and ad credits through their Small Business Grants Program.
  • Grubhub and Major Cities Across the U.S. Launch Economic Relief Effort up to $100 Million for Independent Restaurants and Delivery Partners Impacted by COVID-19
  • JPMorgan pledged $50 million global philanthropic commitment to support communities and people hit hardest by this public health crisis, including $2 million to existing nonprofit partners and $8 million to assist small businesses.
  • The James Beard Foundation is launching a fund that will be gathering support from corporate, foundation, and individual donors to provide micro-grants to independent food and beverage businesses in need.
  • Opportunity Fund, which specializes in money lending to small businesses owned by women, immigrants and people of color, is collaborating with investors and nonprofits to put together a coronavirus relief fund that will provide grants and low-interest rate loans.