UCEDC is offering special loans

UCEDC Offers 2% Working Capital Loans for COVID-19 Crisis Relief

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.