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 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.
-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
-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