UNION COUNTY, NJ – The Union County Board of Chosen Freeholders announced a partnership with UCEDC, a nonprofit economic development corporation, to offer women business owners in Union County access to zero-percent working capital financing.
The 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.
“We know that women-owned businesses contribute substantially to the County’s economy and have the potential to do even more,” said Freeholder Chairman Bruce H. Bergen. “With UCEDC’s help, we’ve launched this program to give hard-working women entrepreneurs the boost they need to get their businesses to the next level.”
The loan program, offered exclusively to women-owned businesses in Union 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.
“Working capital is the lifeblood of small businesses and unfortunately, women-owned businesses often come up short,” said Freeholder Vice Chairman Sergio Granados. “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.”
Women borrowers who may not qualify for the zero-percent loan program have an attractive alternative, also made possible by the Freeholders and UCEDC. Women-owned businesses are eligible for a two-percentage point discount on their interest rate for loans up to $50,000. This program is available to 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,” said Chairman Bergen.