The Union County Board of Chosen Freeholders reminds eligible business owners and managers that they can still apply for a low-interest loan to help recover from the impacts of Superstorm Sandy.
The loans are offered through the non-profit Union County Economic Development Corporation (UCEDC).
“This loan program was an exemplary recovery initiative when UCEDC first launched it in response to Superstorm Sandy, and I’d like to thank the organization and its president, Maureen Tinen along with the private sector partner Investors Bank, for continuing to make this valuable service available to our small business community,” said Freeholder Chairman Mohamed Jalloh. “If your business is still dealing with financial impacts related to Sandy, I encourage you to call UCEDC and find out more about the program.”
UCEDC’s Business Growth Working Capital loan program offers qualified small businesses up to $25,000 at 2% for five years with no collateral requirements.
The loan can be used as general working capital, to purchase new equipment or inventory, for renovation or expansion, or to retire more expensive debt.
The program is designed to be easily accessible to small businesses that are still trying to get back up to speed after a Sandy-related setback. Along with the two percent interest rate and no collateral requirement, the program has no prepayment penalties, application fees, or processing fees.
For businesses with larger needs, UCEDC continues to provide loans of up to $250,000 with conventional interest rates and processing periods.
For more information, call UCEDC at 908-527-1166 or visit ucedc.com.