Mercer County Goverment: Small-Business Owners Can Still Apply For Crisis 0% Loans

Princeton NJ

13 January, 2022

9:47 AM

Description

Press release from the Mercer County Government: 01/12/2022 3:29 PM Mercer County Executive Brian M. Hughes would like small-business owners to be aware of a unique funding opportunity with the UCEDC. Mercer County, which has an ongoing partnership with the UCEDC on a variety of different lending packages, is continuing to promote the Crisis Loan – Second Round. Small businesses can still apply to borrow up to $15,000 in funding at 0% for up to five years with no collateral requirements to meet their COVID-19 and other emergency 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. Eligibility requirements include: • 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 March 21, 2020 but less than two years, or with a credit score between 630 and 659, are eligible to apply for up to $10,000. • No loan or credit card charge-offs within three years. The UCEDC has also outlined application requirements that include a personal guarantee of all owners with more than 10% ownership interest. For more information about this opportunity, contact Liz Williams, Vice President of Lending, at [email protected] or visit the UCEDC website at https://ucedc.com/crisisreliefloans/. This press release was produced by the Mercer County Government. The views expressed here are the author's own.