Tuesday, January 11, 2022

Businesses Can Still Apply for Crisis 0% Loans under Mercer County-UCEDC Partnership

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 ewilliams@ucedc.com or visit the UCEDC website at https://ucedc.com/crisisreliefloans/.


Post a Comment

Note: Only a member of this blog may post a comment.