UCEDC: Small Business Loans and Training Programs in NJ



Summary of COVID Assistance ProgramsProgramLoan / Grant / ForgivenessAmount and rateSummaryLinksUCEDC Crisis LoanLoans up to $15,000 0.00% SBA covers 1st 6 months P&I5 year termWorking CapitalCurrently on holdNJEDA Small Business Emergency Assistance LoanLoans up to $100,00010 year term, no payments in 1st year0% interest Yrs 1-51-3% interest Yrs 6-10Min FICO 600, Global DSC 1.0xWorking CapitalLoan application: Assistance: SBA Economic Injury Disaster Loan (EIDL)Loans up to $2 millionAdvance (Grant) up to $10,000Working Capital (specific uses)Application (both): SBA Express Bridge loanLoans up to $25,000Bridge loan from SBA lender (existing relationship)Working capital funds while awaiting funds for the SBA EIDL loanTerm loan; no LOCInformation: Protection Program (PPP)Potentially forgivable loans Amount based on 2.5x monthly payroll (see site for details)1%, 2 yearsMay be fully forgivable if used for payroll and other eligible expensesApply via a bank that is an SBA lender (see link), preferably one with existing deposit or loan relationshipInformation: Locate a lender: SBA Debt Relief ProgramDebt relief is automaticCheck with your SBA lenderSBA will cover all loan payments for 6 months on existing ML, 7a and 504 loans Information: NJ Community Capital / Garden State Relief FundLoansFrom $10,000 - $75,0003% interest, up to 36 months3 to 50 full time employeesUses: inventory, rent/mortgage payments, salaries, insurance and utilities and other working capitalInformation: Apply: Apply HereSpecial Program for certain South Jersey locations: Note: Each program has additional requirements not noted above. ................
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