Loan Products

Looking for information on our Storm Recovery Loan Program?  Complete information can be found here.

Access to capital is often a business owner’s largest hurdle. We offer a variety of small business loans to meet your needs at every stage of your business’s growth. From microloans to SBA 7(a) and 504 loans to lines of credit, our staff will work to find the solution that’s right for you.

But our support doesn’t end at the loan closing – UCEDC staff will provide ongoing business mentoring services to help you keep on track. This one-on-one business counseling is entirely customized to meet the specific challenges and opportunities you face.

MICROLOANS

UCEDC’s Microloan Program provides both start-up and existing businesses with an opportunity to borrow money for a variety of reasons, including purchasing equipment, fixtures or inventory; working capital; or making renovations on privately owned commercial real estate.

Start-ups (operational for less than two years) can borrow a maximum of $35,000 for up to six years. Older businesses with a profitable operating history are eligible for up to $50,000 for the same time period.  Interest rates vary from 7.0 - 9.5% , depending on the age and financial operations of the business and the owner's credit history. Closing fees apply, but you may prepay without penalty.

SBA 7(a) COMMUNITY ADVANTAGE LOANS

UCEDC is one of only 40 lenders in the nation to offer the SBA (7a) financing program, designed to encourage business growth and job creation.  Long-term loans of up to $250,000 are available to start-up (in operation less than two years) and existing businesses.

Funds can be used for a wide variety of purposes including working capital; furniture/fixtures, machinery and equipment; land acquisition for commercial purposes; construction or renovation for privately owned commercial properties; leasehold improvements; and business acquisition.  Interest rates are based on the amount of the loan and length of the loan depends on the use of the funds. LEARN MORE AND APPLY

SBA 504 COMMERCIAL REAL ESTATE AND MAJOR EQUIPMENT LOANS

This SBA program provides growing businesses with the opportunity to purchase, construct or improve their own building or purchase major equipment through long-term, below-market fixed rate financing. 

UCEDC works in partnership with commercial lenders to structure financing that typically calls for only a 10% contribution from the borrower.  Soft costs and closing costs can be rolled into the loan, maximizing cash flow that can be invested back into the business. 

UCEDC’s portion of the financing represents a maximum of 40% of the total (up to $5 million), with 10-20 year terms. LEARN MORE AND APPLY

BUSINESS GROWTH FUND

UCEDC’s Business Growth Fund supports growing businesses in need of a mid-sized loan or gap financing as part of a larger loan package with other lenders. Loans can be used for expanding or renovating commercial real estate; improving facades; abating code violations; purchase of fixed assets, inventory or equipment; or working capital. A portion of the funds may be used for refinancing existing debt.

Established businesses (36 months+) with a profitable operating history may borrow $20,000 to $150,000 at rates that vary from 7% to 9% and with terms that vary from 12 months to 120 months. Application fees may apply plus applicable closing costs, but you may prepay without penalty.

CHILD CARE LOANS

UCEDC’s ‘First Steps’ child care loan program provides short term loans to both home and center-based child care operations, including centers operated by non-profit organizations. Funding is available for both start-up and existing centers. Funds may be used for supplies or equipment; staff training or conferences; health and safety needs; specialized curriculum, such as High Scope; expansions or renovations to non-leased property; or a portion of working capital.

LINE OF CREDIT

Exclusive to Union County businesses, UCEDC offers credit lines ranging from $5,000 to $15,000. Available to both start-up and existing business owners, the Line of Credit can be used to purchase supplies or inventory, finance accounts receivable, or augment seasonal working capital. Interest rates are fixed at 10.25% for a one-year renewable term with no ‘clean-up’ period required.

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