UCEDC's Microloan Program provides short-term loans to both new and exisiting businesses. 

• Loan Amount: $500 to $35,000

• Interest Rate: 7% to 10.25 % fixed interest, dependent upon on length of business operation

• Loan Uses: Purchase of equipment. Furniture or fixtures. Inventory. Working capital. Renovations to privately-owned commercial real estate.

• Loan Term: Up to 60 months

Loan Requirements

• Personal guarantee

• Business plan

• Personal and/or business tax returns

• Personal financial statement

Get started

Applying for a Microloan: Please choose either Option A or Option B.

Option A
You may download the Microloan Application and complete the application in full. Submit with all required documentation as detailed in the front of the application package.

Upon receipt of all the documentation, UCEDC Financial staff will review the loan request. A determination will be made at that time regarding the strength of the application. If it meets UCEDC standards, the application will be presented to the Loan Review Committee.  The process can take from 2-4 weeks, dependent upon the completeness of the loan package.

Option B
You may download and complete the Loan Pre-Qualification Application. This application is a two-page document that does not require supplemental documentation. UCEDC Financial staff will respond to you within 48 hours. If you meet the pre-qualification standards, UCEDC Financial staff will request the complete Microloan package for presentation to the Loan Review Committee.

The benefit of Option B is that if you are unsure as to the strength of your application, you will receive an answer within 48 hours as to what steps, if any, need to be taken to present a strong loan application. 

Get loan applications

To download either application, click here. Or, call Ellen McHenry, Director of Financial Programs, at 908/527-1166.

Our Financing Services

Microloans

For start-ups entrepreneurs, in amounts from $500 to $35,000

Loan Packaging Assistance

A creative way to finance business expansion

Debt Refinancing

Loan program to refinance existing debt, from $500 to $20,000.

Business Growth Fund

A statewide loan program assisting growing small businesses, with loans up to $150,000.

First Steps Childcare Loan Program

Special loan program for new or existing childcare programs, including center-based, home-based and non-profit centers. Loans range from $500 to $150,000 and can be used for the purchase of educational supplies, furniture, playground equipment, fencing, etc.
 

UCEDC/United Way Emergency Loan Program

Unique program to assist United Way member agencies with short-term cash flow needs.

Fill out our information request form.

Download a loan application.

Información en Español.