UNION COUNTY – The Union County Board of Chosen Freeholders and the Union County Economic Development Corporation announced the “Union County Means Business Loan Initiative,” a new program designed to help small businesses get access to low interest loans for equipment, inventory and other needs.
The loans will be administered by the Union County Economic Development Corporation (UCEDC), a certified U.S. Small Business Administration microlender.
“Many small business owners are telling us that if more loans were available, they would have more opportunities to expand,” said Freeholder Chairman Alexander Mirabella. “The new loan initiative will help break the logjam and enable them to grow.”
UCEDC launched the new loan program in conjunction with Mirabella’s 2012 Union County Means Business initiative, which is designed to help local business owners and managers connect with government services and other resources that can help them succeed.
“Hard-working small business owners and well-prepared start-up entrepreneurs deserve a fair chance to succeed. Our partnership with the county will help us reach deeper into the small business community with a low-cost source of much-needed capital,” said UCEDC President Maureen Tinen.
The cornerstone of Union County Means Business is a series of free networking breakfasts, along with a website and newsletter that serve as free information clearinghouses for business owners and managers.
As a microlender, UCEDC’s mission is to make loans to small businesses that do not qualify for conventional lending by banks.
UCEDC has agreed to lower its interest rates for the loan initiative, with fixed rates starting at 6 percent for short-term loans of up to $50,000.
Businesses can use the funds for equipment, inventory, working capital, and renovations on owned property. This is a limited time offer, and the reduced rate under the Loan Initiative will be available for applications received by Oct. 1, 2012.
“The deadline is a way off, but now is the time to assess your needs and opportunities, so you can focus the funds where they will have the greatest impact,” said Mirabella.
UCEDC is celebrating its 35th anniversary as a non-profit economic development corporation dedicated to stimulating economic growth and creating an environment for progress by providing free financial, technical and community development assistance.
For complete details about the Loan Initiative, visit UCEDC at www.ucedc.com. For information on all programs and services of the Union County Means Business initiative visit the Union County website, ucnj.org/ or ucnj.org/ucmeansbusiness/.
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