Crisis loans available through Mercer County-UCEDC partnership
Mercer County Executive Brian M. Hughes urges small business owners to apply for a unique funding opportunity with UCEDC. Mercer County, which has an ongoing partnership with UCEDC on a variety of different loan programs, continues to promote the Crisis Loan – Round Two. Small businesses can still apply to borrow up to $15,000 in 0% financing 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 offers fast turnaround (after meeting application requirements), no collateral requirements, no prepayment penalties, and no processing or application fees.
Eligibility requirements include:
- Businesses that have been in business for at least two years and with a credit score of 660 and above can apply for up to $15,000.
- Businesses in operation before March 21, 2020 but for less than two years, or with a credit score between 630 and 659, can apply for up to $10,000.
- No loan or credit card repayment for three years.
The UCEDC has also defined application requirements which include a personal guarantee from all owners with a stake of more than 10%.
For more information on this opportunity, contact Liz Williams, Vice President of Lending, at [email protected] or visit the UCEDC website at https://ucedc.com/crisisreliefloans/.