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Posted on: April 6, 2016

Passaic County Announces Availability of 3% Working Capital Loan Program for Small Businesses

Passaic County, NJ – April 6, 2016 - The Passaic County Board of Chosen Freeholders is pleased to announce the availability of a below-prime, no collateral, working capital loan program for the county’s established small businesses. This special program provides easy access to up to $25,000 in working capital to permit local businesses to pay off more expensive debt, take advantage of new opportunities/expansion, or cover expenses during slow periods.

The program is administered by UCEDC, a statewide nonprofit economic development corporation, and is made available through the support of a grant from Investors Bank.

Freeholder Director Theodore “TJ” Best noted, “In every corner of this county, small businesses contribute to local employment, economic stability and neighborhood vitality. We are committed to removing obstacles and offering solutions to ensure their success. That is why we are working so closely with UCEDC to make sure that Passaic County businesses take full advantage of this low-interest loan program.”

The program offers up to $25,000 in working capital at just 3% - a half-point below Prime – with a five year fixed term, and no collateral requirements. There are no fees or prepayment penalties.
To be eligible, applicants must be in operation for at least three years, have a profitable business, and have a personal credit score of at least 680. UCEDC offers an online “Rapid Pre-Qual Application” process, which provides potential borrowers with an initial assessment of their application within two business days.

Freeholder Terry Duffy, a long-time small business owner in the City of Paterson, added, “Too often, small businesses cannot secure the working capital they need to expand or support business operations and may be forced to borrow at high interest rates. Our partnership with UCEDC provides an extraordinary alternative – a very low fixed interest from a well-respected non-profit New Jersey lender.”

For information about the Passaic County partnership with UCEDC’s 3% Working Capital Loan Program as well as its other small business loan programs, contact UCEDC at 908-527-1166 or visit www.ucedc.com .

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