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CalculatorMercer County has partnered with the UCEDC on a County Business Lending Program. These loans come in a variety of different forms and includes the following:

1. Rapid Response Loans – loans up to 10k
2. Prime Lock Loans – loans up to 25k
3. Tory Burch Foundation Loans – loans to women owned businesses with a 2% reduction in the interest rate

 
In addition to lending options offered under  this partnership, UCEDC is now offering a low-interest, quick-response, working capital loan program to Mercer County businesses in response to COVID-19.  Small business owners can borrow up to $15,000 at 2% for up to five years with no collateral requirements to meet their COVID-19 crisis needs.

The Crisis Relief Loan Program is designed to provide broad access to much-needed working capital.  The program features a quick turn-around (after completing the application requirements), no collateral requirements, no pre-payment penalties, and no processing or application fees.

Eligibility Requirements:

• Business impacted by the COVID-19 pandemic
• Businesses in existence at least two years and with a credit score of 680 and up are eligible to apply for up to $15,000 
• Businesses in existence between one and two years, or with a credit score between 650-680 are eligible to apply for up    to $10,000
• Profitable prior to the COVID-19 crisis
• No loan or credit card charge –offs within 3 years
• Application Requirements:

Application Requirements:

• Personal guarantees of all owners with more than 10% ownership interest
• Completed UCEDC Loan Pre-Qualification form for all guarantors
• Copy of driver’s license
• Personal cash flow statement
• Personal financial statement
• 2018 complete business tax returns (2019 if already available)
To apply for any of these loan opportunities, please contact the Mercer County Office of Economic Development at (609) 989-6555 or the UCEDC at (908) 527-1166.