Investors Bank Grant Allows UCEDC to Offer Low-Interest Loans to Small Businesses Affected by Hurricane Sandy
Monday, February 25, 2013 • 5:36pm
CRANFORD, NJ - Small businesses affected by Hurricane Sandy may find relief thanks to a grant provided by Investors Savings Bank allowing UCEDC to give loans to small business at a two percent interest for five years.
“We’re reaching out to small businesses throughout the state,” said Robin Preisler of UCEDC, a non-profit economic development corporation. “This program is strictly for businesses that have in someway been affected by the storm.”
The grant from Investors allows UCEDC to provide loans of up to $25,000 at two percent for up to five years. Small businesses affected either physically or economically by the storm can apply for this loan.
The criterion for the loan has four main points. It must be a for profit small business, it must be in existence for at least two years, a profitable business before the storm and the owner must have a credit score of at least 600.
“A lot of businesses find that the insurance they get only covers a fraction of what they need,” said Preisler. “We’re reaching out to small businesses throughout the state.”
The loan requires no collateral from small businesses. The business can pay it back over five years or as soon as it suits the financial situation of the business, according to Preisler.
“This is an easier, faster way to get the working capital that they need,” she said. “It’s fast money, inexpensive money, no collateral, no application fees. It’s really a no brainer for small businesses to get this loan.”
About 60 businesses have applied for, received or are in the process of being approved for the loan. They have plenty of money to get out on the street for these businesses, according to Preisler. But she said UCEDC could not have done this without Investors Savings Bank.
“Without the grant they supplied to us we would not be able to offer the loan at such an extraordinarily low rate,” she said.
For more information about UCEDC or how to apply for the loan, please visit www.ucedc.com.