(TRENTON, NJ) -- Mercer County Executive Dan Benson and the Board of County Commissioners announced the extension of their partnership with the UCEDC on the 0% Interest Loan Program for small businesses in Mercer County.
The extension will keep the program going through most of next year, with a new application deadline of September 30, 2025, while expanding the number of businesses that will be eligible for loans. Under the initial terms of the program, only businesses registered by September 1, 2019 were eligible. Now, any business registered with the State of New Jersey on or prior to May 11, 2023 can apply.
Administered through the Mercer County Office of Economic Development, the 0% Interest Loan Program allows Mercer County businesses to apply for affordable access to capital. The UCEDC provide loans on a first-come, first-served basis utilizing current lending products and capital.
“I would like to thank our Commissioners for supporting this measure, which allows Mercer County to have an incredible positive impact on small businesses in need of accessible capital,” said County Executive Dan Benson. “The program has already been extremely successful, supporting almost 60 businesses with $1.1 million in funding."
Business owners can apply online for the Mercer County Zero-Interest Loan Program.
The program will require the following:
* Businesses must be located in Mercer County, registered with the State of New Jersey and have been formed on or before May 11, 2023.
* Businesses must have 30 full-time equivalent employees or less at time of application and have less than $10 million in annual gross revenue based on most recent tax return.
* Loans will range from $10,000 to $20,000.
* Loans will be offered at 0% interest, with a five-year repayment term.
* Funds can be used for working capital, inventory, or purchases of furniture and equipment.
* No collateral requirements, pre-payment penalties, processing, closing or application fees.
* Personal guarantees of the significant owners of the business (10% or greater) are required.
* Applicants must not have had a bankruptcy or significant charge-offs within the most recent 3-year period.
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