The Mercer County Department of Economic Development is excited to announce that it has partnered with the UCEDC to provide a 0% Interest Loan Program to qualifying small businesses in the county.

$350,000 in American Rescue Plan Act (ARPA) funding has been dedicated to this program to provide the businesses in Mercer County with affordable and accessible capital. The UCEDC will offer loans utilizing our current lending products and capital.

Loans will range from $10,000 to $20,000 with a five-year repayment term. Funds can be used for working capital, inventory, or purchases of furniture and equipment. There are no collateral requirements, pre-payment penalties, processing, closing, or application fees.

Through the Mercer County loan program, UCEDC will provide $750,000 of lending to small businesses located in Mercer County. With an average expected loan amount of $15,000, given the parameters above, they will provide funding to approximately 50 businesses in the target market. 

Requirements:

• Personal guarantees of the significant owners of the business (10% or greater) are required.
• 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 or fewer full-time equivalent employees at time of application and have less than $10 million in annual gross revenue based on most recent tax return.
• Applicants must not have had a bankruptcy or significant charge-offs within the most recent 3-year period.

Click This Link To Begin