New Slew of Loans Available Soon for Small Businesses in Lakewood

The Small Business Services Division of Lakewood Community Services (LCSC), in conjunction with the Lakewood Development Corporation, announced a new slew of loans, grants and incentives to assist start-ups and small businesses in Lakewood to grow, develop and expand.

Rabbi Moshe Zev Weisberg, President of the LCSC, enthusiastically embraced these initiatives – “These array of new programs, in conjunction with the UEZ’s existing programs, will pump millions of dollars into local Lakewood businesses. They will give our own businesses, and especially those who suffered from the recent pandemic slowdown, an opportunity to fully recover. It will also give an opportunity to jump-start new business just starting out in Lakewood.”

Most of these programs require the applicant to be a member of the Lakewood UEZ, a NJ State economic development program, with many benefits to businesses located in Lakewood’s commercial and professional services areas. Over 500 of Lakewood’s businesses are already participating in the UEZ, which gives them the ability to charge only half the usual sales tax, as well as other benefits. (LCSC can help in applying for UEZ certification.)

This new package of programs offers:

  • A variety of low-interest microloans, ranging from $10,000 – $50,000 with favorable repayment terms
  • A $5000 technology grant to assist small businesses in acquiring and expanding their computer systems, peripherals, phone systems, business software, web services, etc.
  • Incentives to encourage the hiring and retention of Lakewood employees by forgiving substantial parts of microloans, and by awarding an additional $3000 technology grant
  • A grant to cover the closing costs of small business bank loans

The LCSC is rolling out a publicity campaign to inform the Lakewood small business community of the availability and details of these programs, as well as free personal assistance by our financial professionals in understanding and applying for these programs.

Two public in-person workshop seminars will be held in the coming weeks – a general session and a bi-lingual program in Yiddish. Details will follow shortly.

Services provided by the LCSC Small Business Division are offered free of charge to all Lakewood businesses.

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  1. PLEASE BE ADVISED: These new loan and incentive programs are coming soon. We hope to launch them in August/September. They are NOT available at this time.

    It’s been over a decade since the UEZ received new funding for projects to benefit our local business community. Quite often new startups and young businesses struggle in the early stages of their new venture and these kinds of programs can greatly enhance their chance of success and survivability. We are excited to be able to offer these lifelines to our Lakewood UEZ businesses!

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