The Lakewood Township UEZ Microloan Program is still accepting applications for small-business loans up to $35,000 a year as part of its Financial Assistance Program. The program offers a 3 ½ percent interest rate for up to a 10-year term. Funds may be used for working capital, supplies and machinery, the purchase of inventory, and to refurbish existing facilities. Microloans are also available for businesses seeking to establish, expand, or redevelop their companies. The UEZ loan is available to Lakewood UEZ-certified businesses with no prepayment penalty.

Yehuda Abraham, director of business development and co-coordinator of Lakewood’s UEZ program, says, “This loan provides a unique source of funds to help a startup business or assist a business owner who wants to take his company to the next growth level. The UEZ finance committee is also well aware that the UEZ is willing to take a little more risk than banks would normally do.”

Patricia Komsa, the executive director of Lakewood’s UEZ, noted that funds are still available although the Finance Committee of the LDC (Lakewood Development Corporation) has begun reviewing applications submitted earlier. Participating banks have agreed to do due diligence, reviewing loans, backgrounds, and credit history.

Interested parties can pick up applications at the UEZ office, Room 12 of the Lakewood Municipal, 231 Third Street, Lakewood, or download an application from the Township Web site by clicking here. If a business is not UEZ certified or for further questions about Microloans, call the Lakewood UEZ office at 732-364-2500 Ext. 5395.

For purposes of Microloans, a small business is typically one that earns under $350,000 gross and has been in operation for less than five years. Although the criteria used to determine a small business is flexible, the business must be a certified UEZ business to take advantage of the Microloan program. The Microloan program, a subdivision of the Financial Assistance Program, was recently approved by the Urban Enterprise Zone Authority, Trenton, and lauded as a model program for other zones across the state.