UEZ Microloan Project Approved, To Benefit Small Businesses

uez seminarThe Lakewood UEZ Microloan Program, a subdivision of the Financial Assistance Program, which funds loans for small to mid-sized certified UEZ businesses, recently received the approval of the Urban Enterprise Zone Authority, Trenton. Microloans, designed for small business growth and development, and job creation in Lakewood, can be granted to businesses seeking to establish, expand, or redevelop their companies. Funds may also be utilized used for working capital, supplies and machinery, and purchase of inventory. Microloans, however, cannot be used to refinance existing debt.

Businesses can apply for loans up to $30,000 a year, at an advantageous interest rate and a repayment period between five and 10 years. Patricia Komsa, the executive director of Lakewood’s UEZ, explained that the Finance Committee of the LDC (Lakewood Development Corporation) will begin accepting applications for Microloans, beginning June 30, 2010. 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 (http://www.twp.lakewood.nj.us/).

The Finance Committee of the LDC will review each application and make its recommendations to the board of trustees of the LDC. Participating banks have agreed to do due diligence, reviewing loans, backgrounds, and credit history.

Komsa says, “Typically a small business is one that earns under $500,000 gross and has 10 or
less employees. The criteria we use for a small business is flexible, but the business must be a certified UEZ business to take advantage of all these programs. If a business is not certified, call the Lakewood UEZ office at 732-364-2500 Ext. 5217 to learn how to become certified.”

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