The UEZ will begin accepting Microloan applications at 10:00 a.m. tomorrow morning, Director of Business Development Yehuda Abraham tells TLS. However, the funds will be distributed on a first-come first-serve basis. The 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. 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.
Patricia Komsa, the executive director of Lakewood’s UEZ 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.”
Please note that the loan can be up to $35,000 at a 31/2% interest rate. I can be reached at 732-364-2500 Ext. 5217 for any questions about the loan or to certify as a UEZ business and take advantage of all the amenities offered by the program.
Kudos R’ Yehuda for your efforts on behalf of the klal and the small businesses in town.