Mercer County Executive Dan Benson and the Board of County Commissioners are excited to announce that the County will partner for a second phase with UCEDC, a national non-profit economic development corporation, to establish a 0% Interest Loan Program for small businesses in Mercer County.
Dedicating an additional $240,000 in American Rescue Plan Act (ARPA) dollars, to be administered through the Mercer County Office of Economic Development, the program will allow Mercer County businesses to apply for affordable access to capital. The UCEDC will provide loans on a first-come, first-served basis utilizing current lending products and capital.
“Small businesses represent the life-blood of our local economy here in Mercer County, “said Mercer County Executive Benson. “In extending our interest-free loan program we are excited to give our Mercer County small businesses a meaningful jolt to spur economic development.”
“We are thrilled that Mercer County is extending UCEDC’s contract, leveraging another $500K in interest-free loans. This will provide more assistance to entrepreneurs, building on the $750K we’ve already distributed through our partnership. It’s a privilege to contribute to the success of Mercer County small businesses and make a positive impact on local communities in New Jersey,” said UCEDC President Adam Farrah.
The program will require the following:
- Businesses must be located in Mercer County, registered with the State of New Jersey, and must have been formed on or before September 1, 2019.
- Businesses must have 30 full-time equivalent employees or less at time of application and have less than $10 million in annual gross revenue based on most recent tax return.
- Loans will range from $10,000 to $20,000.
- Loans will be offered at 0% interest, with a five-year repayment term.
Funds can be used for working capital, inventory, or purchases of furniture and equipment.
