Businesses in the Lakewood Urban Enterprise Zone have some options to help boost revenue.
After five years, the Microloan Program is returning. This is positive news especially since the Governor has cut aid to UEZ's around the state and they're being forced to work with what they have. Executive Director Patricia Komsa says they're currently accepting applications.
Additional information:
From Press Release - UEZ Microloans
The Lakewood UEZ Microloan Program is now accepting applications for loans up to $35,000 a year. Microloans, designed for small business growth and development, and job creation in Lakewood, are available for 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 that qualify can receive loans with 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) began 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
fewer 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. The Microloan program, a subdivision of the Financial Assistance Program, recently received the approval of the Urban Enterprise Zone Authority, Trenton.”
Senator and Committeeman Robert Singer, who brought the UEZ program to Lakewood, said, “Microloans are an important economic tool in helping small businesses in these tough economic times. Microloans, which are funded entirely by UEZ funds and not the taxpayers’ money, have proven to be an important boost for our local businesses. I’m happy to see that the UEZA has approved this worthwhile program.”
If a business is not certified, call the Lakewood UEZ office at 732-364-2500 Ext. 5217 to learn how to become certified.
Copyright 2010 - 92.7 WOBM News. All rights reserved.
E-Mail
Print
Good Time Oldies
