Low Interest Loans Available for Jersey Shore Small Businesses Impacted by Sandy
Jersey Shore small businesses and entrepreneurs still struggling from Superstorm Sandy can get financial help from the non-profit group UCEDC.
President Maureen Tynan says with the support of Investors Bank, they're offering loans of up to $50,000 at a 2 percent fixed interest rate for five years. "The beauty of the loan program is that it doesn't require any collateral, which is often a stumbling block for small businesses and entrepreneurs to borrowing," she says.
UCEDC has been providing loans for over 35 years, but created this unique program after Sandy a year ago. Since the storm, Tynan says USEDC has provided more than $2,000,000 in loans in New Jersey. However, she points out the fewest are in Ocean, the most severely impacted County. She says people think the loans are too good to be true, but says this is a unique period in time.
Those interested in applying for a low interest loan can go to UCEDC.com.