Mercer County Executive Brian M. Hughes announced the second round of COVID-19 crisis business loans offered by the UCEDC. Mercer County, which has an ongoing partnership with the UCEDC on a variety of different lending packages, is now promoting the second round of the Crisis Loan. Small businesses can apply to borrow up to $15,000 in funding at 0% for up to five years with no collateral requirements to meet their COVID-19 crisis needs.
The Crisis Relief Loan Program is designed to provide broad access to much-needed working capital. The program features a quick turnaround (after completing the application requirements), no collateral requirements, no pre-payment penalties, and no processing or application fees.
Eligibility requirements include:
- Businesses operating at least two years and with a credit score of 660 and up are eligible to apply for up to $15,000.
- Businesses operating prior to March 21, 2020 but less than two years, or with a credit score between 630 and 659, are eligible to apply for up to $10,000.
- No loan or credit card charge-offs within three years.
The UCEDC has also outlined application requirements that include a personal guarantee of all owners with more than 10 percent ownership interest.