In partnership with the Millville Urban Enterprise Zone, HCDC is helping small businesses access revolving loans for existing businesses and startups.

 

ALL APPLICANTS MUST BE CERTIFIED URBAN ENTERPRISE ZONE BUSINESSES. FUNDING IS CONDITIONED UPON CERTIFICATION AND RECEIPT OF SATISFACTORY TAX CLEARANCE. 

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Use of Funds

Funds may be used for inventory, supplies, furniture, fixtures, machinery, equipment, new construction and site improvements, renovations and working capital. The funds cannot be used to refinance existing debt.

 

Loan Amounts

Under the Millville UEZ loan program, businesses can borrow up to $150,000 depending upon the project and business. 

 

Traditional Loan Fund:

• Maximum loan amount is $150,000

• Term of loan up to 20 years

• Initial interest rate is 5% fixed

 

Micro-Loan Fund:

• Loan amount ranges from $15,000 to $75,000

• Term of loan up to 10 years

• Interest rate fixed at 5%

 

Borrower’s Equity

A minimum of 10% is required; however, use of funds determines the amount required.

 

Rates & Terms 

The interest rate is fixed at 5%. The term of the loan is between 5 years and 20 years subject to the useful life of the asset.

 

Fees

There is a non-refundable application fee and a 1% servicing fee paid at closing. The borrower is also responsible for paying fees for preparation and recording of loan documents.  

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To get started, visit Urban Enterprise Zone website.