SMALL BUSINESSES IN UNION COUNTY HAVE ACCESS TO LINE OF CREDIT PROGRAM THANKS TO UCEDC
June 14, 2011
Growing a small business requires ready access to capital, but conventional lending sources are often out-of reach for start-ups and many existing operations.
Now, thanks to the new Small Business Line of Credit program offered by UCEDC, business owners can have better control of their cash flow, with funds ready when they need them.
UCEDC, a statewide non-profit economic development corporation, has been serving small businesses since 1977. The new Line of Credit program, offered exclusively to Union County businesses, provides credit lines ranging from $5,000 to $15,000 for a one-year renewable term.
“Small business owners often struggle with cash flow and find themselves coming up short when their accounts receivable come in late or business is slow,” says Ellen McHenry, UCEDC’s senior director of finance. “We established this line of credit to give them the flexibility they need to cover ongoing operations, take advantage of new opportunities or meet unexpected expenses.”
Funds can be used to purchase supplies or inventory, finance accounts receivable, and augment seasonal working capital. Rates are fixed at 10.25%, eliminating the uncertainty of variable rate hikes.
UCEDC offers a variety of financing solutions for New Jersey’s small businesses, with loans ranging from $500 to $150,000, including SBA microloans up to $50,000. Since its inception, UCEDC has lent close to $13 million, helping hundreds of small businesses to start, grow and thrive.
More information about the Line of Credit program can be found at ucedc.com or by contacting Ellen McHenry at firstname.lastname@example.org or 908-527-1166.