Mercer County Extends 0% Interest Loan Program For Small Businesses

MERCER COUNTY, NJ - Mercer County has extended their partnership with the UCEDC to provide 0% interest loans to small businesses, Mercer County Executive Dan Benson and the Board of County Commissioners said Wednesday.

The extension will keep the program going through most of next year, with a new application deadline set for Sept. 30, 2025. The number of businesses that will be eligible for loans has also been expanded.

Under the initial terms of the program, only businesses registered by Sept. 1, 2019, were eligible. Now, any business registered with the State of New Jersey on or before May 11, 2023, can apply.

Administered through the Mercer County Office of Economic Development, the 0% Interest Loan Program allows Mercer County businesses to apply for affordable access to capital.

The UCEDC provides loans on a first-come, first-served basis using current lending products and capital.

“I would like to thank our Commissioners for supporting this measure, which allows Mercer County to have an incredibly positive impact on small businesses in need of accessible capital,” Benson said.

“The program has already been extremely successful, supporting almost 60 businesses with $1.1 million in funding."

Here are the eligibility criteria for the program:

• Businesses must be located in Mercer County, registered with the State of New Jersey and have been formed on or before May 11, 2023.

• Businesses must have 30 full-time equivalent employees or less at the time of application and have less than $10 million in annual gross revenue based on the most recent tax return.

• Loans will range from $10,000 to $20,000.

• Loans will be offered at 0% interest, with a five-year repayment term.

• Funds can be used for working capital, inventory, or purchases of furniture and equipment.

• No collateral requirements, pre-payment penalties, processing, closing or application fees.

• Personal guarantees of the significant owners of the business (10% or greater) are required.

• Applicants must not have had a bankruptcy or significant charge-offs within the most recent 3-year period.

Business owners can apply for the Mercer County Zero-Interest Loan Program at: https://ucedc.formstack.com/forms/mercer_county_pre_qual

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