Different Types of Microloans

            Common Requirements:

  • Application fee: 1% of loan amount

  • Loan Application

  • NJ Business Tax Clearance Certificate

  • Personal Guarantee & UCC-1 on business asset

Fast & Easy Loan Program

Terms & Conditions:

  • Up to $15,000

  • 3 year term (FIXED for entire term)

  • Rate: 3.25-4.99%

  • Use of Proceeds: Equipment purchase, leasehold improvement, and working capital including inventory purchase

 

Application Requirements:

  • Recent 1 year Business Tax Returns and Personal Tax Returns

Growing Loan Program

Terms & Conditions:

  • Up to $50,000

  • Business operation less than 3 years: maximum loan amount is $35,000

  • 3-5 year term (FIXED for entire term)

  • Rate: 4.25-4.99%

  • Use of Proceeds: Equipment purchase, leasehold improvement, and working capital including inventory purchase

 

Application Requirements:

  • Recent 2 years Business Tax Returns and Personal Tax Returns

  • Interim Profit and Loss Statement

Opportunity Loan Program

Terms & Conditions:

  • Up to $100,000

  • Business operation less than 5 years: maximum loan amount is $50,000

  • 5-10 year term (FIXED for entire term)

  • Rate: 4.5-4.99%

 

Application Requirements:

  • Recent 2 years Business Tax Returns and Personal Tax Returns

  • Interim Profit and Loss Statement

  • Business Plan & Projected Financial Statement