UCEDC, a nonprofit economic development corporation headquartered in Cranford, has announced the availability of a special discounted interest rate loan program for women-owned businesses (WOB). WOBs in business for at least two years can get financing up to $50,000 at fixed interest rates that have been reduced by two percentage points.
The program is made possible through the support of a grant from renowned fashion designer Tory Burch and the Tory Burch Foundation Capital Program, powered by Bank of America.
“UCEDC is proud to be a part of the success and sustainability of women-owned small businesses in New Jersey,” says Maureen Tinen, UCEDC president. “Now, with the support of Tory Burch’s Foundation, women entrepreneurs will have even more affordable access to much-needed working capital.”
Under this program, UCEDC’s conventional interest rates (5.0% – 9.0%) for loans up to $50,000 will be reduced by two percentage points to 3.0% – 7.0% for the six-year life of the loan. Funds can be used for almost any business purpose, including paying down more expensive debt. There are no fees or prepayment penalties.
“We encourage all women entrepreneurs to explore this opportunity for affordable financing. So many small businesses fail because they don’t have enough working capital to cover slow periods or gear up for growth. This program could make a real difference,” notes Tinen.Related Articles: