Small Business FAQ's
Small
Business Loan Guarantee
New Brunswick provides
a 50% guaranty to loans made through the program with participating banks.
The guaranty permits banks to make loans they would otherwise decline.
The borrower gets access to capital at reasonable rates.The Economic Development
staff will also assist business owners in developing a business plan for
presenting their loan ideas to bankers.
| Loan
Term |
1-7
years |
| Loan
Rate |
Prime
+ 2 points. The rate is fixed at the time of closing |
| Loan
Amounts |
$25,000
- $150,000 |
Participating Lenders:
- Brunswick Bank
and Trust
- First Union National
Bank
- Fleet Bank
- Magyar Savings
Banks
- PNC Bank
- United National
Bank.
Micro
Loan Program
The Micro-Loan Program
is designed to provide micro-enterprise and start-up businesses with modest
amounts of capital. Funds may be used for fixed assets, working capital,
and the hiring of additional employees.
| Loan
Term |
1-3
years |
| Loan
Rate |
Prime
+ 2 points. The rate is fixed at the time of closing |
| Loan
Amounts |
$500
- $10,000 |
Facade
Improvement Program
Grants of up to $6,250
for improving facades of commercial buildings. Eligible projects must
focus primarily upon the external renovation of commercial space and can
include, but are not limited to, signage, painting, and refacing of such
facilities.
| Maximum
Grant |
$6,250 |
| Minimum
Match of Non-Program Funds |
75%
of project cost |
| Other
Requirements/Fees |
City
Facade Permit - $25 |
Business
Plan Writing Assistance
New Brunswick offers
free business plan assistance, including how-to materials and consultation
to discuss issues common to starting a business, obtaining financing and
marketing a business. It has been estimated that 4 out of 5 start-up businesses
fail within the first two years. Business professionals don’t plan
to fail; they simply fail to plan. It is important that business owners
create a business plan by which they can determine the feasibility of
their venture and weigh their business’ performance.We can help you
create a plan.
Site Location Assistance
We work closely with
local commercial real estate brokers and property owners to identify available
retail, office and industrial space available for rent. We can provide
businesses with leads on these properties and help facilitate securing
new space.
Small Business Seminar Series
Several times a year
we sponsor a series of entrepreneurial training classes. The series is
designed to give entrepreneurs an overview of the issues they will face
before pursuing their ventures. Covering such topics as writing a business
plan, financing for a small business, and forming a marketing strategy,
the series has attracted hundreds of prospective entrepreneurs since its
inception. Professionals such as accountants, bankers, and marketing consultants
are featured speakers within the series. Classes are open to interested
individuals from throughout the area and carry a small admission fee.
Redevelopment Planning
Certain areas of the
City have been designated as "in need of redevelopment." Sites
within these areas may be eligible for favorable tax treatment and other
benefits. The City can also assist designated redevelopers to assemble
land parcels and obtain changes to make project economically feasible.
For more information
about the above programs, or to receive a free copy of our brochure,
Helping Business Succeed, contact:
Ruth Anne Beck,
Urban Enterprize Zone Coordinator
New Brunswick Department
of Planning,
Community and Economic Development
Civic Square
25 Kirkpatrick St.
PO Box 269
New Brunswick, NJ 08903-0269
Phone: (732) 745-5050
Fax: (732) 565.7532
Other
Economic Development Assistance
New Jersey Small
Business Development Center
The New Jersey Small
Business Development Center network is part of a national partnership
between the state and federal government, the private sector, and colleges
and universities (particularly Rutgers Graduate School of Management).
The program is designed to provide the highest quality of business assistance
services to established enterprises and promising new starts, with the
objective of increased employment and greater contribution to the state
and federal treasuries. A variety of educational and business resources
are used to counsel and train small business owners as they deal with
financing, marketing and managing their companies. Clients are assisted
in determining the feasibility of their business ideas, developing business
plans, cash flow projections, financial statements, and marketing strategies.
For more information, contact:
Middlesex Small
Business Development Center
1 JFK Square, 1st Floor
New Brunswick, NJ 08901
Phone: (732) 745-5836
Fax: (732) 745-5911
Web Site: http://www.nj.com/smallbusiness
New Jersey Economic
Development Authority
The NJEDA provides
financing to businesses for the purchase of equipment or real estate,
plant renovations, seed capital, working capital and debt refinancing.
The NJEDA also provides export financing, consultation assistance to qualified
manufacturers and financial incentives for job creation and businesses
relocating to New Jersey. Direct Loans: up to $500,000. Loan Guarantees:
up to $1,500,000 at market rate and Bond Financing for a minimum of $1,000,000,
at below-market interest rates. For more information about the NJEDA,
contact:
New Jersey Economic
Development Authority
P.O. Box 990
Trenton, NJ 08625-0990
Phone: (609) 292-1800
Web Site: http://www.njeda.com
Middlesex County
Office of Economic Development
The Middlesex County
Office of Economic Development is the primary contact agency for businesses
and entrepreneurs seeking locations or assistance within its boundaries.
The Office acts as a liaison between local businesses, the lending community,
realtors and commercial property owners, and can put companies in touch
with agencies that help businesses in the areas of abatement programs,
loan programs, skills training, market research, management consulting,
and other forms of assistance. For more information, contact:
Middlesex County Office
of Economic Development
1 JFK Square, 1st Floor
New Brunswick, NJ 08901
Phone: (732) 745-3433
Fax: (732) 745-5911
Web Site: http://co.middlesex.nj.us
New Jersey Association
of Women Business Owners
Founded in 1978, the
New Jersey Association of Women Business Owners (NJAWBO) is the only organization
committed solely to the concerns of women business ownership. NJAWBO provides
the information, affiliates, resources, and support needed to ensure sound
business practice and stable, long-term success. NJAWBO offers opportunities
to: maximize business growth and profitability; expand contacts through
networking opportunities; gain publicity and achieve recognition; participate
in educational and informational workshops; learn management methods and
leadership skills; affect legislative issues which concern business; and
capitalize on group rates for goods and services. For more information,
contact:
New Jersey Association
of Women Business Owners
Phone: (732) 560-9607 to find the chapter nearest you, or
Web Site: http://www.njawbo.org
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