Loans and Training Available to Local Small Businesses Through City Partnership with UCEDC
Small business owners in New Brunswick have ready access to financial assistance and supportive training through a City program intended to help them improve upon the level of service they provide to local consumers.
The City of New Brunswick and UCEDC, a nonprofit small business lender and training organization, have partnered on this training and lending initiative to assist the City’s low-moderate income (LMI) business owners. Through this City program, UCEDC will offer loans of $5,000 to $250,000 along with business workshops and individualized counseling.
“Small businesses are a vital part of our City’s economy – they support families, create jobs, and contribute to the overall vitality of New Brunswick,” said Mayor Jim Cahill. “Programs like these serve as a valuable resource to help our community businesses and local entrepreneurs succeed and grow.”
Free workshops and individualized technical assistance are key elements of the initiative, according to Maureen Tinen, UCEDC President.
“LMI business owners are often at a disadvantage when it comes to business and financial literacy. We’ll work with them to build a sound foundation of the knowledge and skills necessary to access capital and sustain a successful small business.”
In operation since 1977, UCEDC is a designated SBA lender, offering loans from $500 to $5 million to start-up and established businesses when conventional lending is not available. Its staff will work throughout New Brunswick with strategic partners in both the public and private sector to promote the program and assist businesses with applications for financing.
Small business owners and entrepreneurs can learn more about this initiative at UCEDC’s website – www.ucedc.com – or by calling UCEDC loan officer Karina Ojeda at (908) 358-7731.