Services: Small Business Loan Program

A public-private partnership to provide low-interest loans, technical assistance and job placement to small businesses in Bergen County

How much can I borrow? If you have a business or want to start a new business, you can borrow between $5,000 and $250,000. These loans are 5 to 10 years. The interest rate floats with the prime rate at about 1 percent below prime. How can I use the loan? Your loan can be used for business equipment, business inventory, working capital and physical expansion of a businesss. What about collateral and security? If your loan is approved, the program will use the best available collateral and security. Each owner must personally sign and take full responsibility for the loan. How does the process work? You request an application from the Division of Community Development. Next the Division reviews it and visits your business. Complete loan applilcations are presented to the Loan & Review Committee for recommendation. Successful applicants are notified after acceptance by a lending institution. What is necessary for a successful loan application? Good credit. Ability to create jobs for Bergen County residents. Demonstrated ability to repay the loan. A written business plan for all new businesses. It is a requirement that all borrowers create jobs for low- and moderate-income residents of Bergen County. Are there any fees? An initial $50 fee is required for a credit check. The lending institution will require a separate processing fee for the loan. Technical Asistance. The Small Business Development Center at Bergen Community College provides technical assistance without cost to the owner. For more information regarding technical assistance, call the SBDC at (202) 489-8670.