New Jersey CUs Help Provide Alternative Small Business Financing
SOMERVILLE, N.J. -- To help small businesses obtain financing to which they might not otherwise have access, two New Jersey credit unions have linked up with a new program to help out.
The Somerset County Business Partnership and the Small Business Development Center are collaborating on the Small Business Gap Financing Loan Program, which aims to help expand Somerset County small businesses. Area financial institutions have the opportunity to secure loans ranging from $35,000 to $100,000.
The $1.3 billion Affinity Federal Credit Union along with $281 million Financial Resources Federal Credit Union, Commerce Bank, PNC Bank, Raritan Valley Community College's Small Business Development Center, Somerset Valley Bank, Union County Economic Development Corporation, Unity Bank and Yardville National Bank are working with Somerset County.
According to program representatives, financing is typically available to otherwise strong small business owners who don't have enough collateral or experience. Each case is presented before a partnership review board composed of representatives from the CUs and banks where a decision is made by one of them to secure the loan.