Lakewood UEZ COVID-19 Response


NJEDA BREAKING NEWS - PRE-REGISTER NOW

The Phase 4 NJEDA Small Business Emergency Assistance Grant Program Pre-Registration is now open. The Pre-Registration will remain open until 5 p.m. EST on April 29, 2021. Reminder: The Pre-Registration IS NOT first-come, first-served.







Lakewood UEZ COVID-19 Emergency Loan Program

In an effort to help our Lakewood UEZ businesses during this unprecedented health crisis, the Lakewood UEZ as a continuation of its Disaster Assistance Loan program is providing emergency loans up to $10,000 for payroll and operations support.

$2 Million dollars of UEZ Zone assistance funds have been made available to fund these loans potentially helping up to 200 UEZ businesses.

Loan Program Specifics:

Every effort will be made to assure an expedited loan application, underwriting and closing process with the goal to get these much needed funds to our UEZ businesses as soon as possible.

Required documents for application are:

    • UEZ COVID-19 Emergency Loan Application (Click here for application).

    • UZ-5-SB-A form (attached to application).

    • Most recent business tax return.

    • Certificate of Formation/Incorporation

Underwriting process:

    • Short interview - Finance committee will interview borrower via online video conference (zoom or similar).

    • This is a collateral based loan and requires a 1st or 2nd lien on personal residence, investment property, business property or other. If business has an existing UEZ loan in 2nd lien position, this loan can go into 3rd lien position. Review of collateral value and ownership.

    • Borrower credit check.

    • State tax clearance check

    • ***All underwriting requirements are waived if business has a current or prior paid up microloan that is/was in good standing; just application and UZ-5-SB-A form required***

COVID-19 Emergency Loan Parameters:

  • Max loan amount: $10K.

  • Loan Term: 10 Years fully amortizing .

  • Interest rate: 1% .

  • Monthly payment: Approximately $88 per month; 1st payment date to be pushed out 6 months from loan closing.

  • Collateral: Real Estate

  • Up to a maximum Combined Loan to Value (CLTV) of 100%.


If you have any questions or require assistance, please contact our office at 732.364.2500 ext. 5260 or email us at uez@lakewoodnj.gov