njBIZloan Connection, LLC is a collaboration of credit unions that are committed to the development of businesses in the state of New Jersey.
We are happy to announce access to new lending programs with the SBA that will improve our ability to fund business loan requests that are under $250,000.
If we determine the loan request does not fit the Lead Lender Credit Union guidelines, the opportunity will be forwarded to Regional Business Assistance Corporation (RBAC) to help that small business owner obtain financing with a Micro or Community Advantage loan.
Because of the time it takes with these loan types, njBIZloan Connection will charge an application fee that the borrower will be responsible for; payable by credit card.
These are the new SBA programs to assist small business owners that fit the requirements.
The Microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000. Eligible borrowers can get financed for working capital, inventory or supplies, furniture or fixtures and machinery or equipment.
Community Advantage is an excellent loan choice for businesses that need between $50,000 and $250,000 in business capital to start or expand their business. The SBA guarantees a portion of each loan. This makes it possible to extend financing that may not be available through other financial sources.
Let’s talk about expanding your reach with our lending solutions.
Murray Halperin, Managing Partner
njBIZloan Connection, LLC