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Empowerment Zone Business Loan Program

Eligible Borrowers:
  • Business located within the Cumberland County Empowerment Zone.
Loan Amount:
  • Up to 40% of the total project costs with a maximum loan amount of $250,000.
  • Amount of EZ funding is determined by ability to utilize public/private funding sources and gap in financing.
  • Loans are also based on jobs created.
Estimated Interest Rate:
  • For more information, please call (856) 459-1700.
Terms:
  • 5 year balloon with amortization based on useful life of asset financed, or fully amortized loans up to a maximum of 15 years (also dependant upon life of asset).
Permitted Uses:
  • Acquisition of land and buildings, new construction, renovations, machinery, equipment and working capital.
  • Funds cannot be used to refinance existing debt.
Borrower's Equity:
  • Applicants required to provide at least 10% equity contribution to the project.
Application Fee:
  • $150 application fee, plus 1% servicing fee paid at closing.
Other Special Requirements:
  • 3 years financial statements.
  • 3 years tax returns.
  • Personal financial statements.