Goal: to encourage UEZ business expansion and to enable UEZ businesses to
obtain cost effective loans for this purpose
Parameters
Up to $50,000 per loan
Closing costs waived
3.5% interest rate
10-year term
Collateral: Real estate
Maximum Combined Loan to Value Ratio (CLTV) – 90%
Business must be UEZ registered in good standing at time of application
and remain in good standing as a UEZ business during the repayment of
the loan
Loan proceeds cannot be used to pay off existing debt
Prior to disbursement of funds, the UEZ business must be cleared as
being in tax compliance with the State of New Jersey Division of Revenue
No active bankruptcy, civil judgements, or tax liens
Current on all bills and obligations
Provide a business plan outlining to include but not limited to, pertinent
information about the business, its projected financials, target market, etc.
Disclosure of intended use of loan proceeds
Funds available on a first come first served basis.
UEZ Business Low-Cost Expansion Loan Level I
Goal: to encourage UEZ business expansion and to enable UEZ businesses to
obtain cost effective loans for this purpose
Parameters
Up to $20,000 per loan
Closing costs waived
2.5% interest rate
5-year term (advertised as a 5-year term, Loan cast as a 4-year
amortization since repayment starts in 13th month from origination)
Start repayment in 12 months
Collateral: Real estate
Maximum Combined Loan to Value Ratio (CLTV) – 90%
Business must be UEZ registered in good standing at time of application
and remain in good standing as a UEZ business during the repayment of
the loan
Loan proceeds cannot be used to pay off existing debt
Prior to disbursement of funds, the UEZ business must be cleared as
being in tax compliance with the State of New Jersey Division of Revenue
No active bankruptcy, civil judgements, or tax liens
Current on all bills and obligations
Provide a business plan outlining to include but not limited to, pertinent
information about the business, its projected financials, target market, etc.
Disclosure of intended use of loan proceeds
Beginning from the loan origination date, within the 5-year loan term, if
expansion leads to at least one new Lakewood resident FTE (Full Time
Employee) and FTE stay employed for at least 12 months, 50% of the
remaining loan balance will be forgiven not to exceed $10,000, from the
date the threshold is met. Employment verified via employee contract and
W-2 form
Employer must provide written notification that they have met the FTE threshold to be able to qualify for the loan forgiveness feature of this loan, verified via a certified payroll report and by signing a certification form.
Business must meet the following criteria at application:
Under 10 employees
Gross sales under $750,000 per year
Have at least one FTE that resides in the Lakewood UEZ zone municipality. Loan recipient will sign an award commitment affirming that FTE resides in Lakewood and is a full time employee
Funds available on a first come first served basis
Borrower may not receive both a Level I and a Level II Expansion Loan
concurrently
UEZ Business Low-Cost Expansion Loan Level II
Goal: to encourage UEZ business expansion and to enable UEZ businesses to
obtain cost effective loans for this purpose
Parameters
Up to $50,000 per loan
Closing costs waived
2.5% interest rate
5-year term (advertised as a 5-year term, Loan cast as a 4-year
amortization since repayment starts in 13th month from origination)
Start repayment in 12 months
Collateral: Real estate
Maximum Combined Loan to Value Ratio (CLTV) – 90%
Business must be UEZ registered in good standing at time of application
and remain in good standing as a UEZ business during the repayment of
the loan
Loan proceeds cannot be used to pay off existing debt
Prior to disbursement of funds, the UEZ business must be cleared as
being in tax compliance with the State of New Jersey Division of Revenue
No active bankruptcy, civil judgements, or tax liens
Current on all bills and obligations
Provide a business plan outlining to include but not limited to, pertinent
information about the business, its projected financials, target market, etc.
Disclosure of intended use of loan proceeds
Beginning from the loan origination date, within the 5-year loan term, if
expansion leads to at least 2 new Lakewood residents FTEs (Full Time
Employee) and FTE’s stay employed for at least 12 months, 50% of the
remaining loan balance will be forgiven not to exceed $25,000, from the
date the threshold is met. Employment verified via employee contract and
W-2 form
If employer succeeds in hiring and retaining only one FTE for a 12-month
period, 25% of remaining loan balance will be forgiven, not to exceed
$12,500
Employer must provide written notification that they have met the FTE threshold to be able to qualify for the loan forgiveness feature of this loan, verified via a certified payroll report and by signing a certification form.
Business must meet the following criteria at application:
Under 10 employees
Gross sales under $1,500,000 per year
Have at least one FTE that resides in the Lakewood UEZ zone municipality. Loan recipient will sign an award commitment affirming that FTE resides in Lakewood and is a full time employee
Funds available on a first come first served basis
Rejection from Level II Expansion Loan may be considered for Level I
Expansion Loan upon request of the borrower
Borrower may not receive both a Level I and a Level II Expansion Loan
concurrently
Small Business Technology Incentive
Goal: to promote modernization of UEZ registered businesses by assisting them
with needed funds for equipment, software, and training
Parameters
Up to $5,000 per incentive
Funds may be used for electronic equipment (hardware), software and technical training; subject to review.
Cellular phones are NOT a qualified expense for this program
Business must meet the following criteria at application:
Under 10 employees
Gross sales under $1,000,000 per year
Have at least one FTE that resides in the Lakewood UEZ zone municipality. Incentive recipient will sign an award commitment affirming that FTE resides in Lakewood and is a full time employee.
Sign commitment to make ‘best efforts’ to hire an additional FTE
that resides in the Lakewood UEZ zone with-in 3 years of receipt of
incentive
If business hires 3 FTE’s with-in 3 years of receipt of incentive,
business will be eligible for an additional $3000 Technology
Incentive at the end of the 3-year period
Business must be UEZ registered in good standing at time of application
Prior to disbursement of funds, the UEZ business must be cleared as
being in tax compliance with the State of New Jersey Division of Revenue
No active bankruptcy, civil judgements, or tax liens
Current on all bills and obligations
Funds available on a first come first served basis
Incentive recipients will have from the date of application submission until 30 days after document closing of incentive award to provide proof of purchase of qualifying purchases made during this time period to receive up to, but not to exceed $5000 in reimbursements.
Proof of additional FTE hires verified via employee contracts and W-2
forms
Employee Retention Incentive Program
Goal: to promote a core mission of the UEZ program to create jobs and retain
jobs where possible
Parameters
Up to $1,500 per employee
Retention incentive eligibility begins from launch date of incentive
program. Employer should make application for incentive after new hire remains employed for 6 months from date of hire.
Business must meet the following criteria at application:
Under 10 employees
Gross sales under $1,000,000 per year
Have at least one FTE that resides in the Lakewood UEZ zone municipality. Incentive recipient will sign an award commitment affirming that FTE resides in Lakewood and is a full time employee.
Maximum credits per business: $4500 (up to $1500 X 3 employees) per 3-
year period; this ensures a minimum of 66 businesses benefit from
program per 3 years
Business must be UEZ registered in good standing at time of application
Prior to disbursement of funds, the UEZ business must be cleared as
being in tax compliance with the State of New Jersey Division of Revenue
No active bankruptcy, civil judgements, or tax liens
Current on all bills and obligations
Funds available on a first come first served basis
When 6-month threshold is met, employer should provide:
Employee Retention Incentive application
Proof of additional FTE hires verified via employee contracts and
W-2 forms
Proof of 6-month employment retention via payroll report or other
documentable proof verified with certified payroll report (via
certification form)
Bank Fee Assistance Incentive
Goal: assist UEZ registered businesses in their effort to improve their businesses
by procuring a business loan from a reputable lender to aid in operations,
expansion, and other related business improvements; Lakewood UEZ will assist
in paying their loan associated closing costs
Parameters
Up to $5,000 per business
Incentive funds may be applied to:
Bank origination fee
Bank processing fee
Appraisal fee
Environmental report fee
Inspection fee
Title search fee
Recording fees
Other associated business loan closing costs
Business must meet the following criteria at application:
Under 10 employees
Gross sales under $1,000,000 per year
Have at least one FTE that resides in the Lakewood UEZ zone municipality. Incentive recipient will sign an award commitment affirming that FTE resides in Lakewood and is a full time employee.
Incentive applies to bank fees incurred from 11/10/22 and onward
Business may apply for incentive one time with-in a 5-year period
Business must be UEZ registered in good standing at time of application
Prior to disbursement of funds, the UEZ business must be cleared as
being in tax compliance with the State of New Jersey Division of Revenue
No active bankruptcy, civil judgements, or tax liens
Current on all bills and obligations
Funds available on a first come first served basis
Business must provide the bank loan commitment letter
Business must provide bank documents substantiating bank fees charged
