Kearny Mayor Alberto G. Santos and the Town Council authorized at their meeting of May 5, 2020 a new Small Business Relief Loan Program that was established by the Kearny UEZ to provide much-needed working capital to small businesses impacted by the COVID-19 health emergency.
The loans are an option for small businesses in Kearny that have been unable to submit an application to the Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA). The loan proceeds can be used for payroll costs, rent and utilities. The program features a quick turn-around on applications, no collateral requirements and no processing or application fees.
The loan program is available to Kearny UEZ businesses that are in good standing and up to date with State taxes and meet the program’s eligibility requirements. If not enrolled in the UEZ, a Kearny business can join the UEZ in order to participate in the loan program. The maximum loan amount is $10,000 with a term of 5 years, no prepayment penalty and no payment due until January 2021.
Mayor Santos explained the importance of the loan program: “Small businesses are the economic backbone of our community. In a time period of unprecedented challenges, we hope this program provides the vital funding that these businesses desperately need. The risk of empty storefronts is high if we don’t provide relief now.”
Small businesses interested in applying should contact KUEZ Director John Peneda at (201) 955-7981.