• Jan 23, 22
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

To qualify for participation in the Loan Program, an applicant must be certified as a UEZ business. This qualification must be issued by the State of New Jersey and is processed through the office of the Enterprise Zone Development Corporation Vineland and Millville. To be certified, the project under consideration must be located within the geographic limits of the City section of the UEZ zone. The approval and disbursement of Urban Enterprise Zone (€œUEZ€) Assistance Funds (first or second-generation) is contingent upon the Company/Borrower remaining a UEZ certified business while meeting and maintaining all outstanding tax obligations to the State of New Jersey. The Loan Program funds are restricted in use to investments in fixed assets. Examples of fixed assets include the following: 1.) The acquisition of real property, 2.) The construction of a new facility or expansion of existing facility, 3.) The rehabilitation or improvements to existing real property (leasehold improvements may be eligible), 4.) Site development and improvement, and 5.) The acquisition of fixed machinery and equipment with a minimum certifiable life of five years or useful life in accordance with Internal Revenue Code Standards. In no case will the maximum term of over five years be used for fixed machinery and equipment unless specifically approved by the Loan Committee Maximum loan amount is equal to or less than one-third (33.33%) of the hard costs or eligible costs of the project (subject to an equity contribution/position based on the primary lender’s requirement or the 10.00% minimum for the Loan Program). Total loan-to-value (€œLTV€) must be 90.00% or less. Maximum maturity of a First Generation Loan will be up to 20 years. Any term shall not exceed the term of the primary lender loan, if applicable and/or the depreciable life as determined by the Internal Revenue Service (€œIRS€) for machinery and/or equipment. Maximum term shall not exceed 5 years for machinery or equipment. Minimum initial interest rate is 6.00%, fixed. Contact Information City of Vineland, New Jersey Address: 603 E. Landis Avenue City: Vineland State: New Jersey Website: https://www.mainstreetvineland.org