Loans
In addition to classes and counseling sessions, the WCEC also offers the following loan programs which are sponsored by the New Jersey Division on Women and the U. S. Small Business Administration. Click the links below to expand for more details.
Micro-Business credit program
FOR LOW/MODERATE INCOME WOMEN
Participant Guidelines
- Must have a personal income less than 350% of poverty level (See other side)
- Must attend the Start Right! seminar or 5 hours business consulting on business plans prior to applying – no charge – some available in Spanish
- Must prepare business plan – per above classes
- Participants must have little or no prior business experience
- New Business must be independently owned and operated by a woman or women in the State of New Jersey
Loan Guidelines
- Funds may be used for working capital, inventory, supplies, furniture, machinery, equipment and fixtures.
- $5,000.00 maximum loan $ Interest at 3%
- Up to 5 years for loan repayment
- Application fee of $50.00 – non-refundable
- Must attend additional required entrepreneurial training classes and/or consulting after receiving loan – no charge – some available in Spanish
½ % INTEREST Micro-Business credit program FOR WOMEN VETERANS
Participant Guidelines
- Must have a personal income less than 350% of poverty level (see other side)
- Must attend the Start Right! seminar or 5 hours business consulting on business plans prior to applying – no charge
- Must prepare business plan – per above classes
- Participants must have little or no prior business experience
- New Business must be independently owned and operated by a woman or women in the State of New Jersey
- Applicant must be a woman veteran
Loan Guidelines
- Funds may be used for working capital, inventory, supplies, furniture, machinery, equipment and fixtures for a new business
- $5,000.00 maximum loan
- Interest at 1/2% $ Up to 5 years for loan repayment
- Application fee of $50.00 – non-refundable
- Must attend additional required entrepreneurial training classes or individual counseling after receiving loan – no charge
2012 HHS Poverty Guidelines
Effective January 2012
Persons in Family Unit |
48 Contiguous
States and D.C.
Poverty Guideline |
350% of
Guidelines |
1 |
$11,170.00 |
$39,095.00 |
2 |
$15,130.00 |
$52,955.00 |
3 |
$19,090.00 |
$66,815.00 |
4 |
$23,050.00 |
$80,675.00 |
5 |
$27,010.00 |
$94,535.00 |
6 |
$30,970.00 |
$108,395.00 |
7 |
$34,930.00 |
$122,255.00 |
8 |
$38,890.00 |
$136,115.00 |
For each additional
Person add |
$3,960.00 |
$13,860.00 |
