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Greater Newark Enterprises Corporation (GNEC) DreamMaker Loan Program
Rolling Application
Deadline:
Start Date:
Eligibility
- Have good credit history with a history of on-time payments
- Have at least a 650 credit score
- Pass a capacity test to show you can manage the loan payments
- Submit a $100 application fee
- Final approval is contingent on the credit committee
Benefits
- Up to $30,000 in funding
- No pre-payment penalties for this loan
- Loan terms are typically amortized over four years
- Fixed interest rate of 5.99% applies for businesses that qualify as minority and/or woman-owned (M/WBE), LGBTQ+-owned, located in a designated Opportunity Zone or operating in a designated trade (electricians, plumbers, carpenters, welders, brick masons, HVAC technicians, diesel mechanics, and elevator specialists)