General Community Fund
If your business is located in Middlesex County, or if you live in Middlesex County, and you need funding, you should call us. We will be interested in helping those who can create more jobs in our county, and we try to serve small businesses that have difficulty finding financing elsewhere.
Loans up to a maximum of $300,000 can be available through this fund.
Will there be restrictions on how the funds can be used?
Financing can be used for the purchase of fixed assets, leasehold improvements, inventory or working capital.
How do I apply?
For new ventures, we are going to need to see a business plan, and we can help those who need this assistance understand how to prepare this plan if they have not already done so.
For businesses that are already operating, we will need to see past financial statements and projections.
Start your application here: Contact Us
What does a successful application look like?
We will be interested in your ability to repay the loan, as our goal is to help you now and to eventually receive back the funds you borrow so we can use those funds later again in order to help others. While we have some flexibility with microloans, larger loan amounts will require security against either business or personal assets (in certain cases this can include the assets that you purchase with the funds you borrow). Every successful application will need to demonstrate your personal capability and commitment to the business, both in terms of time and resources.
Are there loan administration fees?
Yes. All loans are subject to a non-refundable application fee, payable at the time of application. The administration fee is always calculated as 1% of the requested loan amount.
All loans are also subject to legal and registration fees. Applicants are responsible for all legal costs to complete their loan securitization package, however these funds can be paid from the proceeds of the loan. Legal costs vary but will be function of the complexity of the loan security.
All approved loans must be life insured. This insurance is arranged by our office based on the outstanding principal balance of the loan.
Term renewals are subject to 0.5% administrative fees at the time of renewal.
What is the interest rate?
Interest rates are fixed for the term of the loan, are determined on a loan by loan basis, but start at 6.0%.
What security would be required?
General loans must be secured to a minimum of 75% of the value of the loan. A combination of business and personal collateral is acceptable. Third party guarantors can help you provide security if necessary.
How long can I take to pay back the loan?
Loans are subject to a maximum five (5) year term. The loan will be renewed if not paid out by that time. The maximum amortization period (the total time allowed for you to pay back the loan in full) will always be fifteen (15) years.
Loan payments would need to be made monthly, but remain open for repayment in part or full at any time without penalty.