1st Bergen Small Business Loans

For local businesses and nonprofits adversely affected by Covid-19

1st Bergen Federal Credit Union has partnered with the NJ Economic Development Authority and the US Small Business Administration to help support small businesses and non profits in our communities affected by the Covid-19 pandemic. 

EDA Small Business Loan

The EDA Small Business Loan* is a working capital loan designed to help small businesses and nonprofits affected by the Covid-19 pandemic.

  • Borrow up to $75,000*

  • 2.75% APR*

  • Up to 5 Year Term

  • Deferred Payments up to 6 Months Available*

WHO IS ELIGIBLE?

Businesses and Nonprofits meeting the following guidelines may be eligible: 

  • Sole proprietors, independent contractors, and self-employed persons

  • Business enterprise (profit or not-for-profit) must be registered to do business in the State of New Jersey provided it is not a prohibited business

  • Business enterprise must demonstrate that it has been adversely impacted by Covid-19 (e.g., closed, reduced hours, 20% reduction in revenue, 25% reduction in staff availability, material disruptions to its supply chain.)

 

Please see terms and conditions for description of prohibited businesses.

HOW DO I APPLY?

 

1. Download the application HERE

2. Fill out the application

3. Submit it using the form below and someone will contact you within 5 business days. 

*TERMS AND CONDITIONS APPLY:                 

Borrower must demonstrate adverse impact to business by COVID-19 (e.g., closed, reduced hours, 20% reduction in revenue, 25% reduction in staff availability, material disruptions to its supply chain.) Ineligible businesses include those engaged in illegal activities under NJ Law, auction or bankruptcy or fire or “lost-our-lease” or “going-out-of-business” or similar sale, Christmas tree sales or other outdoor storage, activities constituting a nuisance, gambling or gaming activities, or businesses related to the purveyance of “adult” (i.e., pornographic, lewd, prurient, obscene) activities, services, products, or  materials. New members are welcome to join the credit union and apply for a loan. You must have or establish a 1st Bergen free checking account. This offer is valid for applications submitted while loan funds are available. Rates and terms subject to change without notice. 

CLICK HERE FOR FULL TERMS AND CONDITIONS* 

PPP Small Business Loan

The Paycheck Protection Program Loan* is designed to help small businesses and nonprofits keep workers on the payroll.
  • 1% APR*

  • Two to Five -Year Terms*

  • Deferred Payments Available*

  • No collateral or personal guarantees required

  • No Fees

WHO IS ELIGIBLE?

Small Businesses and Nonprofits that can demonstrate adverse impact to business by COVID-19 may be eligible. This may include but is not limited to:
PPP First Draw Loans:
  • Sole proprietors, independent contractors, and self-employed persons

  • Any small business concern that meets the SBA's size standards

  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern with less than 500 employees, or that meets the SBA industry size standards if more than 500

  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location

  • NEW! 501(c)(6)s, housing cooperatives, destination marketing organizations, and more

PPP Second Draw Loans:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses

  • Has no more than 300 employees; and

  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

HOW DO I APPLY?

At 1st Bergen we remain committed to our members and we understand the pressing need for relief that small businesses are experiencing during the Covid-19 Pandemic. While we are waiting for final rules from the US Small Business Administration (SBA), we invite you to get a jump start on the process by filling out the applicable application below.

1. Download the application.

2. Fill out the application

3. Submit it using the form below and someone will contact you as soon as more details are available. 

*PLEASE NOTE: The information provided on this page is subject to change as we continue to follow guidance published by the SBA. To learn more about the Paycheck Protection Program and the US Small Business Administration (SBA) CLICK HERE 

*CLICK HERE FOR TERMS AND CONDITIONS