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1st Bergen Small Business Loans

For individuals, 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. 

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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* 

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SBA Small Dollar Loan

The SBA Small Dollar Program* is designed to provide alternatives to high cost small dollar loans.
  • Borrow up to $2,500

  • As low as 2.99% APR*

  • Two to Five -Year Terms*

  • No collateral or personal guarantees required

  • No Fees

WHO IS ELIGIBLE?

Individuals meeting the following guidelines may be eligible: 

  • Sole proprietors, individuals, and self-employed persons

  • Can provide proof of income and valid identification

  • Must be at least 18 years old

  • Must have an active 1st Bergen checking account or open on

 

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:                 

General underwriting applies. Qualified individuals only.

 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* 

 
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