Department Name

City of Burlington Offers Small Businesses Loans of up to $10,000 at 1.5% for up to Three Years


Detail News:

City of Burlington Offers Small Businesses Loans of up to $10,000 at 1.5% for up to Three Years 

In response to the COVID-19 Crisis, the City of Burlington is offering a low-interest, quick-response, working capital loan program.  Small business owners can borrow up to $10,000 at 1.5% for up to three years with no collateral requirements to meet their COVID-19 crisis needs. The first six months of principal and interest payments are covered by the USSBA if the loan closes by September 27, 2020.

The City of Burlington Working Capital Loan Program is designed to provide broad access to much-needed working capital.  The program features a quick turn-around (after completing the application requirements), no collateral requirements, no pre-payment penalties, and no processing or application fees.

Eligibility Requirements:

  • Business impacted by the COVID-19 pandemic
  • Businesses in existence at least one year and with a credit score of 650 and up are eligible to apply for up to $10,000 
  • Profitable prior to the COVID-19 crisis
  • No loan or credit card charge-offs within 3 years

Application Requirements:

  • Personal guarantees of all owners with more than 10% ownership interest
  • Completed City Loan Pre-Qualification form for all guarantors
  • Copy of driver’s license
  • Personal cash flow statement
  • Personal financial statement
  • 2018 and 2019 (if available) complete business tax returns 

 To apply, fill out our application form opening the following link:

https://ucedc.formstack.com/forms/prequalification_application_burlington or speak to one of our loan officers at 908-527-1166. 

Funding is limited. Applications will be processed on a first come, first served basis.