East Orange UEZ Forgivable Loan Program
East Orange UEZ Forgivable Loan Program
EOUEZ
East Orange UEZ Forgivable Loan Program
Administered by GNEC & LISC | Provided by the City of East Orange
Video Summary
The City of East Orange, in partnership with GNEC and LISC, launched the East Orange UEZ Forgivable Loan Program — a $25,000 low-interest loan designed to help small business owners within the East Orange Urban Enterprise Zone grow, stabilize, and succeed.
This session walks through everything you need to know:
eligibility requirements, how the loan and forgiveness work, what documents to prepare, and how to apply when the program launches on June 10th. Funds are limited and distributed on a first-come, first-served basis, so preparation is key.
What Is This Program?
The East Orange UEZ Forgivable Loan Program offers eligible business owners a $25,000 loan at 2.99% interest, with interest-only payments of $62.29/month for the first year and the opportunity to have the loan forgiven over time.
Loan Amount: $25,000
Interest Rate: 2.99%
First 12 Months: Interest-only payments of $62.29/month
Loan Term: Up to 8 years
Forgiveness Opportunity: After the 48th on-time payment, once the balance reaches 50% of the original amount
Who Qualifies?
To be eligible, your business must:
Be located and registered within the East Orange Urban Enterprise Zone (UEZ)
Have a minimum 600 FICO credit score
Have been operating for at least 3 years
Be current on ALL tax obligations
Have no outstanding license or inspection violations
Commit to maintaining your location and UEZ status for the life of the loan
Not registered with the UEZ yet? The certification process takes 2–3 weeks. Start now at https://www.eouez.org/enroll
This program is NOT for home-based businesses, non-profits, seasonal businesses, financial institutions, cannabis or liquor businesses, tax preparation firms, car dealerships, pawn shops, or businesses under 3 years old.
How Can the Money Be Used?
Eligible uses include:
Working capital and operating expenses
Inventory and supplies
Employee retention or job creation
Equipment purchases
Facade or leasehold improvements
Marketing and promotion
Funds CANNOT be used for refinancing existing debt, personal expenses, or rent and utilities already in
arrears.
How Loan Forgiveness Works
Make all payments on time throughout the loan
Reach the 48th payment (Year 4)
Once the balance hits 50% of the original loan (around the 56th payment), forgiveness is considered
Your business must remain open and operating
Must stay current on taxes and maintain your UEZ certification
Must remain in compliance with the City of East Orange
How Applications Are Reviewed
GNEC reviews every application using the 3 C's of lending:
Credit — Minimum 600 FICO score required
Capacity — Your ability to repay based on business cash flow and financials
Collateral — All loans require a UCC-1 filing
Application Launch & Timeline
This program is first-come, first-served and closes when funds run out.
Launch Date: June 10th at 10:00 AM The application link will go live on the East Orange UEZ website:
https://www.eouez.org
Steps to apply:
Go to the East Orange UEZ website and find the application link
Create your account on Lenderfit (the application portal)
Complete all 21 items in the portal — forms and document uploads
Submit everything in one sitting if possible
After you submit, review takes 1–2 weeks after ALL documents are received. You will receive either a Commitment Letter with loan terms or a Denial Letter by email. Closing and release of funds follow once allconditions are met.
Tip: Have all your documents scanned, labeled, and ready before June 10th. The application takes about 1.5–2 hours if your documents are prepared.
Documents You Need
Business Documents:
Evidence of UEZ registration
Business licenses and permits
Certificate of Formation/Incorporation
IRS EIN letter (SS-4 form)
Business plan (if available — there is a form to fill out if not)
Business tax returns — last 3 years
Business bank statements — last 12 months
Personal Documents (for each owner with 20% or more ownership):
Government-issued photo ID
Last 3 paystubs (if you have outside employment)
Personal tax returns — last 3 years
Personal bank statements — last 12 months
Best Practice: Create one folder on your desktop labeled "GNEC Application – [Your Business Name]" and load all documents there in advance. Label everything clearly — for example, "2024_BusinessTaxes.pdf" or "YourName_ID.pdf." PDF format is preferred.
Your Responsibilities as a Borrower
Once approved, to stay in good standing and remain eligible for forgiveness:
Make all payments on time
Maintain your business location within the East Orange UEZ
Keep your UEZ certification current
Provide annual proof of liability insurance
Submit yearly business and personal tax returns
Stay current on all tax obligations
Contact Information
GNEC Contacts:
Onel Villares, Business Development Director
(201) 388-4161 | ovillares@gnec.org
Fabian Benalcazar, Senior Underwriter
fbenalcazar@gnec.org
East Orange UEZ Contact:
Kiona Littlejohn, UEZ Coordinator
(973) 266-5411 | kiona.littlejohn@eastorange-nj.gov
To enroll in the UEZ
https://www.eouez.org/enroll
Thank you for attending this information session. GNEC is here to support you every step of the way — from UEZ registration through your application and beyond.
East Orange UEZ Forgivable Loan Program
Administered by GNEC & LISC | Provided by the City of East Orange
Video Summary
The City of East Orange, in partnership with GNEC and LISC, launched the East Orange UEZ Forgivable Loan Program — a $25,000 low-interest loan designed to help small business owners within the East Orange Urban Enterprise Zone grow, stabilize, and succeed.
This session walks through everything you need to know:
eligibility requirements, how the loan and forgiveness work, what documents to prepare, and how to apply when the program launches on June 10th. Funds are limited and distributed on a first-come, first-served basis, so preparation is key.
What Is This Program?
The East Orange UEZ Forgivable Loan Program offers eligible business owners a $25,000 loan at 2.99% interest, with interest-only payments of $62.29/month for the first year and the opportunity to have the loan forgiven over time.
Loan Amount: $25,000
Interest Rate: 2.99%
First 12 Months: Interest-only payments of $62.29/month
Loan Term: Up to 8 years
Forgiveness Opportunity: After the 48th on-time payment, once the balance reaches 50% of the original amount
Who Qualifies?
To be eligible, your business must:
Be located and registered within the East Orange Urban Enterprise Zone (UEZ)
Have a minimum 600 FICO credit score
Have been operating for at least 3 years
Be current on ALL tax obligations
Have no outstanding license or inspection violations
Commit to maintaining your location and UEZ status for the life of the loan
Not registered with the UEZ yet? The certification process takes 2–3 weeks. Start now at https://www.eouez.org/enroll
This program is NOT for home-based businesses, non-profits, seasonal businesses, financial institutions, cannabis or liquor businesses, tax preparation firms, car dealerships, pawn shops, or businesses under 3 years old.
How Can the Money Be Used?
Eligible uses include:
Working capital and operating expenses
Inventory and supplies
Employee retention or job creation
Equipment purchases
Facade or leasehold improvements
Marketing and promotion
Funds CANNOT be used for refinancing existing debt, personal expenses, or rent and utilities already in
arrears.
How Loan Forgiveness Works
Make all payments on time throughout the loan
Reach the 48th payment (Year 4)
Once the balance hits 50% of the original loan (around the 56th payment), forgiveness is considered
Your business must remain open and operating
Must stay current on taxes and maintain your UEZ certification
Must remain in compliance with the City of East Orange
How Applications Are Reviewed
GNEC reviews every application using the 3 C's of lending:
Credit — Minimum 600 FICO score required
Capacity — Your ability to repay based on business cash flow and financials
Collateral — All loans require a UCC-1 filing
Application Launch & Timeline
This program is first-come, first-served and closes when funds run out.
Launch Date: June 10th at 10:00 AM The application link will go live on the East Orange UEZ website:
https://www.eouez.org
Steps to apply:
Go to the East Orange UEZ website and find the application link
Create your account on Lenderfit (the application portal)
Complete all 21 items in the portal — forms and document uploads
Submit everything in one sitting if possible
After you submit, review takes 1–2 weeks after ALL documents are received. You will receive either a Commitment Letter with loan terms or a Denial Letter by email. Closing and release of funds follow once allconditions are met.
Tip: Have all your documents scanned, labeled, and ready before June 10th. The application takes about 1.5–2 hours if your documents are prepared.
Documents You Need
Business Documents:
Evidence of UEZ registration
Business licenses and permits
Certificate of Formation/Incorporation
IRS EIN letter (SS-4 form)
Business plan (if available — there is a form to fill out if not)
Business tax returns — last 3 years
Business bank statements — last 12 months
Personal Documents (for each owner with 20% or more ownership):
Government-issued photo ID
Last 3 paystubs (if you have outside employment)
Personal tax returns — last 3 years
Personal bank statements — last 12 months
Best Practice: Create one folder on your desktop labeled "GNEC Application – [Your Business Name]" and load all documents there in advance. Label everything clearly — for example, "2024_BusinessTaxes.pdf" or "YourName_ID.pdf." PDF format is preferred.
Your Responsibilities as a Borrower
Once approved, to stay in good standing and remain eligible for forgiveness:
Make all payments on time
Maintain your business location within the East Orange UEZ
Keep your UEZ certification current
Provide annual proof of liability insurance
Submit yearly business and personal tax returns
Stay current on all tax obligations
Contact Information
GNEC Contacts:
Onel Villares, Business Development Director
(201) 388-4161 | ovillares@gnec.org
Fabian Benalcazar, Senior Underwriter
fbenalcazar@gnec.org
East Orange UEZ Contact:
Kiona Littlejohn, UEZ Coordinator
(973) 266-5411 | kiona.littlejohn@eastorange-nj.gov
To enroll in the UEZ
https://www.eouez.org/enroll
Thank you for attending this information session. GNEC is here to support you every step of the way — from UEZ registration through your application and beyond.
