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Frequently Asked Questions & Answers


1.) Is there a fee for any of the events? If so, can I pay with my credit card?

GNEC attempts to provide programs and resources to the community at minimal to no cost for our clients. Details on event fees can be found on our calendar and event flyers.  Payment details are located on our Programs page.


2.) What area do you cover?

We cover Essex, Passaic, Hudson, Bergen, Middlesex, Monmouth, Morris, and Union Counties in New Jersey.


3.) What types of loans does your organization offer and what is the maximum loan I can qualify for?

Loan proceeds can be used for working capital, fixed asset purchases and business expansion. Loan amounts can range from $1,000 to $50,000 and are payable in terms up to five years. Interest rates, as well as terms, vary dependent upon each applicant’s financial capacity as determined through our Underwriting process.


4.) What are the requirements for me to receive a loan?

Your business cannot be involved in the adult entertainment industry or in the sale of illegal or counterfeit goods. The applicant cannot be a party to an active bankruptcy proceeding. (See application for required financial information.)

 

5.) Is there a deadline for submitting the loan application?

There is not.


6.) How soon can a loan be approved?

Generally the full approval process ranges from thirty to forty five days from fully completed application submission.


7.) How will I know if I am approved or denied for a loan? And If I am denied, is there a waiting period before I can reapply?

An applicant will be notified in writing when a loan request is approved or denied. While there is no waiting period for resubmission of an application, it is recommended that an applicant adequately address all of the reasons for the denial prior to reapplying.

 

8.) If I have a bankruptcy, can I apply for a business loan?

Yes. However, your bankruptcy has to have been discharged for a minimum of two years.


9.) Do I have to pledge my home as collateral?

If there is not sufficient collateral to meet underwriting requirements you may have to pledge an interest in your home. GNEC will consider other available options for collateral as well.


10.) Whom should I contact if I still have a question about the loans or GNEC events/programs?

For more information on Loans Contact: Kevin Chu, kchu@gnecorp.org / 973.242.5562
For more information on GNEC Events/Programs Contact: Al Alvarez – aalvarez@gnecorp.org / 973.242.5564 Please CC: dsealey@gnecorp on all inquiries.

 

11.) I am a startup. Can I get a loan?

Yes, GNEC does consider loan applications for Startup Businesses.

 

12.) What credit score do I need to have to qualify for a loan?

There is no minimum credit score required. Your credit score may impact the amount that you may be qualified / underwritten for.


13.) I have some high interest credit card debt that I want to pay off before I start my business/expand my business. Can I get a loan to pay it off?

Loan proceeds cannot be used for debt consolidation.


14.) Do I need a Business Plan to apply for a loan? Will GNEC help me write one?

We can help you get it started by giving you the significant questions you will need to answer for your business plan. After you have provided answers to the questions and/or have completed the Business Plan with any additional information about your business, we can then help you review and analyze your business plan. GNEC does not write Business Plans for clients.


15.) Will my loan help me build my credit report and be reported to the Credit Agencies?

GNEC reports all loan payments (and failure to pay) to Trans Union and Experian.