LDC Helps Businesses Grow by Awarding Three Microloans

Posted on August 16, 2011 By

At its August board meeting, the board of trustees of the Lakewood Development Corporation (LDC) awarded microloans of $35,000.00 each to three certified Lakewood UEZ businesses: The GYM, 1700 Madison Avenue; Tips & Toque, 418 Clifton Avenue; and Fulfillrite Fulfillment & Warehousing, 501 Prospect Street.

Patricia Komsa, director of the UEZ for Lakewood, says that the microloans, which are currently being granted at 3 ½ percent interest for 10 years, are intended to facilitate business development and job creation for certified businesses in the UEZ (Lakewood Urban Enterprise Zone). Microloans are funds that can be used for working capital, supplies and machinery, the purchase of inventory, and to refurbish existing facilities. Microloans are also available for businesses seeking to establish, expand, or redevelop their companies.

The GYM received its microloan to purchase equipment. This facility, for men and women, features the latest cardio equipment, most with individual flat screen televisions and instant heart rate monitoring; and strength training equipment and rubberized free weights, including Life Fitness treadmills, Precor EFX elliptical, cross trainers, life fitness recumbent and upright bikes, and Schwinn indoor cycling bikes.

Tips & Toque is a retail boutique kitchen store, featuring accessories, gadgets, utensils, and supplies, such as baking, cooking, and decorating. Fulfillrite Fulfillment & Warehousing center specializes in E-commerce. By using Fulfillrite, businesses do not need a warehouse. Fulfillrite employees will pick up products, sort them, store them, package goods, and label and ship at discounted shipping rates and supplies. Fulfillrite services such industries as book publishers, medical, apparel, electronics, exercise equipment, media, and more, retail and wholesale.

If a business is not UEZ certified or for further questions, call Patricia Komsa in the Lakewood UEZ office at 732-364-2500 Ext. 5257. Businesses interested in applying for a Microloan should contact the Lakewood Development Corporation at 732-363-2500 Ext. 5257 or visit lakewoodnj.gov/department/uez  for more information. Interested parties can always visit the UEZ office, Room 12 of the Lakewood Municipal, 231 Third Street, Lakewood, for more information.