Program areas at UCEDC
Financial assistance program:ucedc's microloan program provides both start-up and existing businesses with an opportunity to borrow money for a variety of reasons, including purchasing equipment, fixtures or inventory; working capital; or making renovations on privately owned commercial real estate. Start-ups (operational for less than two years) can borrow a maximum of $35,000 for up to six years. Older businesses with a profitable operating history are eligible for up to $50,000 for the same time period. Interest rates vary from 2% to 9.25%, depending on the age and financial operations of the business and the owner's credit history.closing fees apply, but you may prepay without penalty.ucedc is one of only 40 lenders in the nation to offer the sba (7a) financing program, designed to encourage business growth and job creation. Long-term loans of up to $250,000 are available to start-up (in operation less than two years) and existing businesses.funds can be used for a wide variety of purposes including working capital; furniture/fixtures, machinery and equipment; land acquisition for commercial purposes; construction or renovation for privately owned commercial properties; leasehold improvements; and business acquisition. Interest rates are based on the amount of the loan and length of the loan depends on the use of the funds.the sba 504 program provides growing businesses with the opportunity to purchase, construct or improve their own building or purchase major equipment through long-term, below-market fixed rate financing. Ucedc works in partnership with commercial lenders to structure financing that typically calls for only a 10% contribution from the borrower. Soft costs and closing costs can be rolled into the loan, maximizing cash flow that can be invested back into the business. Ucedc's portion of the financing represents a maximum of 40% of the total (up to $5.5 million), with 10-20 year terms.
Technical assistance program: ucedc offers a wide variety of educational programs designed to help small businesses to start, grow and thrive. Whether you're a business beginner, need a refresher in the basics, or are looking for a more intensive experience, we have the training sessions to fit your needs.business basics- these free two-hour workshops address a variety of business concerns for both start-up entrepreneurs and established business owners.they are offered throughout new jersey, often in cooperation with partner organizations and agencies that share our commitment to small business growth. Business mentoring-ucedc loan clients and graduates of our multi-session training programs receive free individualized business counseling. Your ucedc business mentor is your board of directors, cfo, and marketing manager, all rolled into one. Your mentor meets with you at your convenience, acts as your sounding board, and offers feedback, advice and suggestions to keep your business on track.
Grants made by UCEDC
Grantee | Grant description | Grant year | Amount |
---|
Cofecc | Provide Support To Small Business of Puerto Rico | 2018-12 | $7,200 |
Who funds Union County Economic Development Corporation (UCEDC)
Grants from foundations and other nonprofits
Personnel at UCEDC
Name | Title | Compensation | Date of data |
---|
Greg Fabijanczuk | Chief Financial Officer / Controller | $127,623 | 2021-12-31 |
Bryce Egardo | Principal Online Program | | 2021-09-22 |
Candice Varner | Director of Schools | | 2021-09-22 |
Ellen McHenry | Senior Director of Loan Programs | $144,638 | 2022-12-31 |
Sanjay Malik | Controller | | 2023-04-21 |
...and 11 more key personnel |
Financials for UCEDC
Revenues | FYE 12/2022 | FYE 12/2021 | % Change |
---|
Total grants, contributions, etc. | $4,658,656 | $4,540,289 | 2.6% |
Program services | $549,056 | $832,556 | -34.1% |
Investment income and dividends | $246,816 | $345,462 | -28.6% |
Tax-exempt bond proceeds | $0 | $0 | - |
Royalty revenue | $0 | $0 | - |
Net rental income | $0 | $0 | - |
Net gain from sale of non-inventory assets | $-108,390 | $71,113 | -252.4% |
Net income from fundraising events | $0 | $0 | - |
Net income from gaming activities | $0 | $0 | - |
Net income from sales of inventory | $0 | $0 | - |
Miscellaneous revenues | $0 | $25,065 | -100% |
Total revenues | $5,346,138 | $5,814,485 | -8.1% |
Organizations like UCEDC
Organization | Type | Location | Revenue |
---|
Mission West Community Development Partners | 501(c)(3) | Ronan, MT | $2,727,876 |
Great Falls Development Authority | 501(c)(3) | Great Falls, MT | $5,654,586 |
Riverworks Development Corporation | 501(c)(3) | Milwaukee, WI | $2,491,512 |
MQVN Community Development Corporation | 501(c)(3) | New Orleans, LA | $4,795,506 |
Southwest Michigan First Corporation | 501(c)(3) | Kalamazoo, MI | $5,452,905 |
Greater Fargo Moorhead Economic Development Corporation | 501(c)(3) | Fargo, ND | $1,756,117 |
North Central Massachusetts Development Corporation | 501(c)(3) | Fitchburg, MA | $2,376,134 |
Economic Development Collaborative- Ventura County | 501(c)(3) | Camarillo, CA | $3,851,536 |
REV Birmingham | 501(c)(3) | Birmingham, AL | $3,412,316 |
Greater Southwest Development Corporation (GSDC) | 501(c)(3) | Chicago, IL | $2,786,256 |
Data update history
November 25, 2023
Posted financials
Added Form 990 for fiscal year 2021
August 2, 2023
Posted financials
Added Form 990 for fiscal year 2022
July 25, 2023
Updated personnel
Identified 2 new personnel
July 23, 2023
Used new vendors
Identified 1 new vendor, including
Nonprofit Types
Public sector nonprofitsBusiness and community development organizationsCommunity Development Financial InstitutionsCharities
Issues
Community improvementEconomic development
Characteristics
State / local levelReceives government fundingManagement and technical assistanceTax deductible donations
General information
- Address
- 75 Chestnut St
- Cranford, NJ 07016
- Metro area
- New York-Newark-Jersey City, NY-NJ-PA
- County
- Union County, NJ
- Website URL
- ucedc.com/Â
- Phone
- (908) 527-1166
IRS details
- EIN
- 22-2155884
- Fiscal year end
- December
- Taxreturn type
- Form 990
- Year formed
- 1977
- Eligible to receive tax-deductible contributions (Pub 78)
- Yes
Categorization
- NTEE code, primary
- S31: Urban, Community Economic Development
- NAICS code, primary
- 926110: Economic Development Corporations and Economic Program Organizations
- Parent/child status
- Independent
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