Union County Economic Development Corp
Union County Economic Development Corp
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About this organization
Mission
PROMOTE & DEVELOP ECONOMIC GROWTH IN NJ
About
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. [SEE CONTINUATION ON SCHEDULE O]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 MILLION), WITH 10-20 YEAR TERMS.
Interesting data from their 2020 990 filing
According to the filing, the non-profit's mission is “Promote & develop economic growth in nj, by providing financial and technical assistance to small business.”.
When referring to its actions, they were described as: “Promote & develop economic growth in nj”.
- According to the law, the state of operation reported by the non-profit is NJ.
- As per the filing, the address of the non-profit for 2020 is 75 CHESTNUT STREET, CRANFORD, NJ, 070162937.
- According to their form, the non-profit as of 2020 has a total of 23 employees.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $509,789.
- The organization has 19 independent voting members.
- The organization was formed in 1977.
- The organization pays $2,236,910 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.
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