The Union County Board of Chosen Freeholders is pleased to announce that Union County Economic Development Corporation (UCEDC), a nonprofit economic development corporation, has received a $1.4 million grant from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).
The award will support UCEDC’s Community Advantage 7a loan program, providing long-term loans of $50,000 to $250,000 to start-up (in operation less than two years) and established businesses in New Jersey. With low down payments and flexible collateral requirements, Community Advantage 7a loans can help grow small businesses that can’t qualify for conventional financing.
“Our partnership with UCEDC broadens access to working capital and training programs for small businesses in Union County,” said Freeholder Chairman Bruce H. Bergen. “The CDFI award is a testament to the commitment of UCEDC to supporting low-income and economically disadvantaged communities. On behalf of the Freeholder Board, I would like to congratulate UCEDC on this particular achievement.”
This is UCEDC’s second consecutive award from the CDFI Fund – it received $1.36 million in 2015 – and it is one of only two New Jersey organizations to receive grants this year.
The grant will enhance UCEDC’s financing outreach into communities where access to capital is often difficult to obtain. “Small business owners and entrepreneurs in these areas deserve a fair chance to succeed and we are committed to supporting their efforts through our loan products and mentoring services,” says UCEDC President, Maureen Tinen.
A partner of this year’s ‘Union County at Work and Play’ 2016 Chairman initiatives, UCEDC and the Union County Board of Chosen Freeholders are committed to boosting local economies and strengthening communities through small business development and job creation.
“No matter what stage your business is in, even it’s still just an idea that you’re considering, we encourage you to contact UCEDC for more information about the unique financing options we’ve established to support small business growth,” said Chairman Bergen.
Since its inception in 1977, UCEDC has loaned over $27 million to small businesses throughout New Jersey, helping to create and retain 6,000+ jobs. In addition to its lending programs, UCEDC provides training and technical assistance services and serves as a designated Procurement Technical Assistance Center.
For information about UCEDC’s Community Advantage 7a loan program as well as its other small business loan programs, call 908-527-1166 or visit www.ucedc.com.