Overview
What is Union County Economic Development Corp?
Union County Economic Development Corporation (UCEDC) is a nonprofit organization based in Cranford, New Jersey. Their primary mission is to promote and foster economic growth in the state by offering financial and technical assistance to small businesses. UCEDC provides microloans to both start-ups and established businesses for various reasons, such as purchasing equipment, renovations, or working capital, with loan amounts ranging from $35,000 to $50,000. They also offer long-term loans through the SBA (7A) financing program, enabling businesses to acquire properties, machinery, or equipment with below-market fixed-rate financing. UCEDC collaborates with commercial lenders to structure financing, often requiring a 10% contribution from the borrower, and covers soft and closing costs to maximize cash flow for business investment. The organization's activities aim to support small businesses and contribute to economic growth in New Jersey.
Official website here: www.ucedc.com
Is Union County Economic Development Corp legitimate?
Union County Economic Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Union County Economic Development Corp submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $785,777
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,426,098
For more financial information, click here
Official website here: www.ucedc.com
What is the mission statement of Union County Economic Development Corp?
Union County Economic Development Corp's mission is centered around promoting and fostering economic growth in New Jersey. They achieve this goal by providing financial and technical assistance to small businesses. Their financial assistance program, such as the Microloan Program, offers loans to both start-ups and established businesses for various reasons, including purchasing equipment, working capital, or renovations. New businesses can borrow up to $35,000 for six years, while older businesses with a profitable operating history can secure up to $50,000 for the same period. Interest rates vary based on the business's age, financial operations, and credit history. The corporation also offers the SBA (7A) financing program, designed to encourage business growth and job creation. For growing businesses, Union County Economic Development Corp provides long-term loans to purchase, construct, or improve their own building or major equipment through below-market fixed rate financing.
Official website here: www.ucedc.com
Who is the CEO of Union County Economic Development Corp?
Adam Farrah is the Chairman of Union County Economic Development Corp.
Official website here: www.ucedc.com
What is the revenue of Union County Economic Development Corp?
Union County Economic Development Corp's revenue in 2022 was $5,346,138.
Official website here: www.ucedc.com
Who are the executives of Union County Economic Development Corp and what are their salaries?
The average compensation at Union County Economic Development Corp during 2022 was $81,921. There are 27 employees and 20 volunteers at Union County Economic Development Corp.
Here are 25 key members and their salaries:
- Adam Farrah (President)
- Erich Peter (Executive Vice President)
- Elizabeth Williams (Vice President Lending)
- Ellen Mchenry (Senior Dir. Of Loan Programs)
- Greg Fabijanczuk Chief (Financial Officer Thru Dec 2022)
- Gary Pfarr (Chairman) [Trustee/Director]
- Marlene Kurz (Vice Chair) [Trustee/Director]
- Marcy C Metz (Treasurer) [Trustee/Director]
- Michael Warrington (Secretary) [Trustee/Director]
- Brianna Brandon (Trustee)
- Gail M Driscoll (Trustee)
- Robert L Katz (Trustee)
- Paul T Lacorte (Trustee)
- Daniel Letendre (Trustee)
- James Mcmanus Jr (Trustee)
- Martin P Melilli (Trustee)
- Melissa Murray Cpa (Trustee)
- John Nietzel (Trustee Thru Jun 2022)
- Edward Oatman (Trustee)
- Tomas Porturas (Trustee)
- Kevin Rattigan (Trustee Thru Aug 2022)
- Jane E Allerman-Rey (Trustee)
- Roderick Spearman (Trustee)
- Joseph P Starkey (Trustee)
- Robert Lg White (Trustee Thru Apr 2022)
Official website here: www.ucedc.com
Where can I find the form 990 for Union County Economic Development Corp?
The Union County Economic Development Corp’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.ucedc.com
Learn more at the official website: www.ucedc.com
Mission Statement of Union County Economic Development Corp
Union County Economic Development Corporation (UCEDC) is committed to promoting and fostering economic growth in New Jersey. They accomplish this mission by providing financial and technical assistance to small businesses. UCEDC's primary financial assistance program, the Microloan Program, offers start-up and existing businesses the opportunity to borrow money for various reasons. This could include purchasing equipment, making improvements to private commercial real estate, or acquiring working capital. Start-up businesses can borrow up to $35,000 for a period of six years, while established businesses with a profitable operating history can borrow up to $50,000 for the same time frame. Interest rates vary depending on the age and financial operations of the business and the owner's credit history. 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.
Beyond microloans, UCEDC also offers long-term loans of up to $250,000 through the SBA 504 program. This 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. This allows businesses to maximize their cash flow, which can be invested back into the business. Soft costs and closing costs can also be rolled into the loan, further aiding the borrower. UCEDC's portion of the financing represents a maximum of 40% of the total (up to $5.5 million), with 10-20 year terms.
In summary, Union County Economic Development Corporation's mission is to promote and develop economic growth in New Jersey by providing financial and technical assistance to small businesses. They achieve this through various loan programs, including the Microloan Program and the SBA 504 program. These programs offer businesses the opportunity to borrow money for a variety of purposes, with flexible terms and interest rates tailored to the business's needs. UCEDC's partnerships with commercial lenders and ability to roll in soft and closing costs further enhance the borrower's ability to invest in their business.
Impact
This information is meant to be a general summary of Union County Economic Development Corp. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
The Union County Economic Development Corp has a significant impact on the local community by providing financial and technical assistance to small businesses in New Jersey. Through their various programs such as the Microloan Program, SBA (7a) Financing Program, and the SBA 504 Program, UCEDC enables both start-up and existing businesses to access much-needed capital for a variety of purposes including equipment purchases, working capital, property renovations, and more. By offering affordable interest rates and flexible terms, UCEDC plays a crucial role in supporting business growth and job creation in the region. Their efforts contribute to the overall economic development of Union County and help bolster the local economy.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TECH ASSIST & SVC FEES
Revenue
$323,184
PROGRAM RELATED INTEREST
Revenue
$225,872
Organization Details
Founding Year
1977
Phone
(908) 527-1166
Principal Officer
Adam Farrah
Main Address
75 CHESTNUT STREET, CRANFORD, NJ, 070162937
Website
www.ucedc.com
NTEE Category
Code: S310 - Community improvement
If you are a representative of Union County Economic Development Corp and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.