EIN 22-2155884

Union County Economic Development Corporation (UCEDC)

IRS 501(c) type
501(c)(3)
Num. employees
25
Year formed
1977
Most recent tax filings
2023-12-01
Description
UCEDC is a private Community Development Financial Institution that fosters economic growth. We accomplish this by providing financial and technical assistance to new and existing businesses with emphasis on benefiting under-served people and communit...
Total revenues
$4,807,989
2023
Total expenses
$3,819,951
2023
Total assets
$26,668,895
2023
Num. employees
25
2023

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

GranteeGrant descriptionAmount
CofeccProvide Support To Small Business of Puerto Rico$7,200

Who funds Union County Economic Development Corporation (UCEDC)

Grants from foundations and other nonprofits
GrantmakerDescriptionAmount
The Blackbaud Giving FundGeneral Support$50,000
The Bank of America Charitable FoundationProgram/operating Support$20,000
UCSB Charitable FoundationHelping Small Businesses$20,000
...and 2 more grants received

Personnel at UCEDC

NameTitleCompensation
Greg FabijanczukChief Financial Officer / Controller$127,623
Ellen McHenrySenior Director of Loan Program$176,180
Mark LeichtlingDirector of Microlending$100,440
Adam FarrahPresident$246,539
Sanjay MalikController$141,563
...and 10 more key personnel

Financials for UCEDC

RevenuesFYE 12/2023
Total grants, contributions, etc.$3,611,600
Program services$612,100
Investment income and dividends$514,759
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$69,530
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$4,807,989

Form 990s for UCEDC

Fiscal year endingDate received by IRSFormPDF link
2023-122024-06-13990View PDF
2022-122023-06-16990View PDF
2021-122022-06-09990View PDF
2020-122021-06-10990View PDF
2019-122020-09-09990View PDF
...and 10 more Form 990s
Data update history
August 18, 2024
Posted financials
Added Form 990 for fiscal year 2023
July 31, 2024
Updated personnel
Identified 2 new personnel
July 20, 2024
Used new vendors
Identified 1 new vendor, including
July 14, 2024
Received grants
Identified 2 new grant, including a grant for $20,000 from The Bank of America Charitable Foundation
November 27, 2023
Received grants
Identified 2 new grant, including a grant for $20,000 from UCSB Charitable Foundation
Nonprofit Types
Public sector nonprofitsBusiness and community development organizationsCharities
Issues
Community improvementEconomic development
Characteristics
State / local levelReceives government fundingManagement and technical assistanceTax deductible donationsAccepts online 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/ 
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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