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
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96%, Four-Star out of Four Star rating
The Union County Economic Development Corp has achieved a strong 96% rating, signifying exceptional performance in accountability and finance. This impressive score reflects a robust governance structure, with a fully independent board and comprehensive policies in place to safeguard the organization’s integrity and operational transparency. The organization has demonstrated reliable financial practices and effective program expense management.
Strengths highlighted in the evaluation include a solid audit and oversight committee, as well as a high percentage of program expenses allocated directly to its mission, indicating efficient use of resources. The lack of material diversions of assets further reinforces the trustworthiness of the nonprofit. Additionally, the presence of essential policies, such as a conflict of interest and whistleblower policy, showcases a commitment to ethical operations.
While the organization has numerous strengths in terms of financial management and governance, specific feedback on program effectiveness and community impact is not detailed in the data provided. However, the high score suggests the Union County Economic Development Corp is well-positioned to fulfill its mission with accountability and integrity.
This AI summary has been generated from information found on Charity Navigator.
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.
Heare 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:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $242,020
- Related: $0
- Other: $22,489
- Compensation: $150,193
- Related: $0
- Other: $34,791
- Compensation: $134,093
- Related: $0
- Other: $23,405
- Compensation: $160,629
- Related: $0
- Other: $18,157
- Compensation: $144,638
- Related: $0
- Other: $19,673
Official website here: www.ucedc.com
Where can I find the form 990 for Union County Economic Development Corp?
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.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Union County Economic Development Corp (UCEDC) significantly impacts the local economy by promoting and developing economic growth in New Jersey. Through its financial assistance programs, UCEDC empowers both start-up and established businesses to access necessary capital for various purposes, including equipment purchases, working capital, and renovations of commercial properties.
For start-ups, which are operational for less than two years, UCEDC offers microloans up to $35,000, while older, profitable businesses can secure loans up to $50,000. This financial support helps diverse businesses thrive by nurturing entrepreneurship and innovation within the community.
Additionally, UCEDC provides long-term loans of up to $250,000 under the SBA (7A) and SBA 504 programs, facilitating funding for larger projects such as property acquisition and construction. The structured financing options, which typically require only a 10% contribution from the borrower, make it easier for businesses to manage cash flow and reinvest in growth.
By collaborating with commercial lenders, UCEDC expands access to critical financing, enhancing job creation and economic prosperity in Union County. Its commitment to providing both financial and technical assistance to small businesses plays a vital role in fostering a robust and dynamic local economy.
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.
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.
- Investment Income: $138,426
- Program Service Revenue: $549,056
- Gross Receipts: $6,803,827
Assets and Liabilities:
- Total Assets: $24,391,052
- Total Liabilities: $8,190,855
- Net Assets: $16,200,197
Want to help this charity, for free? You can click here to learn more about Give Freely
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) 527-1166Principal Officer
Adam Farrah
Main Address
75 CHESTNUT STREET, CRANFORD, NJ, 070162937
Website
www.ucedc.comNTEE 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.