As of today, our loans to small businesses:
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UCEDC, a statewide, nonprofit economic development corporation, was recognized as New Jersey’s leading microlender at the US Small Business Administration’s Annual Lenders Awards Ceremony earlier this month. UCEDC topped New Jersey’s other lenders in fiscal 2013 by lending $2 million to 71 small businesses.
The Microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers to start-up and expand when they can’t qualify for conventional lending. UCEDC reached the top ranking by creating a special microloan initiative for businesses impacted by Hurricane Sandy. The Storm Recovery Loan Program offers up to $50,000 in working capital at 2% interest with no collateral requirements, providing a much-needed boost for businesses that suffered economic or physical damage from the storm.
“We’re proud to be the state’s #1 microloan lender,” says Maureen Tinen, UCEDC President. “But we’re particularly proud of how we got to that level of lending. By focusing our efforts on helping storm-impacted businesses to get back on track, quickly and inexpensively, we’ve helped sustain the economic anchors that keep communities whole in difficult times like these.”
In addition to the Storm Recovery Loan Program, which is still available to storm-impacted businesses, UCEDC’s microloan program continues to provide start-up financing to fledgling entrepreneurs as well as growth funding for existing operations. Borrowers receive free individualized counseling and mentoring services throughout the life of the loan (typically six years).
Other UCEDC loan programs include the SBA Community Advantage 7a Loan Program with financing up to $250,000 and the SBA 504 Commercial Real Estate Loan Program, which supports the purchase or construction of owner-occupied commercial property up to $5 million.
Since its inception in 1977, UCEDC has loaned $16.5 million to small businesses, helping to create or retain thousands of job in communities throughout New Jersey. It also serves as the entrepreneurial training arm of the New Jersey Economic Development Authority and is a Department of Defense-designated Procurement Technical Assistance Center (PTAC).