UCEDC Awarded $1.36 Million by CDFI for Small Business Lending

UCEDC, a nonprofit economic development corporation, has received a $1.361 million Financial Assistance award from the US Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund, in recognition of its work in supporting small business development in underserved communities.

UCEDC will use the funds to increase its lending to entrepreneurs and businesses in disadvantaged communities where access to capital is often difficult to obtain.  Its financing options provide viable small businesses with an opportunity to create much-needed jobs and economic stability in neighborhoods throughout New Jersey.

“We’re proud to have our efforts  in small business lending recognized by the CDFI,” says Maureen Tinen, President of UCEDC. “Access to capital is the lifeblood of small business development and this award will allow us to give more businesses a fair chance to succeed.”

UCEDC is one of only three organizations in New Jersey to receive a 2015 Financial Assistance award from the CDFI.  Since its inception in 1977, UCEDC has loaned over $24 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.