Frequently Asked Questions
General/Admin
Q: What is UCEDC?
A: UCEDC is a nonprofit economic development corporation based in New Jersey. We help small businesses start, grow, and thrive by providing a full suite of services, including training, loans, and government contracting assistance.
Q: Who does UCEDC serve?
A: UCEDC works with small business owners and entrepreneurs across New Jersey, parts of New York, and Pennsylvania, regardless of industry or business stage.
Q: Where is UCEDC located?
A: UCEDC’s headquarters is in Cranford, New Jersey, and we also have a satellite office in Mt. Holly, NJ. Many of our services are offered virtually, to provide accessibility throughout our service territory.
Q: How do I know which UCEDC program is right for me?
A: Visit UCEDC’s website or call our office. Our staff will guide you to the right program — whether you’re looking for training, financing, or government contracting support.
Q: How does UCEDC promote its services?
A: UCEDC reaches small businesses through free workshops, defined outreach, community partnerships, and referrals.
Lending (Loans, Microloans, Payments, Requirements)
Applications & Eligibility
Q: How do I apply for a UCEDC loan?
A: Start the application process by completing our online Inquiry/Pre-Qualification form. Our lending staff will guide you through the next steps.
Q: What are the requirements to qualify for a UCEDC loan?
A: Requirements vary by program but generally include proof of business registration, financial documentation, and repayment ability. If your business is a start-up (or less than two years old), you’ll also need a detailed business plan and financial projections.
Q: Does UCEDC check my credit score when I apply?
A: Yes. UCEDC reviews your credit as part of the application. We perform a soft pull at the pre-qualification stage and a hard pull during the full application process.
Q: What’s the minimum credit score for a UCEDC loan?
A: Some loan programs require a minimum credit score (typically 650–760). Others have no set minimum — we look at your overall financial picture.
Q: Do I need to be a U.S. citizen to get a UCEDC loan?
A: Yes. The Small Business Administration requires applicants to be U.S. Citizens, U.S. Nationals, or Lawful Permanent Residents (Green Card holders).
Q: Does UCEDC offer loans for start-ups?
A: Yes. UCEDC works with both start-ups and established businesses. Start-ups must provide a business plan and projections.
Q: How long does it take to get approved for a UCEDC loan?
A: Timelines vary by program and completeness of your application. Microloan decisions may be made within 1–2 days once all documents are received. SBA 504 loans (especially those with construction) may take longer. Check out our loan products.
Q: How much can I borrow with a UCEDC loan?
A: Loan amounts depend on your needs and qualifications. UCEDC works with you to size the loan appropriately — borrowing too much or too little can affect your business.
Q: Does UCEDC offer grants or forgivable loans?
A: UCEDC does not offer grants. However, some training programs may include forgivable loans, and we can point you to trusted grant resources.
Q: Are there fees for UCEDC loans?
A: For Microloans (up to $50,000), there are no application fees. If a mortgage is used as collateral (on loans between $25,000–$50,000), filing fees are passed to the client. SBA loans may include additional fees — details are available on the SBA website.
Q: Is there a prepayment penalty if I pay off my UCEDC loan early?
A: Microloans have no prepayment penalties. SBA 504 loans do carry prepayment penalties.
Loan Servicing & Payments
Q: How can I make or manage my UCEDC loan payments?
A: Payments can be made via ACH (checking or savings account), check, or money order. Debit and credit cards are not accepted. Contact our Portfolio Management team if you need to change your due date, update bank information, make additional payments, or set up new arrangements.
Q: Can I view my UCEDC loan balance or payment history online?
A: Not at this time. Contact Portfolio Management for balances, statements, or payoff information.
Q: Will missed UCEDC loan payments be reported to credit bureaus?
A: Yes. Payments that are more than 30 days late are reported to the applicable guarantor(s).
Q: Are there late fees or returned payment fees?
A: Yes. Payments received more than 10 days past due incur a late fee of 5% of the monthly payment. Returned payments incur a $35 fee.
Q: What happens when I pay off my UCEDC loan?
A: A Letter of Satisfaction will be mailed to your business address within 2–3 weeks after the final payment clears.
Q: Will I receive tax forms for my UCEDC loan?
A: If your loan accrues interest, UCEDC will email you the applicable year-end tax form. For prior years, contact Portfolio Management.
Training FAQs (Business Basics, Marketing, Programs, Operations)
Q: Are UCEDC workshops free?
A: Yes. UCEDC offers free workshops on topics like marketing, business planning, credit, and more.
Q: What topics do UCEDC workshops cover?
A: UCEDC workshops cover subjects such as business planning, credit building, marketing (including social media), financial management, and strategies for researching competitors or entering new markets. You can find the full list of our workshops here.
Q: What is the Entrepreneurship as a Second Chance (ESC) program?
A: The Entrepreneurship as a Second Chance (ESC) program provides entrepreneurial training and support for individuals returning to their communities after court involvement.
Q: Who should apply for UCEDC’s Virtual Incubator Program (VIP)?
A: The Virtual Incubator Program (VIP) is designed for entrepreneurs who already have a business and want guidance to grow. Start-ups without a business in place are not eligible.
Q: Where can I find help with VIP or ESC registrations?
A: Contact UCEDC’s Training team for support with Virtual Incubator Program (VIP) or Entrepreneurship as a Second Chance (ESC) program registration.
Q: Who can participate in UCEDC’s training programs?
A: Most UCEDC training programs are open to entrepreneurs and small business owners across New Jersey. Programs such as the Virtual Incubator Program (VIP) and the Entrepreneurship as a Second Chance (ESC) program have specific eligibility requirements, which are listed on the registration page.
Q: How do I market my business to get more clients?
A: Start with your ideal customer, set clear goals, and focus on a few marketing channels that best reach them. For step-by-step strategies, we recommend joining one of UCEDC’s free marketing workshops.
Q: What small business grants are available in New Jersey?
A: We maintain a list of trusted grant resources and cover opportunities in our workshops and programs. Agencies like NJEDA also provide financing and incentives. Subscribe to UCEDC’s newsletter or follow us on LinkedIn, Facebook, and Instagram for updates.
Q: What contracts or policies should my business have in place?
A: It depends on your industry. UCEDC provides checklists in our training programs and can refer you to legal professionals for review.
Q: How do I start a business in New Jersey?
A: UCEDC offers training programs and one-on-one counseling on business planning, registration, and financing. You can also visit the NJ Business Action Center for state resources.
Q: How do I get an NJ tax clearance certificate?
A: Apply through the State of New Jersey Division of Taxation. A tax clearance certificate is required for certain state grants and incentives.
Q: How do I get an Employer Identification Number (EIN)?
A: Apply for an EIN directly through the IRS website.
Q: How do I hire employees in New Jersey?
A: The NJ Department of Labor provides guidance through its Employer Services portal.
APEX Accelerator at UCEDC (Government Contracting)
UCEDC’s APEX Accelerator helps small businesses explore and succeed in government contracting. We provide free counseling, training, and resources to guide you through federal, state, and local opportunities. Here are some of the most common questions we receive:
Getting Started
Q: Am I ready for government contracting?
APEX Accelerator considers a business to be ready for government contracting when it meets the following criteria:
1) A business is registered with the Secretary of State if the business structure is other than a sole proprietorship, e.g., LLC, S-Corp, Partnership. If the business structure is a sole proprietorship, it must be registered with the county and/or city where the business’s primary location/address
2) Has a product or service to sell to the government
3) Business is in good standing
The business is ready, has the infrastructure and resources to successively fulfill a government contract
Q: How do I do business with NJ counties or the State of NJ?
A: Start with NJSTART, the State of New Jersey’s vendor registration portal. Counties also have their own bid portals. UCEDC’s APEX Accelerator (Union County only) offers support with contracting basics.
Q: How do I register as a federal contractor?
A: To participate in federal government contracting, you must register your business in the federal government’s System for Award Management (SAM). SAM is a database where government agencies search to find contractors, post contracting opportunities, display wage determinations, and more. There is NO cost to register.
Q: How often do I need to renew my SAM.gov registration?
A: Annually.
Q: Do I still need a DUNS number to register in SAM.gov?
A: No. You will be assigned a UEI (Unique Entity Identification) number instead.
Q: Does the APEX Accelerator at UCEDC charge for its services?
A: No. We do not charge for our services. We are funded in part through a cooperative agreement with the Under Secretary of Defense Office of Small Business Programs, the County of Union and administered by the Army Contracting Command-Aberdeen Proving Ground.
Finding Opportunities
Q: Where do I find a federal contract to bid on?
A: Federal contract opportunities for contractors are listed in the “Contract Opportunities Domain” at SAM.gov. Government agencies shall post all contracting opportunities with an estimated dollar value of $25,000 and higher on SAM.gov. For opportunities that have estimated dollar values less than $25,000, Contracting Officers may post them on a third-party website such as UNISON or specific agencies’ websites, such as the U.S. Department of the Interior, DLA Internet Bid Board System (DIBBS), the U.S. State Department, among others. Contractors should make agencies aware that they will compete for lower dollar amount opportunities and accept government “P-Card” transactions.
Q: Are there contracting opportunities outside of SAM.gov?
A: Yes. Many paid bidding sources and agency-specific sites also list opportunities.
Q: Where can I find subcontracting opportunities?
A: The SBA’s SUBNet subcontracting opportunities page features listings of subcontracting opportunities posted by large prime contractors.
Q: Does the APEX Accelerator at UCEDC help with state or local contracting as well as federal?
A: Yes. The APEX Accelerator at UCEDC provides guidance on state and local contracting in addition to federal opportunities.
Certifications
Q: What small business certifications does the government offer?
A: The federal government has small business assistance certification programs that could provide contract-bidding preferences. The U.S. Small Business Administration (SBA) handles certifications for the 8(a) Business Development, Woman and Economically Disadvantaged Woman-Owned Small Business, the HUBZone Program, and the Service-Disabled Veteran and Veteran-Owned Small Business program.