UCEDC, a statewide nonprofit economic development corporation, has received a $1.4 million grant from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The award was made in recognition of UCEDC’s lending activities in low-income and economically distressed communities across New Jersey.
This is UCEDC’s second consecutive award from the CDFI Fund – it received $1.36 million in 2015 – and it is one of only two New Jersey organizations to receive a grant this year.
The grant will enhance UCEDC’s financing outreach into communities where access to capital is often difficult to obtain. “Small business owners and entrepreneurs in these areas deserve a fair chance to succeed and we are committed to supporting their efforts through our loan products and mentoring services,” says UCEDC President, Maureen Tinen.
Since its inception in 1977, UCEDC has loaned over $27 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