UCEDC, a NJ-based nonprofit economic development corporation and SBA lender, has been recognized by the US Small Business Administration’s (SBA) Office of Economic Opportunity as one of the top 15 lenders to small and disadvantaged businesses in the US.
The SBA’s Office of Economic Opportunity (OEO) was formed to expand access to capital for small businesses and entrepreneurs in underserved communities. It oversees the SBA’s Microloan and Community Advantage 7a loan programs , which provide financing up to $250,000 to viable businesses when conventional lending is not available.
UCEDC was ranked #10 nationwide in loans made (86) and #15 in dollars loaned ($2 million) in fiscal 2016 (October 1, 2015 to September 30, 2016).
“Access to capital is the lifeblood of small businesses, but too often they can’t get the financing they need from conventional lenders,” says UCEDC President Maureen Tinen. “Our job is to step in with fair financing options, allowing these entrepreneurs to create jobs and revitalize their communities.
UCEDC’s loan programs are available for start-ups and established businesses and offer low down payment and flexible collateral requirements. 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.