UCEDC Partners with Rahway to Administer Forgivable Loans for Businesses within Rahway’s Special Improvement District

In April, UCEDC partnered with Mayor Giacobbe, Rahway City Council, and Rahway Arts and Business Partnership to create the City of Rahway CARES (Coronavirus Aid, Relief, and Economic Security) Forgivable Loan Program.

Through this program, small businesses located in Rahway’s Special Improvement District could apply for forgivable loans up to $5,000. It was administered for the City of Rahway by UCEDC, and the Special Improvement District assessment provided the funds. Upon completion, Rahway Cares provided $253,500 in relief funds to 65 small businesses.

When asked about the Rahway Cares Program and its impact, Mayor Giacobbe provided the following statement. “Over the past 20 years, we have seen great progress in our City. Scores of new businesses and restaurants have opened, and as a result, Rahway has become a more lively place to live, work, and visit. Many of those businesses have gone from thriving to struggling in just a few weeks due to COVID-19. We owe it to ourselves and the city we love, to protect the investment that has been made by so many people. Helping these businesses to survive this challenging time is a smart economic policy.”

“The City of Rahway and the Rahway Arts and Business Partnership have joined forces to help small businesses located in the city’s Special Improvement District during this economic downturn.”

“The City of Rahway will continue to pursue different avenues to assist our businesses during this pandemic. I’m honored to be able to work with the Rahway City Council, Union County Economic Development Corporation and the Rahway Arts and Business Partnership to put together the Rahway Coronavirus Aid Relief & Economic Stimulus (CARES) Program.”

UCEDC is proud to have partnered with the City of Rahway. We are glad to see that local municipalities and organizations recognize the small business community’s financial needs. In the fallout of the COVID crisis, safeguarding our local businesses is one of the first steps to ensuring economic stability. UCEDC is currently in discussions with multiple communities to explore what additional partnerships can be formed and how we can be of service.