CRANFORD, N.J., August 4, 2017 — UCEDC, a statewide nonprofit economic development corporation, has received a $40,000 grant from the Wells Fargo Foundation to support its small business development initiative in underserved New Jersey communities.
“Our team is committed to working with funding partners such as Wells Fargo to support small business owners and entrepreneurs in their successes. Our goal is to expand our services such as loan products, mentoring services and business workshops to strengthen more Main Street businesses and communities,” said Maureen Tinen, UCEDC president.
UCEDC offers training services and financing options to start-up and established business owners, with a focus on job creation and community development. According to the organization, the grant award will expand UCEDC’s outreach into neighborhoods where access to capital is often difficult to obtain.
“Cities all over Northern New Jersey will only succeed if small businesses in those communities thrive,” said Tomas Porturas, a vice president at Wells Fargo. “They are what drives the local economies. Ensuring that this happens is one of the most important things we do at Wells Fargo. That is why we partner with and support non-profits such as UCEDC – and why the bank offers products and services that assist entrepreneurs to build and grow their businesses.”
Since its inception in 1977, UCEDC has loaned over $27 million to small businesses throughout New Jersey, helping to create and retain more than 6,000 jobs. Additionally, over 11,000 small business owners and fledgling entrepreneurs have participated in UCEDC’s various training programs.