Union County Economic Development Corp

Organization Overview

Union County Economic Development Corp is located in Cranford, NJ. The organization was established in 1979. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Union County Economic Development Corp employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Union County Economic Development Corp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 12/2023, Union County Economic Development Corp generated $4.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $3.8m during the year ending 12/2023. While expenses have increased by 7.5% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

TO PROMOTE & DEVELOP ECONOMIC GROWTH IN NJ

Describe the Organization's Program Activity:

Part 3 - Line 4a

FINANCIAL ASSISTANCE PROGRAM:UCEDC'S MICROLOAN PROGRAM PROVIDES BOTH START-UP AND EXISTING BUSINESSES WITH AN OPPORTUNITY TO BORROW MONEY FOR A VARIETY OF REASONS, INCLUDING PURCHASING EQUIPMENT, FIXTURES OR INVENTORY; WORKING CAPITAL; OR MAKING RENOVATIONS ON PRIVATELY OWNED COMMERCIAL REAL ESTATE. START-UPS (OPERATIONAL FOR LESS THAN TWO YEARS) CAN BORROW A MAXIMUM OF $35,000 FOR UP TO SIX YEARS. OLDER BUSINESSES WITH A PROFITABLE OPERATING HISTORY ARE ELIGIBLE FOR UP TO $50,000 FOR THE SAME TIME PERIOD. INTEREST RATES VARY FROM 2% TO 9.25%, DEPENDING ON THE AGE AND FINANCIAL OPERATIONS OF THE BUSINESS AND THE OWNER'S CREDIT HISTORY.CLOSING FEES APPLY, BUT YOU MAY PREPAY WITHOUT PENALTY.UCEDC IS ONE OF ONLY 40 LENDERS IN THE NATION TO OFFER THE SBA (7A) FINANCING PROGRAM, DESIGNED TO ENCOURAGE BUSINESS GROWTH AND JOB CREATION. LONG-TERM LOANS OF UP TO $250,000 ARE AVAILABLE TO START-UP (IN OPERATION LESS THAN TWO YEARS) AND EXISTING BUSINESSES.FUNDS CAN BE USED FOR A WIDE VARIETY OF PURPOSES INCLUDING WORKING CAPITAL; FURNITURE/FIXTURES, MACHINERY AND EQUIPMENT; LAND ACQUISITION FOR COMMERCIAL PURPOSES; CONSTRUCTION OR RENOVATION FOR PRIVATELY OWNED COMMERCIAL PROPERTIES; LEASEHOLD IMPROVEMENTS; AND BUSINESS ACQUISITION. INTEREST RATES ARE BASED ON THE AMOUNT OF THE LOAN AND LENGTH OF THE LOAN DEPENDS ON THE USE OF THE FUNDS.THE SBA 504 PROGRAM PROVIDES GROWING BUSINESSES WITH THE OPPORTUNITY TO PURCHASE, CONSTRUCT OR IMPROVE THEIR OWN BUILDING OR PURCHASE MAJOR EQUIPMENT THROUGH LONG-TERM, BELOW-MARKET FIXED RATE FINANCING. UCEDC WORKS IN PARTNERSHIP WITH COMMERCIAL LENDERS TO STRUCTURE FINANCING THAT TYPICALLY CALLS FOR ONLY A 10% CONTRIBUTION FROM THE BORROWER. SOFT COSTS AND CLOSING COSTS CAN BE ROLLED INTO THE LOAN, MAXIMIZING CASH FLOW THAT CAN BE INVESTED BACK INTO THE BUSINESS. UCEDC'S PORTION OF THE FINANCING REPRESENTS A MAXIMUM OF 40% OF THE TOTAL (UP TO $5.5 MILLION), WITH 10-20 YEAR TERMS.


TECHNICAL ASSISTANCE PROGRAM: UCEDC OFFERS A WIDE VARIETY OF EDUCATIONAL PROGRAMS DESIGNED TO HELP SMALL BUSINESSES TO START, GROW AND THRIVE. WHETHER YOU'RE A BUSINESS BEGINNER, NEED A REFRESHER IN THE BASICS, OR ARE LOOKING FOR A MORE INTENSIVE EXPERIENCE, WE HAVE THE TRAINING SESSIONS TO FIT YOUR NEEDS.BUSINESS BASICS - THESE FREE TWO-HOUR WORKSHOPS ADDRESS A VARIETY OF BUSINESS CONCERNS FOR BOTH START-UP ENTREPRENEURS AND ESTABLISHED BUSINESS OWNERS.THEY ARE OFFERED THROUGHOUT NEW JERSEY, OFTEN IN COOPERATION WITH PARTNER ORGANIZATIONS AND AGENCIES THAT SHARE OUR COMMITMENT TO SMALL BUSINESS GROWTH. BUSINESS MENTORING -UCEDC LOAN CLIENTS AND GRADUATES OF OUR MULTI-SESSION TRAINING PROGRAMS RECEIVE FREE INDIVIDUALIZED BUSINESS COUNSELING. YOUR UCEDC BUSINESS MENTOR IS YOUR BOARD OF DIRECTORS, CFO, AND MARKETING MANAGER, ALL ROLLED INTO ONE. YOUR MENTOR MEETS WITH YOU AT YOUR CONVENIENCE, ACTS AS YOUR SOUNDING BOARD, AND OFFERS FEEDBACK, ADVICE AND SUGGESTIONS TO KEEP YOUR BUSINESS ON TRACK.


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Board, Officers & Key Employees

Name (title)Compensation
Marcy C Metz
Chairman
$0
Michael Warrington
Vice Chair
$0
Tomas Porturas
Treasurer
$0
Melissa Murray CPA
Secretary
$0
Gail M Driscoll
Trustee
$0
Robert L Katz
Trustee
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $3,238,950
All other contributions, gifts, grants, and similar amounts not included above$372,650
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$3,611,600
Total Program Service Revenue$612,100
Investment income $514,759
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $69,530
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $4,807,989

Peer Organizations

Organization NameAssets
Harristown Development Corporation
Harrisburg, PA
$18,623,535
South Bronx Overall Economic Development Corporation
Bronx, NY
$12,019,062
Greater Jamaica Development Corp
Jamaica, NY
$7,601,973
43north Bpc Inc
Buffalo, NY
$8,181,242
Economic Development Growth Enterprises Corporation
Rome, NY
$8,193,120
Rising Tide Community Loan Fund
Bethlehem, PA
$8,811,127
Pittsburgh Downtown Partnership
Pittsburgh, PA
$9,502,366
Newark Downtown District Management Corporation
Newark, NJ
$8,541,889
Buffalo & Erie County Industrial Land Development Corp
Buffalo, NY
$6,783,218
Rdc Commercial Center Inc
Brooklyn, NY
$4,484,188
Upper Manhattan Empowerment Zone Development Corporation
New York, NY
$5,950,446
Hester Street Collaborative Inc
New York, NY
$4,512,361
Grow America Fund Inc
New York, NY
$3,801,712
Gmdc Two Inc
Brooklyn, NY
$3,942,853
Enterprise Center
Philadelphia, PA
$6,353,979
Flatbush Development Corporation
Brooklyn, NY
$3,907,106
North Central Pennsylvania Regional Planning And Development Commi
Ridgway, PA
$5,098,321
Union County Economic Development Corp
Cranford, NJ
$4,807,989
Ridc Ltc 48
Pittsburgh, PA
$2,513,926
Rochester Economic Development Corporation
Rochester, NY
$1,673,115
Federation Housing Inc
Philadelphia, PA
$5,789,633
Aeris Insight Inc
Philadelphia, PA
$3,015,767
Biobat Inc
Brooklyn, NY
$3,125,444
Stand Up For Salem Inc
Salem, NJ
$2,537,533
Buffalo Erie Niagara Land Improvement Corporation
Buffalo, NY
$1,643,388

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