22B — September 25 - October 15, 2015 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
2015 G overnor ’ s C onference Continuing a partnership with UCEDC, a not-for-profit economic development corp. EDA Board Action helps small businesses overcome barriers to success
RENTON, NJ — Ac- tion taken by the Board of the New Jersey Economic Development Authority (EDA) allows for the continuation of a strategic partnership with UCEDC , a statewide not-for-profit eco- nomic development corpora- tion. The partnership helps to extend the state’s reach to underserved businesses and communities and expands the array of training and technical assistance services available to New Jersey entrepreneurs and small businesses. Through a competitive Re- T
quest for Proposal (RFP) pro- cess, the Board approved a new contract between the EDA and UCEDC, which helps New Jersey businesses start, grow and thrive through procure- ment, technical assistance and innovative lending programs. “Small businesses are criti- cal to the state’s economy,” said EDA chief executive of- ficer Melissa Orsen . “Our partnership with UCEDC has allowed us to help businesses in a comprehensive way, from financial literacy programs and training workshops to guidance in the development
of business plans – all steps that help to ensure a business will succeed.” UCEDC offers a wide variety of free and low-cost training workshops, including a series of courses that help develop financial and business literacy for business owners at all stages of maturation and a comprehensive program that walks entrepreneurs through all aspects of starting a busi- ness, culminating in the de- velopment of a business plan. UCEDC also offers a range of financing vehicles. In addition to its strategic partnership,
EDA also provided a $250,000 loan to UCEDC last year to help boost its lending capacity. In 2014 alone, UCEDC trained or mentored more than 1,700 entrepreneurs, con- ducted 55 business training workshops, and provided $4.1 million in loans to 45 small businesses, 40% of which were minority- or woman-owned enterprises. UCEDC has also established a presence in Camden and Asbury Park to enable local entrepreneurs, businesses, and students to benefit from its programs. Later this sum-
mer, the business incubator at Burlington County College will be home to an additional satellite location. “We are delighted to contin- ue our longstanding partner- ship with the EDA, which has helped us make our programs available to more New Jersey businesses, enabling them to expand and create jobs in the state,” said Maureen Tinen , president, UCEDC. Through the RFP process, the EDA first formed its part- nership with UCEDC in 2008. UCEDC was selected again in 2011 for the second, three year contract award. Orsen noted that the EDA’s partnership with UCEDC is part of the state’s ongoing commitment to supporting small business growth, which also includes dedicated pro- grams that increase access to capital and offer competitive financing to businesses that may not qualify for traditional bank financing. Through the Loans to Lend- ers Program, the EDA makes capital available to financial intermediary organizations that can effectively reach small businesses in local mar- kets, including micro-lenders and Community Develop- ment Financial Organizations (CDFIs). These organizations have the ability to offer term loans and lines of credit to micro-enterprises and small companies not qualified for traditional bank financing. Since 2010, the EDA has provided a total of $5.5 mil- lion to five CDFIs, including the $250,000 loan to UCEDC. In addition, the Greater New- ark Enterprises Corporation (GNEC), New Jersey Com- munity Capital (NJCC), Com- munity Business Assistance Corporation (CBAC), and Regional Business Assistance Corporation (RBAC) have also received assistance. Of the businesses supported with these funds to date, more than 50 percent are minority- or woman-owned. The Small Business Fund provides financial assis- tance to qualified businesses through direct loans, par- ticipations or guarantees, with fixed interest rates. The EDA also partners with New Jersey’s banking community through its Premier Lender Program, which helps to lower the cost of borrowing for small businesses. n
Made with FlippingBook flipbook maker