UCEDC - Mission & History
Mission
UCEDC is a private, nonprofit Community Development Financial Institute (CDFI) that fosters economic growth. We accomplish this by providing financial and technical assistance to new and existing businesses with emphasis on benefiting under-served people and communities.
History
In1977, the Union County Economic Development Corporation was founded through a collaboration of Union County, NJ, business executives, labor leaders, and government officials in response to the county's eroding economic base. We were organized as an autonomous, nonprofit economic development corporation to attract and retain business and industry in Union County. Over the years our programs have evolved to encompass financing, technical assistance, and procurement services. Today, UCEDC is a statewide entity serving thousands of businesses annually. What follows are some of our highlights over the past thirty years.
1977:
Union County Economic Development Corporation (UCEDC) is incorporated as a non-profit economic development organization to serve the business community of Union County. UCEDC was first headquartered in Elizabeth.
1980:
The Union County Board of Chosen Freeholders designates UCEDC as the coordinating agency for all economic development activities in Union County.
1981:
UCEDC begins its direct lending program
1982:
UCEDC expands its lending programs to include Urban Development Action Grants, provided by the U.S. Housing and Urban Development agency.
1983:
UCEDC is designated the leading Union County agent for SBA 503 loans.
1989:
UCEDC establishes its Facade Loan Program and, in collaboration with architectural students at Union County College, develops a Facade Rendering Program to assist local businesses.
1990:
UCEDC establishes a research department, publishing the Union County Economic & Demographic Profile, Major Employers Listing, and Major Development Projects reports.
1993:
- UCEDC moves to its current home, 1085 Morris Ave. in Union.
- UCEDC co-sponsors the Land Recycling Inventory Study with the Regional Planning Association, cataloguing vacant, contaminated and under-utilized properties in Union County.
1994:
- US SBA identifies UCEDC as one of four microlenders in New Jersey.
- UCEDC assumes the operation of an existing Elizabeth, NJ, Government Contract Procurement Technical Assistance Program and expands it to include all of Union County. The program helps small businesses obtain government contracts.
1995:
UCEDC offers the first Entrepreneurial Training Institute workshop in Union County in partnership with the NJ Economic Development Authority.
1996:
UCEDC establishes its first ISO 9000 Consortium with 27 participating companies. ISO is the world's largest developer of international standards for quality management.
1997:
UCEDC becomes the first economic development organization in NJ to sell a portion of its loan portfolio, allowing for more loan dollars to be redirected into the community.
1999:
UCEDC provides its first bond financing through the Bond Partnership Program.
2000:
UCEDC is designated a CDFI (community development financial institution) by the US Treasury, one of only 230 economic development organizations in the US to receive this distinction.
2005:
UCEDC expands its lending programs statewide.
2007:
UCEDC lends to its 400th borrower.
2008:
UCEDC reaches mega million milestone, having loaned $10 million and leveraged over $160 million in community development.
