UCEDC - News Item
UCEDC Announces Annual Award Winners
A community bank looking for a new approach to meet its business customers' needs. . .an entrepreneur expanding into new markets. . .an old family business growing its operations. These are not stories typical of an economic downturn. They are, however, the realities of economic development leveraged by UCEDC, a Union-based non-profit economic development organization. Investors Savings Bank of Summit, 24/7 Courier Services & Logistics of Mountainside, and Cavalier Properties of Roselle were each recognized this past month at UCEDC's annual holiday reception.
"Every year our organization likes to call attention to local businesses that have made an economic impact in their communities, either through beautification efforts, increasing hiring, or outstanding customer service," states Maureen Tinen, President of UCEDC. "Annually we recognize these businesses, in the form of Entrepreneur of the Year, Community Reinvestment, and our Community Partner awards."
Tinen continues, "We feel these awards are particularly relevant in this economy, as our winners have really had to think outside of their respective boxes to not only keep their businesses open and running, but also to actually grow them."
When Alberic Baptiste re-started his Mountainside-based courier service, 24/7 Courier Service & Logistics, he turned to UCEDC for help. He knew that securing a service contract would be his best bet for long-term success. He worked with UCEDC's procurement division, and in 2008 won his first subcontract from a Veteran's Administration contractor. This added security allowed him to hire more drivers so that Mr. Baptiste himself could spend less time on the road and more time building his client base. Mr. Baptiste won UCEDC's Entrepreneur of the Year award for demonstrating smart and strategic growth and adding jobs to his local community.
Business partners Louis Andrianos, George Andrianos and Angelo Vayas could have been content with their current business, Cavalier Diner, a Roselle dining landmark. However, they knew the area could support additional dining and social options, and thus they embarked upon a major $2 million renovation of the diner, while adding on a beautiful banquet hall and social lounge. The resulting property has beautified the neighborhood, added twelve jobs to the economy, and gave Messrs. Andrianos and Vayas UCEDC's Community Investment Award.
For years UCEDC unsuccessfully struggled to develop a 'line of credit' product for fledgling businesses. This product is absent in the field of economic development lending due to the administrative burden in managing the product. However, in a unique collaboration between Ellen McHenry, UCEDC's Director of Financial Programs, a tenacious banker, Areli Gonzalez from the Summit-based Investors Savings Bank, and the forward thinking and creative management team from Investors, UCEDC launched the first in the country line-of-credit product for entrepreneurs! Without Investor Savings Bank's extraordinary commitment to the small business community, this critical new service would not have come to market. Investors Savings Bank created a unique system for UCEDC and agreed to manage all of the 'back-office' operations associated with the product. UCEDC recognized Investors Savings Bank as its 2008 Community Partner for their unparalleled creativity and drive to meet the community's need for capital.
UCEDC, a non-profit economic development corporation, is dedicated to stimulating economic growth for small businesses throughout New Jersey by providing them with resources and solutions for business expansion. Since 1977, UCEDC has helped entrepreneurs open their doors and assisted established businesses expand into new markets, primarily through innovative lending and procurement programs. Since its inception, UCEDC has lent more than $10 million and leveraged over $160 million in community investments. In addition, the corporation has assisted hundreds of businesses in obtaining over $500 million in government contracts. UCEDC grows local economies and strengthens communities by creating new jobs and a stronger and more stable business climate.
Posted: 01/05/2009
Annual Awards
Maureen Tinen, President, UCEDC presents UCEDC's Entrepreneur of the Year Award to Alberic Baptiste, 24/7 Courier Services of Mountainside, the Community Investment Award to Cavalier Properties, LLC, and the Community Partner Award to Investors Savings Bank.
