http://www.ucedc.com/rss-news.php UCEDC members in the news en-us Tue, 24 Jun 2008 04:00:00 GMT Wed, 08 Sep 2010 15:53:14 GMT Ellen McHenry, UCEDC's Director of Finance, spoke on UCEDC's lending programs at last week's Fanwood-Scotch Plains Rotary Club meeting.  Read more about it on the Scotch Plains-Fanwood Patch. http://scotchplains.patch.com/articles/brief-rotary-discusses-small-business-loans

 
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=34 Who would have thought that a simple phone call could turn into an iPad?

Well, that’s what happened to Danielle Adams from Affinity Credit Union. Danielle realized her client didn’t quite fit her credit union’s criteria for a small business loan, and referred her client to UCEDC, a non-profit economic development corporation for a microloan.

Right now, UCEDC is running monthly iPad drawings as a thank-you to its partners for their referrals. Danielle Adams is the first winner. Drawings will continue through December 31.

“We want to be first on our partners’ minds when they have clients who fall outside the scope of their services,” states Ellen McHenry, Director of Financial Programs for UCEDC. “Simply by referring the client, their name is entered into that month’s drawing. The loan does not even have to close,” McHenry continues.

As for Danielle, she collected her iPad on August 6th, and is busy loading it with fun apps.

For more information on referring clients to UCEDC, contact Ellen McHenry at 908-527-1166 or emchenry@ucedc.com
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=33 On July 19, the Union County Employers' Legislative Committee (ELC) hosted Congressman Albio Sires of the 13th District.  Representatives from over 60 companies were on hand to hear his remarks on health care reform and its impact, and the need for deficit reduction.

Photo (L-R): Howard Rubin, Gordon Haas, James Brody, Kate Conroy, Congressman Albio Sires, Maureen Tinen (ELC Chair), Elizabeth Garcia
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=32 The July 5th issue of NJBIZ delineates the vast number of financial programs and incentives available for small businesses from statewide agencies, including UCEDC's lending programs.  Read more here.
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=31 In a report on federal contracting, NJBIZ reported on Monday, June 28, that the American Small Business League is arguing that too many large companies are mis-categorizing themselves as "small businesses."  ASBL is asking for an executive order to stop reporting awards to large publically traded companies as "small business awards." 



NJBIZ reporter Beth Fitzgerald quotes UCEDC president Maureen Tinen regarding the complex process to secure government contracts.  Read more here.
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=30 The Star Ledger reported in its Sunday, Feb. 28th edition how UCEDC and other microlenders work to get small businesses up and running.  Read more here.
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=29 Over at NJ.com, Kim Pamperin's story caught the eye of the NJ Women in Business blog.  Read more about Kim here.
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=28 UCEDC microloan client, Dulce Candy Boutique of Montclair, NJ, was the focus of a New York Times feature on tri-state candy stores.  Read more here
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=25 A candy store is a magical place where parents and children can put aside generational differences and come together in a wonderland of truffles, candy canes and toffee – one living in the moment, the other returning to a happy past. For Diana DiMonda, it’s this magic that she cultivates in her Montclair candy boutique – Dulce.

DiMonda and her sister, Melissa Tripoli, opened Dulce during the closest thing to a Depression most have ever seen. “There were a lot of raised eyebrows during our grand opening, for sure,” DiMonda recalls. But the sisters were not living some childhood fantasy – a fact that became obvious when they shopped their business plan over to UCEDC for a microloan.

Although they had no business background to back up their application, they had done their homework. “UCEDC was very excited and supportive.” DiMonda and Tripoli had worked eight months on their business plan but despite a ton of data, they really had nothing to base financial projections on.

“We gave them (UCEDC) three scenarios – best case, worst case and what we thought would be reality.” Dulce got the smallest loan they could from UCEDC and DiMonda is proud of the fact that “we were able to get up and running – from soup to nuts – for the smallest amount possible.”

Today, sales are trending slightly higher than the “reality” scenario. Why candy, why now? DiMonda’s research found candy is almost recession proof: It reminds people of better times, it’s a low price point, and “you can walk into a pretty shop, make a small purchase and come out with something tangible.”

DiMonda, who has a business degree, is the financial driver of the business, while her sister, a former publishing executive, is the marketing arm. For business advice and mentoring, they turn to Paige Sato at UCEDC. Business mentoring is a service provided to clients. “We definitely take advantage of that service,” DiMonda said, from learning how to use Quickbooks to day to day business operation questions. “They were tremendous through the whole process. They were constantly in touch with us.”

Walking into Dulce is taking a step into a different time: 85 penny candy jars, apothecary jars and galvanized tins dance with lemon drops, cinnamon sticks, cotton candy and red licorice sticks. In fact, walking was a big part of the reason they selected Montclair for their boutique. “We would only have opened this store here,” DiMonda explains. “It’s a walking town. This is the perfect environment for this kind of store.”

So perfect that Dulce is looking at some expansion this year, potentially offering e-commerce on their website (www.dulcenj.com) for some special packages that could be shipped nationwide. Riding a wave of good publicity including a piece in Montclair Magazine and a mention in a February edition of The New York Times, Dulce is taking a sweet ride through bitter times. “We couldn’t have done it without the support of UCEDC. Having them as a support system is tremendous.”
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=26 NJBIZ captures UCEDC services in a nutshell.  Read more here.
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=27 http://blog.nj.com
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=24 Most people concerned about losing their jobs get scared and panicky. But not Melissa Cullen. She saw the opportunity she’d been waiting for – the chance to open her own business. With the help of UCEDC’s Entrepreneurial Training Initiative, she was able to take advantage of the chance and turn a long-time dream into a reality.

Cullen always knew what kind of business she wanted. “It’s something I’ve wanted to do for a really long time – being around dogs,” says the owner of Riverview Bark, a self-service dog wash and pet service facility in Jersey City.

What she lacked in business experience, she made up for with enthusiasm. A makeup artist who worked in the entertainment/event industry, Cullen says if she hadn’t been laid off “I would have left anyway.” She’d been doing research for a year before losing her job. But to move forward with her dream, she needed a business partner who really understood the details of starting a business.

“I was so glad when I found UCEDC. They explained all the little things I never would have thought of,” she recalls. “Just the checklist was amazing!”

Cullen worked with Erich Peter and completed the six-week Entrepreneur Training Initiative program. Her business is set to open in January and so far, while she’s used the tools she learned in ETI, she has largely used personal funds to get up and running. But she’s preparing now for panel review and hoping to obtain some financing.

“When I think about it, it seems like it’s taking so long to get going,” says Cullen. But UCEDC has helped her manage her expectations. “They said there are things you can’t control and glitches that happen in every startup.” She tries to keep that in mind while awaiting delivery of her custom tubs.

Peter has been a continuing resource for Cullen. “I shoot them emails with questions all the time.” The experience has been “intense” and a lot of work, but Cullen knows she needed UCEDC. “The owner has all the hopes and dreams, but they (UCEDC) turn it into a business.”

Find Riverview Bark at www.riverviewbark.com; find out more about the ETI program by emailing epeter@ucedc.com
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=23 Learn more about the SBA's microloan program and how it helps small businesses. http://budurl.com/4qds
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=22 UCEDC will again honor individuals and businesses who demonstrate outstanding commitments to promoting sustainability and economic growth in the Union County area. Award winners will be recognized at UCEDC’s Annual Holiday Networking Reception on December 9, 2009.

UCEDC is now calling for nominations for its 2009 Community Investment Award and 2009 Entrepreneur of the Year Award. The Community Investment Award honors a business that has demonstrated a positive impact on its immediate neighborhood and has helped improve the business climate of that neighborhood. The Entrepreneur of the Year award recognizes a business owner demonstrating a strong entrepreneurial spirit and showing the potential for long-term growth while also is committed to their local community through volunteer activities.

Award recipients could be as small as a single storefront or as large as a corporate headquarters or may be a local or county public project.

Nominations may be made by any federal, state, county or municipal official; by a member or staff of a local chamber of commerce; by staff of an economic development organization; or by a neighboring business or retail establishment. No self-nominations will be accepted.

For nomination forms and a complete listing of categories, guidelines, criteria and information, visit www.ucedc.com and click on Media Releases. Submissions are due November 13, 2009, and should be completed and sent via email to psato@ucedc.com.
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=21 NJBIZ reported last week on the record number of New Jerseyans interested in starting their own business, as evidenced by turnout at a recent Entrepreneurial Training Initiative program.  Read more here.
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=20 Find out how our Business Growth Fund helped The Cavalier Diner here.
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=19 Read about how we are responding to the recent Credit Crunch for NJ Small Businesses here.
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=18 The US Small Business Administration enacted its Dealer Floor Plan financing option.  Read more here.
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=17 This week's issue of NJBiz announced its fifteen New Jersey Movers & Shakers.  We're proud to recognize Maureen Tinen, President, as one of the fifteen.   Read more about the Movers & Shakers here.
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=16 NJ Biz reporter Beth Fitzgerald visited UCEDC to report on how UCEDC helps New Jersey small businesses land government contracts.  Continue: http://budurl.com/swrr
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=15 After much success, UCEDC is launching its Entrepreneurial Training Initiative (ETI) in Spanish. On April 8 UCEDC and BCDC will introduce ETI through a Spanish-language information session from 6-9pm at NJIT's Enterprise Development Center at 105 Lock St (4th Fl) in Newark.  This session is free of charge and open to both aspiring as well as current business owners. 

Starting a business is always a risk; availing yourself of all the resources mitigates that risk and creates an opportunity for success.  UCEDC's ETI program is designed to do just that-by developing a business plan, an entrepreneur can clearly assess the risk involved and potential opportunity, and then make the strategic decision whether or not to move forward.

For more information about UCEDC and its ETI program, call 908-527-1166 or visit www.ucedc.com
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=14 The New York Times writes how microlenders are taking the lead among small businesses, providing an alternative source of financing around the county.

http://budurl.com/fm32
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=13 Now might not be the best time to hang up one's shingle, but with continued layoffs and a stagnant economy, more and more New Jerseyans are entertaining, whether willingly or not, the idea of becoming their own boss.    

Reluctant entrepreneur or no, the timing just may be right.  There are numerous resources available for entrepreneurs, as well as existing business owners, confronting the task of starting, or keeping their operations going.

UCEDC, a Union-NJ based non-profit economic development organization, has recently partnered with the New Jersey Economic Development Authority, to ramp up technical assistance for New Jersey entrepreneurs, with an emphasis on business plan writing and one-on-one business mentoring.

"A solid business idea is your best starting point," states Erich Peter, UCEDC's Director of Training & Technical Assistance.  "However, you will need to back up that idea with a complete and well thought-out business plan," Peter continues.

Throughout 2009, UCEDC will be rolling out its Entrepreneurial Training Initiative (ETI) workshops throughout the state.  This six-week program walks both current and aspiring business owners through the research and development process to create their own business plan, and culminates in not only a completed plan, but an audience with potential lenders.

According to Peter, "Our first ETI series will be held at Passaic County Department of Economic Development in Totowa, and will start on March 3.  We expect to offer the ETI series in Central and South Jersey later on in the year."

Starting a business is always a risk; availing yourself of all the resources mitigates that risk and creates and opportunity for success.  UCEDC's ETI program is designed to do just that-by developing a business plan, an entrepreneur can clearly assess the risk involved and the potential reward, and then make the strategic decision whether or not to move forward.

For more information about UCEDC and its ETI program, visit www.ucedc.com, or call 908-527-1166.

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http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=12 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.
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=10 UCEDC, a statewide non-profit economic development corporation, is launching a line of credit program for New Jersey small businesses.  This program is the first of its kind in the New Jersey micro-enterprise community, and will be a key tool in providing access to capital to New Jersey small business owners.

According to Ellen McHenry, Director of Finance for UCEDC, "Our line of credit program will be a valuable tool for the business owner with fluctuating cash flow needs.  Unlike a term loan, business owners can tap into the line when they need it, and therefore are not tying up their cash flow to monthly payments."

UCEDC lines of credit are available from $5,000 to $20,000 for any of the following uses: the purchase of supplies or inventory, or working capital.  Moreover, the program is open to all small businesses, from start-up to existing, throughout the state.

Variable rates for the lines of credit range from prime + 5% for brand new businesses to prime +3% for business owners showing at least two years of successful operations.

McHenry states, "UCEDC is in the business of promoting smart economic growth among the New Jersey small business community.  Our line of credit is meant to help businesses grow.  Therefore, we have opened this program up to new businesses, and offer below market terms and conditions: our lines of credit are for a one year, renewable term, and there is no "clean-up" period."

UCEDC, a non-profit economic development corporation based in Union, New Jersey, 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 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.
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=9 Three years after closing on her UCEDC loan, Kim Pamperin's business, Hounds on the Hudson, is now the top dog in the North Jersey doggie daycare industry.

According to Pamperin, "About four years ago, after leaving corporate America, I became a dog walker and caretaker to help pay the bills, in between freelance graphic design gigs. It was during this time that I rediscovered my passion for dogs. I saw the need for a pet utopia-a place where dog owners could confidently leave their pets, but also a place that dogs just loved to visit.  I created Hounds on the Hudson to fulfill that dream."

Pamperin went about fulfilling that dream responsibly.  She graduated from the New Jersey Economic Development Authority's ETI (Entrepreneurial Training Institute) program, began researching financing options for her business, and approached UCEDC for a loan.

Ellen McHenry, Director of UCEDC Financial Programs, states, "The Hounds on the Hudson loan application was very well prepared.  Ms. Pamperin included her industry-specific experience, a complete market analysis, and realistic projections for both the start-up and growth phases of her business."

Ms. Pamperin opened her business in spring of 2006 after receiving UCEDC funding in December 2005.  As an added bonus to her loan, UCEDC provided Ms. Pamperin with free one-on-one business mentoring services.  UCEDC's business mentor stayed in touch with Ms. Pamperin during the early phase of her business, offering assistance in marketing, accounting, and financials.

Ms. Pamperin explains that preparing a thorough business plan was key to opening her business. In addition, the UCEDC mentor acted as a sounding board and offered good advice regarding different day-to-day aspects of operating her business.

In the eighteen months since receiving a UCEDC loan, Ms. Pamperin has expanded Hounds on the Hudson to include 12 employees and has increased her services to create new revenue from dog grooming, training, and a small retail selection of dog-related products.  Moreover, she expects to see a profit at the end of this fiscal year!
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=7 For Arunkumar Patel, a loan from UCEDC earlier this year represented the key to expanding his business. For UCEDC, that same loan represented a historic milestone: issuing over $10 million in small business loans.

"Lending $10 million to businesses in the region is an important achievement for UCEDC, as it would be for any economic development corporation," said Maureen Tinen, President of UCEDC. "It demonstrates the strong commitment of this organization and its trustees to the business community."

 

 
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=3 As a young woman, Kathy Vastola had spent hours in professional kitchens as both a sous and pastry chef; she had even been accepted to attend the prestigious Culinary Institute of America.  But married life and a growing career with Proctor & Gamble caused her to put her culinary aspirations on hold until 2006.

While living in Ohio, Ms. Vastola became acquainted with Breadsmith, a national franchise specializing in hand-made, hearth-baked artisan breads using fresh, natural ingredients.  When transferred back to New Jersey in 2006, Ms. Vastola became determined to open her own Breadsmith franchise in her town of Cranford. "I thought owning a reputable franchise would be a great second career option after retiring from P&G," states Vastola.

In 2006, Ms. Vastola took her first steps towards starting her Breadsmith franchise.  She found an available storefront on North Avenue in Cranford, and secured financing through her bank and a microloan from UCEDC.  Breadsmith opened to the public in the fall of 2007.

According to Ms. Vastola, "The microloan from UCEDC really allowed me to concentrate on diversifying my revenue streams-I was able to hire staff for the store while I concentrated on securing corporate accounts."

That diversification has paid off.  Ms. Vastola has secured several corporate accounts, including the Short Hills Hilton, and has been able to retire from Proctor & Gambler earlier than expected. 

"Kathy Vastola and Breadsmith are a prime example of how a UCEDC microloan can propel a business towards sustainable growth," states Ellen McHenry, Director of Financial Programs for UCEDC.  "The microloan can be used for a variety of purposes, such as operating expenses, that free up the business owner to develop and act on strategies for growth and expansion."
http://www.mtctest.com/ucedc/about-ucedc-news-item.php?ni_id=5