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Union County Economic Development Corp

EIN 22-2155884 · Cranford, NJ

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthStrong91 out of 100GovernanceStrong100 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

PROMOTE & DEVELOP ECONOMIC GROWTH IN NEW JERSEY BY PROVIDING FINANCIAL AND TECHNICAL ASSISTANCE TO SMALL BUSINESSES.

Income
$4.1 million
Spending
$3.9 million
Spent on programs
87%
Reserves
53.6 months of spending
Largest source of income
government grants, 57%
Employees
23
Volunteers
17
Highest pay
$285,558, president

Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Strong: 91 out of 100. Higher than 81% of charities in its peer group (community improvement, $1m to $10m).

  • Reserves

    35 of 35

    Spendable reserves would cover 53.6 months of spending.

  • Debt

    16 of 20

    It owes 27% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 4% of income.

  • Income trend

    10 of 15

    Income fell 3% on the year before.

  • Spending floor

    15 of 15

    86% of spending went to programs and raising each dollar of donations cost 0 cents.

Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Strong: 100 out of 100. Higher than 67% of charities in its peer group (community improvement, $1m to $10m).

  • Independent board

    25 of 25

    17 of 17 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (2)
  1. $2.5 million spent. 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, WITH SUFFICIENT COLLATERAL, 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 UP TO 7.75%, DEPENDING ON THE AGE AND FINANCIAL OPERATIONS OF THE BUSINESS AND THE OWNER'S CREDIT HISTORY. LOANS MAY BE PREPAID 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 10-25 YEAR TERMS.
  2. $894,183 spent. 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.

Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated November 6, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending December 2025.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since April 1979.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated November 4, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.