Union County Economic Development Corp

What it reported doing in 2025

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.

Financial Efficiency

• Mission deployment rate: 88.6%; rating input score 89
• Program expense ratio: 86.5%; rating input score 86
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 4.3%; rating input score 41; 41st percentile among comparable filings
• Total-asset coverage ratio: 6.76; rating input score 85; 85th percentile among comparable filings
• Liabilities to assets ratio: 0.27; rating input score 29; 29th percentile among comparable filings
• Officer compensation ratio: 35.4%; rating input score 5; 5th percentile among comparable filings

Growth

• Program expense growth: 6.1% per year; rating input score 100; 42nd percentile among comparable filings
• Revenue growth: 5.6% per year; rating input score 100; 42nd percentile among comparable filings
• Asset growth: 8.8% per year; rating input score 100; 53rd percentile among comparable filings