Maureen Tinen, President

 >Locating your Business Location

 >UCEDC Clients Get a Reality Check

 >Women's Business Summit 

 >Summer Training Opportunities 

NJ Business Grants for Sandy Relief

Small businesses that are still feeling the pinch from Superstorm Sandy may qualify for up to $50,000 in grants from the Stronger NJ Business Grant program.  Part of the federal disaster recovery allocation, the grant program has $260 million available to help businesses that were impacted by the storm.

This program is great news for small businesses.  Here are some key eligibility requirements that you should know about.  First and foremost, all applicants must have previously applied for an SBA disaster loan and received a declination or approval.  Grant funds are designed to fill gaps in capital needs that were not met by other disaster-related sources, so you'll have to demonstrate that you applied for a SBA loan and still have unmet funding needs.

You'll also have to show that you suffered at least $5,000 in physical damage due to the storm, which may include damage to non-perishable/non-consumable inventory.  Be forewarned that funds cannot be used to reimburse expenses for construction/renovation work already completed.  

Complete information and the application can be found on the  NJ Economic Development Authority (NJEDA) website. The NJEDA's Office of Recovery is dedicated to helping small businesses navigate the application process and a call center has been set-up to handle any questions you may - 1-855-SANDY-BZ. We encourage all eligible businesses to apply for a grant - you have nothing to lose and everything to gain.

If you don't qualify for a grant or need additional funding, UCEDC's Storm Recovery Loan Program may be the answer.  We're offering working capital loans of up to $25,000 at 2% for five years, with no collateral requirements.  Proceeds may be used to cover economic damage, such as losing revenue due to power outages, or physical damage.  We do not require any prior FEMA/SBA application or physical damage, but you must have been in business for at least two years and be profitable prior to the storm.

We're proud to announce that the Hurricane Sandy NJ Relief Fund, founded by NJ First Lady Mary Pat Christie, has awarded UCEDC $328,000 to support our Storm Recovery Loan Program.

The Relief Fund joins Investors Bank as a supporter of this innovative financing option for small businesses impacted by Sandy. Our program has helped businesses throughout New Jersey get quick access to working capital at below-market rates.

With close to $1 million in storm recovery loans so far, we're ready to help your small business get back on track.  Our funds can be used for a variety of purposes, such as paying bills, purchasing inventory, making repairs, or replacing lost income.

Locating your Business Location:

making the right choice

Whether you're making the move out of your home office or are expanding your existing operations, one of the most critical choices you'll make as a business owner is where to locate your business.  Start your search on the right foot by checking out the many online sources of business location information and advice. They'll help you get a handle on the many factors you should be considering before you make your lease or purchase choice.

Of course, choosing between a retail, office, commercial or industrial location will be relatively easy as the nature of your business will most likely dictate where you need to be.  Your financial situation will also help to narrow down your selection.  But what about employee transportation needs?  Office layouts to boost efficiency?  Or unexpected municipal zoning issues?  These are the types of considerations that you may need help thinking through.

The SBA has some helpful articles. The New Jersey Business Action Center offers a quick view of some of the most important information when selecting a site with its Site Evaluator Tool. From here you can select a location and view detailed environmental, economic growth and planning and workforce demographic data.

One of the most detailed discussions we've found on the subject can be found at the Business Owners Toolkit website.  Starting with What to Consider When Making Business Facility Decisions, you'll find a series of articles  that will help you think through a wide array of issues on choosing a facility, evaluating the neighborhood, and deciding to lease or buy.

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Think you can't afford to buy your own building?

Our SBA 504 Commercial Real Estate Loan program lets you purchase commercial property with as little as 10% down, saving you thousands in cash.

With below-market, long-term fixed rates, and the ability to roll in closing costs and other fees,  a 504 loan can take you from leasing to owning.

Looking for Commercial Property in Union County?

Be sure to check out the latest edition of our Business Property Guide.  You'll find featured retail, office, industrial, land and investment properties throughout the county, listed by the top brokers in the field.

Whether you're looking to lease or purchase, chances are you'll find what you're looking for.

UCEDC Clients Get a "Reality Check"

It's hard to say why it's happened, but reality TV has entrepreneurial fever.  Shows that feature entrepreneurs and small business owners pitching to a panel of experts have popped up on broadcast and cable networks everywhere.  And two UCEDC clients have bravely entered the fray, looking for cash and getting even more valuable feedback.

Arthur Gregory is ready for his close-up

Arthur is the owner of EATUSA, a mobile and online mechanism for selling and distributing specialty foods and culinary gifts from every state in the country.  He participated in UCEDC's 6-week training program for start-up entrepreneurs.

This was Arthur's third Shark Tank audition and while he was initially disappointed that he wasn't chosen, he keeps coming back for the opportunity to pitch his business idea in a high-pressure situation and to get feedback on his presentation and business plan.  Each audition resulted in ideas for improvement and refinement, making EATUSA a more viable business concept.

CNBC, the cable business network, recently launched its own entrepreneurial pitch program, Crowd Rules and Robyn Samra , owner of Pickle Licious, and her daughter Alex Sukiennik were featured on its premiere.  Pickle Licious, a UCEDC microloan and business mentoring client, sells pickles, olives and other specialty foods in a retail location in Teaneck and farmers markets throughout the state. 

Robyn and Alex competed against two other small businesses for a $50,000 cash prize with the winner chosen by both an expert panel and audience members.  Although they did not come out on top, Robyn and Alex found the grueling process worthwhile, thanks to the fresh perspective  on their retail location they got from the panel.

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Are you ready to swim with the "Sharks"?

Hone your business idea at UCEDC's next Entrepreneurship 101 workshop.  Join fellow start-up business owners in an interactive setting to test your personal business readiness and the long-term viability of your idea. 

Our six-week program, held in locations throughout New Jersey, will guide you through the early stages of the entrepreneurial process and will give you the tools you need to start and run a profitable business.

Our next class runs August 7 - September 12 in Asbury Park.  Visit the class webpage or contact Jamie Mitchell at jmitchell@ucedc.com for more information.

Calling All Working Women! (and men, too)

Looking for inspiration, motivation and education on how to compete and succeed in the business world?  Then Union County's Women Mean Business Summit on June 19th is the program for you.

Sponsored by Union County's Board of Chosen Freeholders, the Summit features panel discussions, talks, and interactive sessions about starting a business, re-entering the workforce, enhancing your business through social media, breaking the glass ceiling, and networking.  With an optional free golf lesson at 11 am, followed by lunch, breakout sessions and a networking cocktail hour, all held at the brand new Galloping Hill Golf Clubhouse, this event is sure to be a highlight of the season.

Not from Union County?  No problem - everyone is welcome.  Get complete information here.

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Summer School for Savvy Business Owners

UCEDC's training events are not taking a summer break - we've got a full lineup of workshops and seminars to give you the competitive edge you need, regardless of the season.  And be sure to check our events calendar for updates throughout the coming months.

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