UCEDC: a nonprofit lender based in Union County
UCEDC, headquartered at 75 Chestnut Street in Cranford (908-527-1166) [11], describes itself as a non-profit economic development corporation that offers free workshops, affordable loans and government contracting help [5]. Its loans run from $500 to $5.5 million, with personalized mentoring [5]. It also runs a Virtual Incubator Program with training, mentorship and funding, and an APEX Accelerator for government contracting [5].
In SBA records, Union County Economic Development Corporation is also a Certified Development Company, the kind of lender that makes SBA 504 loans for buildings and equipment. It made 4 New Jersey 504 loans from FY2024 to June 2026 [1]. Most 504 loans on Union projects went through Trenton Business Assistance Corporation (13) and Empire State Certified Development Corporation (6) [1].
Construction firms lead Union's SBA borrowing
Construction took 65 of Union's SBA loans, worth $28.1 million, ahead of repair and personal services (58) and retail (57) [1]. Residential remodelers (14) and plumbing and HVAC contractors (8) were the most common trades, followed by electricians and commercial builders (5 each) [1]. The county had 1,519 construction establishments in 2023 [2].
Worked example: $144,700 for a Union County contractor
That is the median SBA loan to a Union construction firm [1]. Variable 7(a) loans from $50,001 to $250,000 are capped at the base rate plus 6.0% [3], and the prime rate was 7.00% on Oct 20, 2026 [4], so the cap is 13.0%.
Over 10 years at the cap: $2,160.53 a month and $114,563.17 in interest. Over 7 years the payment rises and the interest falls. Lenders may price below the cap. Fees are extra.
Two other Union industries borrow larger amounts. Child care centers took 15 SBA loans at a median of $400,000, and local trucking firms took 15 at a median of $100,000 [1]. Union has 502 trucking establishments, fourth in the state [2].
Linden, Elizabeth and the rest of the county
Linden borrowers took the most Union County SBA loans (71), then Elizabeth (61), Union Township (56), Westfield (33), Rahway (32) and Cranford (23) [1]. In Elizabeth, local and long-distance trucking firms were the most common borrowers, and TD Bank, Newtek Bank and Northeast Bank made the most loans [1]. Elizabeth ZIP codes held 2,186 establishments in 2023 [2].
| Lender | Loans | Median loan |
|---|---|---|
| TD Bank | 120 | $70,500 |
| M&T Bank | 55 | $81,000 |
| Northeast Bank | 32 | $150,000 |
| Newtek Bank | 31 | $200,000 |
| ReadyCap Lending | 22 | $350,000 |
Elizabeth, Hillside, Plainfield and Roselle: Union's UEZ towns
All four are in New Jersey's Urban Enterprise Zone program; Elizabeth's is run by the Elizabeth Development Company [6]. A certified business there can collect sales tax at 3.3125% on most in-person sales at its zone location [7]. Union also has 11 Opportunity Zone tracts from 2018: 5 in Elizabeth, 2 each in Linden and Plainfield, and 1 each in Hillside and Rahway [8].
Card processing for Union County businesses
Union County had 1,847 retailers, 1,157 restaurants and 372 auto repair shops in 2023 [2]. Elizabeth's retail corridors and the county's repair bays both run mostly on card sales, but with very different ticket sizes.
Take a $180 brake job. Square's in-person 2.6% + 15¢ [14] costs $4.83. A debit card from a large bank pays that bank interchange of no more than 21¢ plus 0.05% of the sale [13], 30¢ on $180. A shop with many debit customers has the most to gain from pricing that passes the lower debit cost through.
New Jersey's P.L.2023, c.146 bars a credit card surcharge above your actual cost of processing [12]. The credit card processing fees explainer shows where the money goes, and the fee analyzer prices your own statement.
Free help in Union County
- NJSBDC at William Paterson University serves Passaic and Union counties and has an Elizabeth office at Vintage City Offices, Suite 62, 30 Union Street, by appointment [9].
- Union County Department of Economic Development, 908-527-4802. Its Bureau of Community Development oversees the federal Community Development Block Grant program [10].
- UCEDC's free workshops and loan pre-qualification [5].
Before you sign anything fast, compare it with a term loan, a line of credit or equipment financing. A merchant cash advance is a purchase of future receivables, not a loan, and usually costs the most. Batch Capital can show the options in dollars after the quiz.