Urban Enterprise Zone

History

The Urban Enterprise Zone (UEZ) is a State of New Jersey program that was established for a limited number of cities in 1983. In Passaic the UEZ program began in August of ’94. The program has been expanded a number of times whereas it now covers 34 NJ cities.

Responsibilities

The UEZ provides qualified businesses in designated zones certain state tax benefits as detailed herein. The program also provides a revenue source for the cities containing the UEZs. The revenues can be used by the cities for a variety of locally initiated programs to further help the UEZ businesses. Passaic currently receives about $1.2 million per year in these revenues.

The municipal UEZ is administered by a special entity set up specially for that purpose. In Passaic, the UEZ is administered by the Passaic Enterprise Zone Development Corporation.

Grants for Passaic Businesses

Signage/Facade Matching Grant

The Passaic Enterprise Zone Development Corporation, in collaboration with Mayor Hector C. Lora and the City of Passaic, will be providing matching grants to Certified UEZ Businesses for signage and associated façade repairs and lighting. The maximum grant will be $7,500. The amount of a grant shall be 50% of the cost of the improvement up to the maximum grant amount. 

Grants will be made on a first come first served basis as long as funds are available. To apply a businesses must Certified by the NJ Urban Enterprise Zone Authority via an on-line process. Instructions to become a certified business is available at:  

Getting Started in Premier Business Services

 A copy of the application is available through the link below and can be obtained at the UEZ Office. Completed applications should be returned to the UEZ office  at City Hall, 330 Passaic Street, Passaic NJ  Room 203. Questions regarding the loan program can be addressed to the UEZ Office at (973) 365-5520.

SIGNAGE/FACADE MATCHING GRANT APPLICATION 

Small Business Loan Program

The Passaic Enterprise Zone Development Corporation, in collaboration with Mayor Hector C. Lora and the City of Passaic, will be providing loans to Certified UEZ Businesses for property acquisition, building improvements, equipment and working capital. The Maximum working capital loan will be $20,000. The maximum for all other categories is $70,000.

Loans will be made on a first come first served basis as long as funds are available. It is anticipated that UCEDC a Community Development Financial Institution (CDFI) will manage the underwriting process and will fund one-half of the loan amount as a separate and distinct loan to the business.

To apply a businesses must Certified by the NJ Urban Enterprise Zone Authority via an on-line process. Instructions to become a certified business is available at: 

Getting Started in Premier Business Services

A pre-qualification application form for the loan program can be completed on line at: 

Passaic UEZ Loan Pre-Qualification Application

We will contact you within 10 business days after the submission of the pre-qualification .Questions regarding the loan program can be addressed to the UEZ Office at (973) 365-5520.