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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.
COVID-19 Resources
Information on business related topics related to COVID 19 is available on the following websites of the State of New Jersey:
- COVID-19 Novel Coronavirus Information for NJ Businesses (FAQ)
- New Jersey Department of Labor
- New Jersey Economic Development
- Online Application
The State of New Jersey also maintains the Business Action Center help line at 800-537-7397.
Grants for Passaic Businesses
The NJ Economic Development Agency has announced Phase 3 of a Grant Program. Businesses need to pre-register with NJEDA on their website by October 27th to apply for any grant.
Applications will open for restaurants at 9:00 am on Thursday, October 29, 2020.
Applications will open for micro businesses at 9:00 am on Friday, October 30, 2020.
Applications will open for all other eligible businesses at 9:00 am on Monday, November 2, 2020.
Please refer to the link below for details:
NJ Small Business Emergency Grant Program-Phase 3
Small Business Emergency Assistance Grant Program
- NJEDA Small Business Emergency Assistance Grant Program
- The amount of a grant will be based on the number of employees
- Eligibility will include retail operations that are closed with between 1 and 10 employees as demonstrated by their WR-30 filings
- Grant process will be on line through NJ EDA website
- The minimum will be $1,000 the max $5,000
- Must have a physical business location. No home businesses eligible
Small Business Emergency Loan Program
- NJEDA Small Business Emergency Loan Program
- Business must be operating for at least a year with revenue of less than $5 million per year. Home businesses not eligible.
- Loan up to $100,000; ten year term; 0% interest first 5 years; then a cap of 3% for next five years; principal payments may be waived for first 12 months.
- Minimum credit score 600
- Personal guarantees necessary from owners of more than 10% of business Collateral similar to Small Business Assistance program; global debt service ratio of 1.0 No fees first five years.
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Ricardo Fernandez
Executive Director
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Urban Enterprise Zone
Fax: : 973-365-5567
- What is an Urban Enterprise Zone (UEZ)?
- Where is the Passaic Urban Enterprise Zone (UEZ) located?
- How does a business owner become certified as a qualified business?
- What are the benefits of becoming a certified business in the Urban Enterprise Zone (UEZ)?
- When can a business owner obtain the benefits and exemptions of a Urban Enterprise Zone (UEZ)?
- How do I take advantage of the Urban Enterprise Zone (UEZ) Programs?
- How long is my certification good for?
- Are businesses ever denied recertification?