UCEDC and Peapack-Gladstone Bank Partner to Support Quality Home-Based Care for Children

Cranford, NJ – Registered family child care providers are invited to attend a free 1.5 day business training session offered by UCEDC, a nonprofit economic development corporation, on August 22 and August 29, 2015.  The proper way to maintain financial records, pricing of their services, and credit score repair are among the topics to be presented.  Participants who attend both sessions will be given a $500 grant in the form of a no-payment loan, thanks to the generous support of Peapack-Gladstone Bank.

“Family child care providers fill such a vital role in the child care system, but are often struggling financially because they haven’t received adequate business training.  We’ve designed a program specific to the challenges and opportunities of home-based child care that focuses on the skills and knowledge these providers need to succeed,” says Maureen Tinen, UCEDC president.

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In addition to the free training, participants will be awarded $500 to support their child care operations.  Providers will get a $500 loan from UCEDC with all payments made by Peapack-Gladstone Bank on their behalf. 

“By issuing the $500 award as a loan instead of a grant, we’re helping the providers to improve their credit scores and establish a business credit history,” explains Tinen.  “As Peapack-Gladstone Bank makes the payments on behalf of the recipients, that positive payment history is reflected on each recipient’s credit report.  That’s how credit histories are improved and scores are boosted.”

“Peapack-Gladstone Bank is excited to be sponsoring this program with UCEDC.  We are committed to small businesses, and in particular home based childcare providers who do so much to support working parents,” says Lisa Chalkan, chief credit officer and a member of the Board of Trustees of UCEDC.

Registered family child care providers are encouraged to contact UCEDC at 908-527-1166 to learn more about the free program, including eligibility requirements.   

About UCEDC

UCEDC is a statewide nonprofit economic development corporation serving small businesses since 1977.  As a Community Development Financial Institution and certified SBA lender, UCEDC has provided more than $24 million in loans to start-up and established businesses throughout New Jersey.  In its role as the entrepreneurial training arm of the New Jersey Economic Development Authority, UCEDC provides scores of business and financial literacy workshops each year.  Additionally, as a federally designated Procurement Technical Assistance Center, UCEDC guides small businesses through the government contracting process, resulting in $1.5 billion in awarded contracts over the years.

About Peapack-Gladstone Bank

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $3.12 billion as of June 30, 2015. Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative private banking services to businesses, non-profits and consumers, which help them to establish, maintain and expand their legacy. Through its private banking locations in Bedminster, Morristown, Princeton and Teaneck, its wealth management division, and its branch network and online platforms, Peapack-Gladstone Bank offers an unparalleled commitment to client service.