Upper Manhattan Empowerment Zone Development Corporation [UMEZDC]

Our mission is to sustain the economic revitalization of all communities in Upper Manhattan through job creation, corporate alliances, strategic investments, and small business assistance.

UMEZ facilitates economic development in the neighborhoods of Central, West, and East Harlem; Washington Heights; and Inwood.  It focuses on workforce development programs aligned directly with employment opportunities, support for cultural programs and organizational development.

UMEZ provides loan capital from $1 million to $10 million to projects that provide new job creation and substantial economic growth in Upper Manhattan. We are typically a subordinate loan that augments (or “gap funds”) the amount of private capital to create a stronger capital structure for the project. 

Our loans generally fall into two categories:  

 COMMERCIAL BUSINESS LOANS: These loans are aimed at small business formation and/or expansion to create local wealth and economic vitality for Upper Manhattan. These loans may be senior or subordinated financing, depending on other sources of capital for the project, and are set at below-market fixed interest rates, with flexible maturity terms based on the cash flows, job generation, and level of collateral for the project.

COMMERCIAL REAL ESTATE DEVELOPMENT LOANS: These are real estate secured loans for large commercial development projects that can serve as catalysts for job creation and transform the physical landscape of our community. UMEZ provides subordinated debt financing on flexible terms; sizing is based on the level of jobs created and overall economic return for the project. Loans may be used for construction and/or mini-permanent financing. Preference is given to projects where a senior lender has already been identified for the project.

We also give Business Loans, Small Business Loans, Cultural Investments, Workforce Development Microloans.