Cumberland Empowerment Zone Corporation

The Cumberland Empowerment Zone Corporation (CEZC) is a nonprofit organization focused on community economic development. Established to serve as a catalyst for economic growth and community revitalization in Cumberland County, New Jersey, the corporation has been instrumental in facilitating significant investments and initiatives since its inception in 1999.

Mission and Activities

The mission of CEZC is to foster economic vitality by providing critical support such as loans to startup and existing small businesses in economically disadvantaged communities within Cumberland County. This includes areas like Bridgeton, Millville, Vineland, and the Bayshore region. The organization aims to promote business development, create new jobs, and ensure the retention of existing businesses. It envisions thriving businesses that contribute to the financial stability and wealth of business owners and their families.

Key Programs and Initiatives

Business Loan Program

CEZC offers a Business Loan Program designed to provide subordinate financing for larger projects and business expansions. This program helps bridge the gap in financing after primary funding is secured from banks or other lenders. Eligible businesses must be located within the designated areas of Cumberland County. Loans can be used for land acquisition, construction, renovations, equipment purchases, and working capital.

Tax Incentives

CEZC also highlights tax incentives available for businesses operating within Empowerment Zone census tracts or employing residents from these zones. This includes the Work Opportunity Tax Credit, which allows businesses to claim a federal tax credit for hiring individuals from groups with high unemployment rates, such as youth living in Empowerment Zones.

Housing Development

In collaboration with partners like Gateway Community Action Partnership, CEZC has been involved in notable housing development projects. For example, the River Grove Family Housing project in Bridgeton created quality rental housing alternatives by renovating vacant city-owned lots and addressing environmental concerns.

Educational and Community Services

CEZC plays a significant role in educational initiatives, particularly through its involvement with 21st Century Community Learning Centers. These centers provide enrichment programs, recreation, and social services for students and their families in school districts across Cumberland County.

Financial Overview

As a nonprofit, CEZC maintains significant assets and relies on various revenue streams, including contributions, program services, and investment income. It recorded substantial assets and liabilities in recent financial reports, with a focus on utilizing resources efficiently to support its economic and community development goals.

Recognition and Impact

CEZC has received recognition as one of the most successful Empowerment Zones in the nation, leveraging over $250 million in private and public funding through its programs. Its efforts have contributed to neighborhood revitalization and economic growth in Cumberland County, reinforcing its position as a catalyst for community development.