Upper Manhattan Empowerment Zone Development Corporation

What Upper Manhattan Empowerment Zone Development Corporation does

Upper Manhattan Empowerment Zone Development Corporation (UMEZ) is a private, independent, not-for-profit corporation founded in 1994-1995 and headquartered at 55 West 125th Street, New York, NY 10027. UMEZ was created through federal Empowerment Zone legislation authored by Congressman Charles B. Rangel and signed by President Clinton, accompanied by a $100M federal grant matched by New York State and New York City to form a $300M total investment pool ($250M allocated to Upper Manhattan). UMEZ achieved Community Development Financial Institution (CDFI) certification from the U.S. Department of the Treasury's CDFI Fund in 2017. Its mission is to sustain economic revitalization of Upper Manhattan (north of 98th Street on the east side of Fifth Avenue; north of 110th Street on the west side) through job creation, corporate alliances, strategic investments, and small business assistance.

UMEZ operates a multi-product financial and grant platform serving four primary customer segments: small businesses (Small Business Loans/BRISC up to $250K including Hybrid Microloans up to $50K, Term Loans, and Lines of Credit); real estate developers (Business Investment Loans $1M–$10M, Commercial Real Estate Development Loans up to $10M, and the Real Estate Fast Track/REFT up to $500K); nonprofit cultural organizations (Cultural Investment Fund grants including Capacity, Infrastructure, Technical Assistance, Catalyst, and Arts Engagement categories, plus the Mertz Gilmore Seed Fund for Dance); and Upper Manhattan residents via the Workforce Development Fund. The organization also administers the Airport Concession Disadvantaged Business Enterprise (ACDBE) Fund ($150K–$1M for JFK/LaGuardia concessionaires, in partnership with the Port Authority of NY/NJ) and supports federal Empowerment Zone Tax Credits (up to $3,000 per qualifying employee). Small business lending is operated through a wholly-owned subsidiary, Business Resource & Investment Service Center, Inc. (BRISC).

UMEZ's business model is a hybrid of direct lending (interest income on loan portfolio at rates competitive with market, with Hybrid Microloans at 3% and ACDBE loans at 5%) and grant administration (Cultural Investment Fund and Workforce Development Fund, funded by federal, state, and city sources). The organization does not build proprietary technology and uses a community-led and sales-led GTM motion centered on direct outreach, lending officer consultation, and partner referrals (LMCC, NoMAA, Dance/NYC, 1199SEIU, NYC public workforce system, Port Authority). Cumulatively, UMEZ reports $259M invested in Upper Manhattan, $1.5B of private capital leveraged, nearly 12,000 direct jobs created, and over $58M in cultural grants since 1996. Leadership: President and CEO Blair M. Duncan (since April 2022), CFO Tunde Oniyide (since June 2022), SVP & Chief Lending Officer Gina L. Bolden-Rivera, SVP & Chief Program Officer Yahshaanyah Hill, and CAO Norah McVeigh (since December 2024).

Name

Upper Manhattan Empowerment Zone Development Corporation

Legal name

Upper Manhattan Empowerment Zone Development Corporation

Website

https://umez.org

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

UMEZ is a nonprofit Community Development Financial Institution providing loans, grants, and workforce programs to revitalize Upper Manhattan's economy, serving small businesses, real estate developers, cultural nonprofits, and underemployed residents across 30 years of operations.

Ownership category

akta.pro rank

Product category

Community Development Financial Services

NAICS

All Other Support Services (561990)

akta.pro primary industry

Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA)

Keywords

• Community development lending
• Small business loans
• Commercial real estate financing
• Cultural investment grants
• Workforce development funding

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Loan Interest and Fees: UMEZ generates revenue through interest on loans provided to small businesses, real estate developers, and commercial enterprises. Loan products include business investment loans, small business loans, microloans, and commercial real estate development loans.
2. Cultural Investment Grants: UMEZ provides grants to nonprofit cultural organizations and arts programs. While grants themselves are an outflow, they are funded through federal, state, and city sources designated for Upper Manhattan economic development.
3. Workforce Development Fund: UMEZ provides financial and technical assistance to workforce development programs through its Workforce Development Fund, supporting training and employment services for Upper Manhattan residents.

Pricing tiers

Go-to-market motion3 records

Distribution channels1 record

Marketing channels4 records

Core offering

UMEZ is a Community Development Financial Institution (CDFI) that provides direct loans, tax-exempt bond financing, and grants to small businesses, real estate developers, nonprofit cultural organizations, and workforce development programs in Upper Manhattan. Core offerings include business investment loans ($1M-$10M), small business loans/microloans (up to $250K) through subsidiary BRISC, commercial real estate development loans and the REFT pre-development program (up to $500K), ACDBE airport concession loans ($150K-$1M), Cultural Investment Fund grants, Workforce Development funding, and facilitation of federal Empowerment Zone Tax Credits.

Product overview

UMEZ is a Community Development Financial Institution (CDFI) providing a comprehensive suite of financial products for economic development in Upper Manhattan. The core offerings include Business Investment Loans ($1M-$10M) and Commercial Real Estate Development Loans (up to $10M) for large-scale projects, supplemented by Small Business Loans/BRISC (up to $250K) including microloans and lines of credit for smaller enterprises. The Real Estate Fast Track (REFT) program offers up to $500K for emerging developers. For the cultural sector, UMEZ operates the Cultural Investment Fund (CIF) with multiple grant categories including Capacity, Infrastructure, Technical Assistance, Catalyst, and Arts Engagement grants. Workforce Development programs connect residents to employment opportunities. Additionally, the Empowerment Zone Tax Credits program provides federal tax benefits to businesses hiring local residents.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Investment Loans Loans ranging from $1 million to $10 million for businesses and developers providing substantial job creation and economic development in Upper Manhattan. UMEZ augments private capital as a gap funder rather than competing with traditional lenders.
• Small Business Loans (BRISC) Loans up to $250,000 for small businesses, administered through Business Resource & Investment Service Center (BRISC), a wholly-owned subsidiary. Includes Hybrid Microloans (up to $50,000), Term Loans ($50,000-$249,000), and Lines of Credit ($50,000-$100,000).
• Commercial Real Estate Development Loans Construction loan capital up to $10 million for real estate projects providing new job creation and substantial economic growth in Upper Manhattan. Typically subordinate financing that augments private capital.
• Real Estate Fast Track (REFT) Loan program providing up to $500,000 to emerging developers for pre-development costs of local real estate projects valued at $10 million or more in Upper Manhattan. Interest rate set at 1-month LIBOR + 5.00% per annum; two-year term.
• Airport Concession Disadvantaged Business Enterprise Fund (ACDBE) Loans ranging from $150,000 to $1,000,000 for ACDBE-certified businesses for projects at JFK and LaGuardia airports, covering working capital, equipment acquisition, and leasehold improvements. 5% interest rate; up to 7-year term.
• Cultural Investment Fund (CIF) Grant program supporting nonprofit cultural organizations and artist-driven projects in Upper Manhattan, including Capacity Grants, Infrastructure Grants, Technical Assistance Grants, Catalyst Grants, and UMEZ Arts Engagement Grants. Over $58 million in grants awarded since 1996.
• Workforce Development Fund Financial and technical assistance supporting training and employment programs targeting Upper Manhattan residents, with sectoral focus on construction, healthcare, hospitality, retail, and energy. Delivered in partnership with community-based organizations, public workforce systems, unions, and training providers.
• Empowerment Zone Tax Credits Federal tax credit of up to $3,000 (20% of first $15,000 in wages) for businesses in Empowerment Zones that hire local residents who are full- or part-time employees. UMEZ facilitates access to the credit.

Quantifiable outcome

• $259 million invested in Upper Manhattan by close of 2024
• +3 more outcomes

Named customers11 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core, supporting and flagship.

• SJM and Slayton VenturescoreStrategic or Co-development Partner · 1 January 2018Developers for George Washington Bridge Bus Terminal $5 million loan. Led $108 million renovation of commercial space.
• Regional Plan AssociationsupportingStrategic or Co-development Partner · 1 January 2016Conducted 2016 study 'Leveraging the Power of Cultural Investments' illustrating UMEZ's impact on Upper Manhattan as a cultural hub.
• Victoria Theater RedevelopmentflagshipStrategic or Co-development Partner · 1 January 2015UMEZ provided $10 million loan for Victoria Theater redevelopment, a flagship project on 125th Street adjacent to Apollo Theater. Anchor tenant is Marriott Renaissance Hotel.
• Lower Manhattan Cultural Council (LMCC)coreChannel Partner/ Reseller/ DistributorUMEZ partners with LMCC as the regrantor of funds from the New York State Council on the Arts and the New York City Department of Cultural Affairs for Manhattan. LMCC administers the UMEZ Arts Engagement grants program.
• Greater Jamaica Development CorporationcoreStrategic or Co-development PartnerPartnered with UMEZ to provide a $1 million loan to Golden Krust Caribbean Bakery franchise for JFK Airport concession space fit-out.
• 1199SEIU League Training and Upgrading FundsupportingStrategic or Co-development Partner1199SEIU members take advantage of education and training benefits through workforce development programs supported by UMEZ investments.
• New York City Public Workforce SystemsupportingStrategic or Co-development PartnerUMEZ partners with NYC's public workforce system to increase employment-related outcomes for Upper Manhattan residents.
• Northern Manhattan Arts Alliance (NoMAA)supportingGTM or Marketing PartnerProvides promotional support for the UMEZ Mertz Gilmore Seed Fund for Dance program.
• Dance/NYCsupportingGTM or Marketing PartnerProvides promotional support for the UMEZ Mertz Gilmore Seed Fund for Dance program.
• Port Authority of NY/NJcoreStrategic or Co-development PartnerUMEZ participates in ACDBE Program for businesses certified by Port Authority of NY/NJ for JFK and LaGuardia airport concession opportunities.

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Others

• Opportunity Finance Network (OFN): OFN is the national CDFI industry association and intermediary through which many CDFIs (including UMEZ) access CDFI Fund programs and BEA awards. It is an ecosystem enabler rather than direct competitor, but central to UMEZ's regulatory standing and funding access.

Broad incumbents

• NYC Economic Development Corporation: NYCEDC is New York City's primary economic development vehicle, with overlapping mission in job creation, business support, and workforce development in NYC. UMEZ's Chief Program Officer previously held management roles at NYCEDC, indicating strong operational adjacency.
• Enterprise Community Partners: Enterprise is a national CDFI and affordable housing/community development leader with comparable mix of lending, development financing, and capacity building. Both organizations finance community development in low-income geographies but Enterprise operates at national scale.
• Local Initiatives Support Corporation (LISC): LISC is one of the largest national CDFIs providing loans, grants, and capacity building for community development projects. Both LISC and UMEZ operate as CDFIs targeting under-resourced urban communities, though LISC operates nationally with substantially greater capital scale.

Direct peers

• Capital Impact Partners: Capital Impact Partners is a national CDFI delivering capital and capacity-building to under-served communities, with a portfolio approach that mirrors UMEZ's multi-product lending, real estate, and community development strategy.
• Low Income Investment Fund (LIIF): LIIF is a national CDFI providing flexible capital to under-served communities, with comparable focus on community development lending in low-income geographies and overlapping target segments in workforce and small business.
• Bronx Overall Economic Development Corporation: BoEDC is the sibling entity that received the $50M allocation carved out from the original Upper Manhattan Empowerment Zone, making it the most direct peer in structure, mission, and federal designation. Both organizations administer community development lending and grants in adjacent NYC geographies under the same federal EZ legislative framework.
• Carver Federal Savings Bank: Carver is a CDFI-certified community development bank serving urban minority communities with comparable mission focus and historical overlap. UMEZ's Chief Lending Officer previously worked at Carver Bank, reflecting direct sector adjacency and personnel crossover.
• Nonprofit Finance Fund (NFF): NFF is a national CDFI providing loans and capacity-building advisory to nonprofit organizations — directly analogous to UMEZ's nonprofit-serving loan funds, BRISC small business program, and cultural investment grants targeting nonprofits.

Emerging players

• Grameen America: Grameen America is a microfinance CDFI focused on small-dollar lending to women entrepreneurs in low-income communities. It overlaps with UMEZ's microloan program and small-business lending mission but specializes in microfinance rather than the broader commercial real estate and grant programs UMEZ offers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/umez_dc
• LinkedInlinkedin.com/company/upper-manhattan-empowerment-zone-development-corporation

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Upper Manhattan Empowerment Zone Development Corporation