Paterson, New Jersey, renowned for its rich industrial heritage, is experiencing a resurgence in entrepreneurial activity. Local businesses are the backbone of our community, and numerous resources are available to support their growth and sustainability.
Urban Enterprise Zone (UEZ) Program
Established in 1994, Paterson’s UEZ program offers significant benefits to businesses within designated areas. Retailers can charge a reduced sales tax rate of 3.5%, providing a competitive edge. Additionally, member businesses enjoy tax exemptions on certain operating supplies, and manufacturers may qualify for sales tax exemptions on energy and utility services, subject to specific criteria. For more information, contact the UEZ office at (973) 321-1565 or visit their website.
Small Business Development Center (SBDC) at William Paterson University
Since 1997, the SBDC at William Paterson University has been a vital resource for entrepreneurs. Offering expert advice and professional development services, the center assists in financing, marketing, and managing small businesses. Entrepreneurs can benefit from workshops, counseling, and access to a wealth of educational resources. More details are available on their website.
Financial Empowerment Initiatives
In January 2026, the Geraldine R. Dodge Foundation announced a $1.6 million investment to enhance economic stability in Paterson. This includes a $300,000 grant to the City of Paterson Financial Empowerment Center, aiming to expand access to free, professional financial counseling for residents. Such initiatives are crucial in supporting entrepreneurs in managing finances effectively.
Mentoring Programs
The New Jersey Small Business Development Center at William Paterson University launched the ‘Leads: Mentoring Program’ in February 2026. This 16-week hybrid program pairs entrepreneurs with experienced mentors, focusing on practical, growth-oriented business education. Participants have reported increased revenue, clearer business strategies, and expanded professional networks.
Access to Capital
Securing funding is a common challenge for small businesses. Various loan options are available to Paterson entrepreneurs, including traditional bank loans and alternative lending solutions. Understanding the qualifications and application processes is essential. A comprehensive guide detailing these options can be found here.
By leveraging these resources, Paterson’s entrepreneurs can navigate the complexities of business ownership, contributing to the city’s economic vitality and fostering a thriving community.