After 40 years serving the small business community with UCEDC, President Adam Farrah will retire on Dec. 31 and be succeeded by Executive Vice President Enrich Peter.
The leadership transition in 2027 happens as the nonprofit economic development corporation prepares to mark 50 years of providing the funding, training and support that helps small businesses launch, grow, and thrive.
Farrah joined UCEDC in 1987, when it had just three employees and served businesses exclusively in Union County. During his four decades with UCEDC, its reach and impact have grown dramatically. Its lending, training, and government contracting programs now serve small businesses throughout New Jersey, New York City, and Westchester County, New York, as well as Bucks and Philadelphia counties in Pennsylvania.
Throughout that growth, Farrah helped keep UCEDC focused on what has always mattered most: helping small businesses get the resources and support they need.
That commitment was especially evident during the COVID-19 pandemic, when Farrah helped position UCEDC as the first organization in New Jersey to offer emergency lending assistance to small business owners. Under his leadership, UCEDC has ranked among the top five SBA microlenders in the nation and, with the support of the Board of Trustees, he launched the Virtual Incubator Program, now one of its most popular training initiatives.
For Farrah, however, one of the accomplishments he is most proud of is the team that has been built along the way.
“For any organization to succeed, you have to have a strong team and people who are committed to the mission,” he said. “I’m incredibly proud of the team we have built and of where UCEDC is today.”
Peter’s own history with UCEDC began as a small business owner. Prior to joining the nonprofit, he built a career in finance and management before becoming the owner of a local printing business and a UCEDC client. In 2008, he joined the staff as director of training. In 2019, when Farrah became president, Peter was named executive vice president, and they have worked closely ever since.
Over nearly two decades, Peter has worked across UCEDC’s initiatives and developed a deep understanding of its programs, partners, and the small business owners and communities it serves.
“Erich understands every aspect of what UCEDC does,” Farrah said. “He has an unmatched mix of experience and skills, and he is a natural fit to lead the organization forward.”
For Peter, the transition is an opportunity to build on what UCEDC has already accomplished while continuing to listen, adapt, and respond to the changing needs of small business owners.
“UCEDC has grown tremendously over the years, but what has remained constant is our commitment to the small businesses we serve,” Peter said. “I’m honored to have the opportunity to lead an organization that I benefited from as a small business owner, and I’m excited about what we can accomplish together in the years ahead.”
Reflecting on Adam Farrah’s tenure, Tomas Porturas, chairman of UCEDC’s Board of Trustees, said, “Adam’s leadership has helped shape UCEDC into the organization it is today, and the Board is deeply grateful for his 40 years of service and commitment to UCEDC’s mission.
“As we look ahead, we have tremendous confidence in Erich Peter. His experience, knowledge of the organization, and understanding of the small business owners we serve make him the right person to lead UCEDC into its next chapter,” Porturas said.
Photo caption: (L-R) UCEDC President Adam Farrah will retire on Dec. 31, and Executive Vice President Erich Peter will succeed Farrah and become the next UCEDC president on Jan. 1, 2027. – Images courtesy of UCEDC.
