Programs: GNEC Microloan Program

GNEC established its Microloan program in 2005. Under the Microloan Program, GNEC provides financial assistance to start-up and existing small business owners to start or grow their business. . The financial assistance is in the form of fixed term loans of up to a maximum of $50,000. The interest rate is fixed at 800 basis points above the GNEC cost of funds. The maximum term is 6 years. It should be noted that these borrowers could not qualify under regular banking requirements.

**Please note: You must submit a $50 processing fee and a business plan to be considered for a loan. The following link will show you to our loan application page:

• Step 1:
  Download, print, and fill out the application

• Step 2:
  Submit $50 processing fee via the link below (or you may submit a $50 money order along with your application)

• Step 3:
  Mail or bring the completed application & business plan (and money order if applicable) to GNEC:
  744 Broad Street, 26th Floor Newark, NJ 07102
  973.242.4132
  973.242.0485

Urban Entrepreneurs Development Institute (UEDI™)

UEDI™, The Urban Entrepreneurs Development Institute, assists prospective and existing business owners in the Greater Newark area to become economically self-sufficient and to help develop self-employment and capital resources. To accomplish this goal, GNEC, in conjunction with our partners, offers this coordinated program that consists of providing self- employment assistance, microenterprise training, technical assistance and credit to participants.

Classes are delivered in a computer lab so that participants have immediate access to the internet while in class. The class is taught by experienced business people, and the combination of the instructor, guest presenters, and the active participation of the participants leads to an enriching experience that is unmatched.

Download, print, and fill out the application
 
You can mail or bring the completed application and money order/cash/check to GNEC:
744 Broad Street, 26th Floor
Newark, NJ 07102

 

Although financing is not guaranteed, graduates of UEDI™ are in a stronger position to obtain financing from GNEC as well as many other financing institutions in the area. Graduates also join a growing network of entrepreneurs, many of whom are sure to achieve great success in the future.
 

We also now facilitate this program in Spanish, entitled Instituto de Desarollo Urbano de Empresarios (IDUE), in the North Ward of Newark.
 

For information on future UEDI™ classes, check this website periodically, call us at (973) 242-4132 or fill out the “contact us” information.

Workshops & Seminars

In addition to UEDI, GNEC sponsors seminars and workshops designed to give entrepreneurs practical training in skills critical to business start-up and daily business management. Areas that have been addressed include how to obtain and manage government contracts, how to obtain financing in a difficult economy, human resource issues for small businesses, and marketing and branding techniques.
 
Upcoming Workshops and Seminars

Technical Assistance Resources

In concert with GNEC’s micro financing and training initiatives, technical assistance resources are provided to entrepreneurs applying for financing on individual bases in three stages.
For those entrepreneurs looking for microloan financing GNEC provides pre-loan technical assistance to help prepare the client for the application process. This typically ranges from credit building resources, to personal financial management, to business plan preparation.
 
Though GNEC accepts all loan applications submitted, there are those that are more qualified than others. As such GNEC assists applicants, where necessary, in improving the quality of documentation.
 
This technical assistance offered during the loan application process also provides an opportunity to evaluate the client’s future technical assistance needs and helps to allocate resources accordingly.
 
Finally and most importantly, GNEC provides ongoing technical assistance to all microloan borrowers in the form of site visits, financial statement analysis, and scheduled one-on-one consultation.