Eighteen northern New Jersey, high school students participate in a two-week entrepreneurship course to receive college credit and funding.  ​

August 1, 2022- Jersey City, NJ – Greater Newark Enterprises Corporation (GNEC) launched its first Summer Entrepreneurship Institute in partnership with the Frank J. Guarini School of Business at Saint Peter's University and was sponsored by Wells Fargo. The two-week entrepreneurship course, held July 11-21 and instructed by Victor Salama, Executive Director of GNEC, hosted 18 high students from West Orange HS, Weequahic HS (Newark), Jose Marti STEM Academy (Union City), St. Peter's Prep (Jersey City), Hudson Catholic Regional HS (Jersey City), Weehawken High School (Weehawken) and Saint Benedict’s Preparatory School (Newark). The Institute focused on idea generation, marketing, financials, and business planning.   ​

"Wells Fargo is a proud supporter of the Summer Entrepreneurship Institute because we believe there is a growing need for students to have access to trusted experts who can teach them the process of learning by doing, whether it's creating a business plan, writing a budget or developing a compelling pitch," said Tomas Porturas, Senior Social Impact & Sustainability Specialist at Wells Fargo. "Each of these students were here to invest in their own futures, but by participating in this program, they were also investing in the future of our communities and our local economies here in northern New Jersey."
 
While students learned how to develop business ideas and form teams, they prepared to pitch continuously for an hour and a half in an interactive showcase. They pitched their ideas to the delight of community partners, sponsors, family, friends, and Saint Peter's University staff on the last day of the course. Guests were given Peacock Pesos, a form of investment currency with the university’s mascot, to invest in the businesses of their choice.
 

"The GNEC-Saint Peter's Summer Entrepreneurship Institute was a great success, providing hands-on practical learning and inspiring the next generation of innovators, change-makers, and problem-solvers, and plans are already underway to hold the Institute in 2023," stated Mary Kate Naatus, KPMG Dean of Frank J. Guarini School of Business.​

The three teams that garnered the highest level of interest from invited guests were awarded cash prizes, with the first place team receiving $1,000, second place $750, and third place $500. Students who completed all coursework receive 3 college credits from Saint Peter’s University.  
   
"At GNEC, we believe that helping entrepreneurs grow economically stable businesses is critical to closing the racial funding gap, and that’s why we provide capital and resources to businesses from underbanked and underserved communities," stated Victor Salama. "Investing in our communities' youth early on is the first step in reaching that larger goal."  
  
For more details about GNEC programs, events, and services, please visit www.gnecorp.org.  
  
About GNEC:   
GNEC is a nonprofit Community Development Financial Institution (CDFI) launched in 2005 in Newark, New Jersey. GNEC’s mission is to provide business capital, consulting, and coaching to entrepreneurs from underserved and underbanked communities in Newark and the broader New Jersey region.   
 
 
About Saint Peter’s University:  
For 150 years, Saint Peter’s University, inspired by its Jesuit, Catholic identity, commitment to individual attention, and grounding in the liberal arts, educates a diverse community of learners in undergraduate, graduate, doctoral, and professional programs to excel intellectually, lead ethically, serve compassionately and promote justice in our ever-changing urban and global environment. To learn more, please visit www.saintpeters.edu. ​

9 Newark-based entrepreneurs  received coaching to develop their business pitches ahead of the Brunch Pitch Competition.

February 17, 2022 – NEWARK, NJ – Today, the Entrepreneurs of Color Fund (EOCF) is launching in Newark to support diverse-led small businesses and accelerate their opportunities for growth. The EOCF is a national program launched in 2015 to bridge gaps that have historically constrained growth for diverse-led businesses. Through a collective commitment of $1.7 million, JPMorgan Chase, The Rockefeller Foundation and Prudential Financial are expanding the EOCF’s footprint to Newark and partnering with Greater Newark Enterprises Corporation (GNEC) and LISC Greater Newark to help local entrepreneurs of color increase their access to capital, coaching and technical assistance.
 
These funders are working together to support the expansion of the EOCF in Newark where 71 percent of small businesses are owned by entrepreneurs of color. Despite this representation, systemic barriers to accessing capital remains a challenge in Newark and nationwide for minority business owners. According to a Federal Reserve System 2021 report, 24 percent of Black-owned businesses receive financing compared to 48 percent for White-owned business.
 
The COVID-19 pandemic further exacerbated the situation where a City of Newark business survey found that Newark small businesses experienced $60 million to $100 million in lost consumer spending since the pandemic began. The expansion of the EOCF to Newark will generate $1.7 million in loans to 50 small businesses and create 500 hours of technical assistance programming, strengthening the city’s ongoing network of support for local entrepreneurs.
 
“Newark holds tremendous opportunity for businesses, particularly small and medium size ones, and it is imperative that we provide diverse business owners with access to the tools and resources that will help them grow,” said John Bonhomme, managing director and regional director for JPMorgan Chase’s Consumer Bank in New Jersey. “The Entrepreneurs of Color Fund has unlocked capital and created hundreds of jobs around the country, and we’re excited that Newark small businesses will have the same chance to succeed.”
 
Through the EOCF Newark, GNEC and LISC Greater Newark will provide loans to small and mid-size businesses that can be used to hire staff, buy equipment or vehicles, pay for renovations, or stock up on inventory. Beyond the capital, GNEC and LISC Greater Newark will provide technical assistance and advice on a range of topics including marketing, merchandising, accounting, website design and maintenance, or licensing.
 
“Prudential is proud to welcome the Entrepreneurs of Color Fund to Newark,” said Sarah Keh, vice president, Inclusive Solutions, Prudential. “Entrepreneurs of color in our headquarters city have told us they need quality loans and a network of support to grow, offer quality employment, and generate financial security for their employees and their communities. The EOCF Newark answers that call at a critical time.”
 
The EOCF Newark is supporting local small business owners like Florence Dennis, founder of Flows Tasty Treats, with flexible, accommodating loans to grow her already thriving business. The company aims to bring visibility to African cuisine through snacking. The entrepreneur began selling her flagship product “Toasted Corn and Peanut Mix” in a few grocery stores, and now Ms. Dennis is recognized as a fast-growing small business leader in New Jersey.
 
"In our 17 years of service, we have always believed that entrepreneurs who leverage the limited resources available to them are the ones who ultimately succeed," states Victor Salama, GNEC executive director. "GNEC is not only providing financial support but an opportunity that builds generational wealth."
 
“The Rockefeller Foundation understands that opportunity in the United States is not equally distributed, especially when it comes to communities of color,” said Gregory Johnson, managing director for the Equity and Economic Opportunity Initiative at The Rockefeller Foundation. “Our commitment to EOCF is a reflection of our deep belief that to make strides in closing the racial wealth gap, we must break down barriers to capital and credit access to Black and Latinx small businesses.”
 
Originally launched in Detroit in 2015, the EOCF operates through a network of Community Development Financial Institutions (CDFI) and funders to provide underserved entrepreneurs with capital and technical support. To date, the EOCF has provided more than 1,200 loans and deployed more than $43 million in capital to Black, Latino and other underserved entrepreneurs in Detroit, the Bay Area, New York City, Chicago, Washington, D.C, and Los Angeles.
 
“We’ve seen the value of these small business investments throughout the country and the way that they help bridge capital gaps facing thousands of diverse entrepreneurs,” said Jorge Cruz, executive director of LISC Greater Newark, the local arm of the Local Initiatives Support Corporation (LISC), which manages the national EOCF program. “The EOCF approach helps strengthen our local infrastructure of small businesses, expand employment, grow local incomes and build intergenerational wealth. It breaks down racial barriers to opportunity in ways that make our city and our economy work better for everyone.”
 
Newark businesses interested in learning more about EOCF financing and services should visit https://www.gnecorp.org/entrepreneurs-of-color-fund-newark.html.
 
                                                                                 ###

NEWARK, NJ, March 23, 2021 — The Institute For Entrepreneurial Leadership (IFEL)  and GreaterNewark Enterprises Corporation (GNEC) announced today a partnership to assist COVID-19 impacted businesses through the Small Businesses Need Us initiative. The program directs help to small businesses in the region who need it the most and are struggling to survive and to navigate the devastating and crippling effects of the pandemic.
 
“The majority of small businesses are ill-equipped to sustain through a crisis the magnitude of the COVID-19 pandemic. Government aid and grants are not enough,” states IFEL CEO JIll Johnson. “Small business owners need hands-on support to address the business challenges they are facing. The volunteers we bring to the table through Small Businesses Need Us provide the lifeline that small enterprises need to stay afloat.”
 
The Small Businesses Need Us initiative pairs small business owners with seasoned business professionals organized into cross-functional teams. The teams, which are formed based on the needs of the entrepreneurs,  will help the businesses address their most pressing issues. Volunteers have a broad range of expertise including technology, legal, financial, marketing, operations, business planning, and more. All work is done through phone and video conferencing.  There is no cost to the business for these resources. Businesses do not have to be located in Newark to receive assistance as the program extends throughout the region.
 
“The pandemic, civil unrest, high number of COVID-19 deaths, and the lack of stimulus funds have produced an extremely challenging environment for businesses. The barriers, particularly to entrepreneurs of color, are more evident than ever before,” noted GNEC Executive Director Victor Salama. “The Greater Newark Enterprises Corporation is excited to be partnering with the Institute For Entrepreneurial Leadership. Like so many small business owners in our communities, GNEC clients have faced tremendous challenges during the pandemic. Having access to expert technical assistance through IFEL and its volunteers is precisely what our clients need to sustain and grow their businesses during these difficult times.”
 
The Institute for Entrepreneurial Leadership and Greater Newark Enterprises Corporation will work together with businesses not only in Newark but also those in the surrounding region. For more information on the Small Businesses Needs Us initiative or to apply as a business owner, visit  www.gnecorp.org/small-businesses-need-us. Questions may be emailed to  info@gnecorp.org.
 
 
 
ABOUT THE GREATER NEWARK ENTERPRISES CORPORATION
 
The mission of the Greater Newark Enterprises Corporation is to help communities build businesses and to create long-lasting wealth for their families through business ownership. GNEC is a boutique economic development organization that works with businesses to provide financing, consulting, and business coaching. The GNEC carries out that mission by working within community facilities throughout New Jersey. Our sole purpose for existence is to help entrepreneurs to start or to grow their businesses by providing the resources and capital solutions critical to business success. We believe that entrepreneurs who leverage the limited resources available to them are the ones who ultimately succeed.
 
 
ABOUT THE INSTITUTE FOR ENTREPRENEURIAL LEADERSHIP
 
Founded in 2002, the Institute for Entrepreneurial Leadership (IFEL) is an independent, not‐for‐profit organization that supports economic development through entrepreneurship. We are experts in creating and implementing small business programming in support of larger economic development objectives. Our mission is to eradicate the systemic barriers that prevent entrepreneurs of color from being able to access the knowledge, networks, and capital required for business success.  Visit us at https://www.weareifel.org
​

​aaccnj.com - Oct, 2020

​CAMDEN – Today, Governor Phil Murphy and Congressman Donald Norcross announced $14 million in additional Coronavirus Aid Relief and Economic Security (CARES) Act funding to develop workforce development programs. The programs are designed to help businesses impacted by COVID-19 replenish their workforce and help jobless residents learn new skills that lead to successful reemployment.
  
“As this pandemic continues to threaten our public health, we must work to ensure that a stronger, fairer, and more resilient New Jersey emerges on the other side of COVID-19,” said Governor Murphy. “With today’s announcement, we are investing in opportunities for job training in our workforce that will reignite and grow our economy.”  
 “The Coronavirus pandemic has upended our economy, but we will recover by working together,” said Congressman Norcross. “Using federal CARES Act funding, New Jersey is helping workers and businesses get back on their feet. These workforce programs will help employers provide skill-building opportunities and on the job training, connecting New Jerseyans with the services they need to get the job they deserve.” 
“The need is everywhere,” said Labor Commissioner Robert Asaro-Angelo. “We all know of businesses that are struggling or have closed, and workers who have been laid off or have had their hours drastically reduced as a result of the pandemic. We are grateful for the opportunity to use these funds to turn lives around and help our state recover economically.”  
The CARES Act funding has been divided to a three-pronged plan to bolster workers’ skills and get them back on the job. The programs will be implemented by the New Jersey Department of Labor and Workforce Development.  

1. Relief Employment ($4 million grant) – This funding will provide dislocated workers and the long-term unemployed the opportunity to perform temporary jobs related to the state’s recovery from the pandemic. The first sector targeted for these jobs will be long-term care. 
2. Customized and On-the-Job Training ($3 million grant) – This funding will cover up to 50 percent of training costs of a new employee if an employer commits to hiring that employee upon completion of the training. Essential and struggling industries such as retail, grocery, hospitality, tourism, health care, transportation, and logistics will be targeted. 
3. Employment and Training Services ($7 million grant) – This funding will expand career support services supported by the Workforce Investment Boards throughout the State. The services include outreach, intake, assessment screening, resume critiques, virtual job referrals, and referrals for short-term training, which can be provided remotely. 

One way or another, coronavirus has likely impacted your business — for better or worse. We’ve been busy creating content to help you through this challenging time. It is organized here by category to help you easily navigate through it all.

If you're just getting started with reading our coverage, we suggest you start here first. These are our general articles on small business resources available during the coronavirus outbreak:

• Coronavirus: 8 Things Your Small Business Needs to Do
• Coronavirus Best Practices for Small Businesses
• How to Use Crowdfunding to Support Your Small Business Through Coronavirus
• Worried About the Budget? How to Handle Staff Concerns During Coronavirus
• 3 Expert Strategies for Curbing Coronavirus-Related Business Losses

If you’re trying to get a better understanding of the federal government’s coronavirus stimulus legislation, you can read about that here:

• Everything You Need to Know About Coronavirus Federal Small Business Stimulus Aid Programs
• Families First Coronavirus Response Act: What Businesses Need to Know
• Coronavirus Aid, Relief, and Economic Security Act: What Small Businesses Need to Know
• National Small Business Town Hall Presented by Inc. and the U.S. Chamber of Commerce

If you’re looking for financial assistance and considering applying for a small business loan, we’ve got you covered. Here is all of our coronavirus small business loan content:

• 10 Commonly Asked Coronavirus Small Business Loan Questions
• Everything You Need to Know About SBA Disaster Assistance Loans
• How to Apply for an SBA Disaster Relief Loan
• How to Get an SBA Coronavirus Emergency Payroll Protection Loan

Now is also a challenging time for managing employees, keeping morale and productivity up and ensuring your company culture stays intact. Here is all of our content about managing your team through coronavirus:

• 7 Things to Do When Creating an Emergency Work-From-Home Policy for COVID-19
• 5 Experts on How to Manage Employees Through Difficult Times
• 5 Ways to Manage Coronavirus Concerns When Employees Can't Work From Home
• Top Tech Tools to Keep Your Team Connected During Coronavirus
• Is Your Workforce Suddenly Remote? Here's What to Know About Cybersecurity
• 5 Ways to Calm Coronavirus Fears Among Your Employees
• Managing From Home? Here’s How to Keep Your Team Engaged During Coronavirus
• 6 Ways to Keep Your Team Productive While Working From Home
• How to Recruit and Hire During the Coronavirus Outbreak
• 4 Business Management Trends for Leading a Remote Team

Staying connected with customers is always challenging, but it’s more important now than ever. If you’re looking for creative ways to do that, check out our customer-focused marketing content:

• Staying Connected With Customers Through the Coronavirus Outbreak
• 5 Ways to Retain Your Customers During the Coronavirus Outbreak
• 15 Examples of How Companies Are Communicating with Customers About Coronavirus
• 5 Top Tech Tools for Customer Communication During the Coronavirus
• 5 Video Marketing Tools for Small Businesses

Trying to run your business from home? With kids running around in circles? We get it. Here is some of our best advice on how to adjust to your new headquarters:

• How to Survive Working from Home — While the Kids Are Home, Too
• Buying a Printer? 7 Features to Look for in a Home-Office Printer

Looking for some inspiration? Here are some examples of how small businesses are adapting in the face of coronavirus:

• 6 Small Businesses Thriving During Coronavirus
• 10 Small Businesses Doing Amazing Things to Support the Coronavirus Effort
• 9 Creative Ways Small Businesses Are Adapting to Coronavirus

How will coronavirus impact businesses in the long run? Here we ask experts to provide analysis on the ongoing outbreak and how businesses are adapting and will continue to adapt:

• Experts Unpack the Massive Cross-Industry Impact of the Coronavirus, From Retail to Hospitality
• Will Coronavirus Drive Permanent Shifts in Shopping Behavior?
• The Delivery App Landscape Is Changing and Sustaining Businesses During COVID-19
• A Consumer Psychologist Details What Businesses Need to Know During COVID-19

COVID-19 has brought the world’s economy to a grinding halt. The economic impact and recovery will last for months, and potentially even years. As congress and other government authorities move to save different areas of the economy, it’s important to understand what resources you have available to you as a small business owner.

Everyone’s first priority during this pandemic should be to stay safe and healthy — but maintaining your business’s health can be equally important. Take advantage of the following resources so you can stay informed and lessen the impact of the crisis.

U.S. Chamber of Commerce AssistanceThis section was updated with new information on 3/30/20:
The U.S. Chamber of Commerce has put together a number of resources for small business.

• This toolkit to help businesses and citizens alike understand how to navigate the coronavirus. There are guidelines on how small business owners can ensure they are keeping their customers and employees safe. The toolkit also includes a business preparedness checklist. This checklist can help you figure out what to prioritize and to create a plan of communication for your employees.
• This customizable flyer allows small businesses to communicate their coronavirus efforts to their customers. You can find the flyer here.
• This Chamber guide walks you through the SBA loan applications process. You can see it here: U.S. Chamber's Small Business Loan Guide.
• The U.S. Chamber of Commerce Foundation has created a full list of programs providing financial assistance to small businesses impacted by COVID-19. You can find that here.
• You can also connect with your local Chamber of Commerce to see what local programs are being implemented and connect with other business owners in your area. You can find your local Chamber of Commerce here.

Assistance from the SBAThis section was updated with new information on 3/31/20:
The SBA is offering a few key programs to help small businesses survive the coronavirus outbreak. They are:

• SBA Disaster Assistance Loans
• SBA-Backed Paycheck Protection Program Loans (which will be from your bank)
• Emergency $10,000 grants

You can read our full coverage of SBA assistance here.
The SBA has created a comprehensive Coronavirus page with all of its resources in one place. You can find that page here.

The SBA announced it would offer disaster assistance loans for up to $2 million for small businesses affected by the coronavirus. These low-interest loans are available to businesses that have sustained “substantial economic injury” due to the spread of the coronavirus. You can apply for one of those loans here.

The SBA is also backing what are called Payroll Protection Loans. These loans are convertible to grants and do not have to be paid back provided you use the money for a list of acceptable expenses, primarily payroll. These loans are available from private lenders. The treasury department has just release more information on these loans. You can learn more here and see the application here. You will still need to apply at your local bank. You can also learn more about these loans in this Emergency Small Business Loan Guide from the U.S. Chamber of Commerce.

[For a full breakdown of SBA loans and federal response read: Everything You Need to Know About Coronavirus Federal Small Business Stimulus Aid Programs]

In addition to disaster relief loans, the SBA has a comprehensive list of resources available to small businesses during the crisis. This includes COVID-19 fact sheets; strategies for employees to adhere to; common problems small businesses may face, like supply chain shortfalls; and local assistance information.

Export-Import Bank of the United StatesAdditionally, the Export-Import Bank of the United States (EXIM) has announced relief measures for U.S. exporters and financial institutions that include waivers, deadline extensions, streamlined processing and flexibility for its customers for an initial period of 30 days, with the possibility of more, for the following programs:

• Working Capital Guarantee Program.
• Multi-Buyer and Single-Buyer Short-Term Insurance Program.
• Medium-Term Single-Buyer Insurance Policies Issued to Exporters.

For everything you need to know about applying for a small business loan, see the U.S. Chamber’s Small Business Loan Guide.

SCORESCORE is offering advice and assistance from its business mentors including help navigating financial challenges and assistance in applying for SBA disaster assistance loans. SCORE has centralized all of its assistance options here.

SBDCSmall Business Development Centers are local offices sponsored by the SBA to help small businesses. While the SBA has provided its own resources, SBDCs are also offering extensive help to small businesses throughout America.
​
This includes OSHA resources and information, like preparing workplaces for COVID-19, preventing worker exposure to COVID-19 and additional OSHA resources. You can also find links to the National Cyber Security Alliance for information on how to stay safe online during the pandemic and avoid typical scams associated with the disaster.

Yes, attending a gathering, ceremony, or celebration is permitted as long as the event complies with the following limits on gatherings.
Gatherings are allowed, but different limits apply depending on the type of gathering, and where it is happening:
Indoor Gatherings

• General indoor gatherings must be limited to 25 people or 25% of a room's capacity -- whichever number is lower. All attendees at indoor gatherings must wear face coverings and stay six feet apart.
• Indoor gatherings for weddings, funerals, or memorial services must be limited to 150 people or 25% of a room's capacity -- whichever number is lower.
• Indoor gatherings for religious and political activities protected under the First Amendment must be limited to 150 people or 25% of a room's capacity -- whichever number is lower.
• Indoor gatherings for entertainment centers where performances are viewed or given, including movie theaters, performing arts centers, and other concert venues, must be limited to 150 people or 25% of a room's capacity -- whichever number is lower.

Outdoor Gatherings

• General outdoor gatherings must be limited to 500 people and social distancing must be practiced
• There is no limit for outdoor gatherings for religious or political activities protected under the First Amendment.

To save lives and stop the spread of COVID-19, wear a mask, wash your hands, practice social distancing, and stay home if you are sick.
Face coverings are required in indoor public spaces and in outdoor public spaces when social distancing is difficult to maintain.
For more information on rules for indoor gatherings, refer to paragraphs 4-6 on pages 9 and 10 of Executive Order No. 183 and paragraph 1 on page 6 of Executive Order No. 152.
For more information on rules for outdoor gatherings, refer to paragraph 1 on page 5 of Executive Order No. 161 and paragraph 2 on pages 7-9 of Executive Order No. 152.
Safety Tips For Gatherings
During this difficult time, we understand everyone wants to spend time with family and friends. To ensure we don't inadvertently spread COVID-19 and needlessly put our loved ones at risk, the NJ Department of Health has offered some safety tips that can help reduce the risk of transmission when we gather in-person.

• Remind invited guests to stay home if they have been exposed to the virus in the last 14 days, are showing COVID-19 symptoms, or recently travelled to an area or a state with high COVID-19 infection rates.
• Ask guests to wear face coverings when they cannot social distance.
• Make hand sanitizer available for guests.
• Limit the number of people handling or serving food—for example, consider identifying one person to serve all food so that multiple people are not handling the serving utensils.
• Remind guests to wash their hands before serving or eating food.
• Use single-use hand towels or paper towels for drying hands so guests do not share a towel.
• Clean and disinfect commonly touched surfaces and any shared items between use when feasible.
• Consider keeping a list of guests who attended for potential future contract tracing needs. If you are called by a contact tracer, it's critical that you answer the call to protect us all. Your help is the key to stopping the spread of COVID-19 and saving lives.

Finding ways to create a more equitable and inclusive business climate in urban areas has been a goal of activists all summer. Finding the funding is more challenging.
On Monday in Newark, Mayor Ras Baraka announced the city and partners have been promised $2 million to create the “NWK FAM Fund” — a program aimed at putting capital in the hands of Black and Latinx business owners.
The new investment vehicle — short for “Newark 40 Acres and a Mule Fund” — aims to combat and reduce social and economic inequalities resulting from systemic racism.
The program, backed by prominent Black and Latinx investors, as well as leading corporate and philanthropic institutions, hopes to raise $100 million in investible capital, including $10 million by the end of the year.
“Black Lives Matter is not rhetoric, it’s a statement of action,” Baraka said. “It’s more than just eliminating racist behavior and inequality in our justice system; it’s about creating equality and opportunity for our black and brown communities.”
The NWK FAM Fund will be co-managed by Invest Newark (the city’s economic development corporation) and New Jersey Community Capital.
Officials said AT&T, Shaquille O’Neal, Panasonic, Carlos Medina, Nelson Mullins law firm, New Jersey Community Capital, Public Service Enterprise Group and Popular Bank are the first of the investors and corporate partners.
The fund also has an advisory board that consists of prominent financial, corporate and philanthropic leaders who share the fund’s vision of curing systemic racism with a systemic response. The initial board members include:

• Alejandra Ceja, executive director, Panasonic Foundation;
• Manuel Chinea, chief operating officer, Popular Bank;
• Sabrina Conyers, partner, Nelson Mullins Riley & Scarborough LLP;
• Michellene Davis, executive vice president, RWJBarnabas Health;
• John Harmon, CEO and president, African American Chamber of Commerce of New Jersey;
• Carlos Medina, CEO and president, Statewide Hispanic Chamber of Commerce of New Jersey;
• Randall Pinkett, chairman, BCT Partners;
• Malcolm Robinson, chairman, Montclair Capital Group;
• Paul Sangillo, vice president-legal, Innovative Cosmetic Concepts.

Those interested in learning more about the NWK FAM Fund or donating can contact Bernell Hall of Invest Newark at BHall@investnewark.org.
Baraka said the need for the fund is simple — and more pressing than ever.
“There are vast wealth disparities in our nation, state and city between white-owned businesses and Black and Latinx-owned businesses, clearly worsened by the pandemic,” he said. “We need to empower our entrepreneurs of color so that they can compete at increasingly higher levels. The Newark 40 Acres and a Mule Fund will bring pride and prosperity to our city as a whole and to our Black and Latinx business community in particular.”
According to the New Jersey Institute for Social Justice, the median net worth of New Jersey’s white families is $309,000, while the median for New Jersey’s Latinx and Black families is just $7,020 and $5,900, respectively. It is one of the worse racial wealth gaps in the nation.
Organizers said the objective of the fund is to close these gaps by providing Black and Latinx business owners with a more level playing field with their competitors.

Hall, the CEO of Invest Newark, said the model is the first of its kind in the country.
“We believe that we have created a national model where financial institutions, corporation donors and local economic development corporations partner to create a holistic investment platform that provides Black and Latinx businesses with access to the business contracts, patient capital and technical assistance necessary to grow despite the current pandemic and social unrest,” he said.
Officials said the initiative will drive economic wealth among Black and Latinx populations in Newark by leveraging invested capital, public subsidies and public assets to enhance the value of Black and Latinx-focused small businesses and real estate development.
Baraka said the city is superbly equipped to continue its immense economic progress.
The city is home to an international airport and seaport, a transcontinental train station, five major highways, headquarters to major corporations, the seventh-busiest indoor arena in the United States and more than 55,000 students and teachers attending high-level institutions.
New Jersey Community Capital President Wayne Meyer said Newark has had more than $5.6 billion in public and private investment and record levels of local job creation (pre-COVID-19) since 2014. He feels the fund can bring so much more.
“Despite over a century of broken promises, Black-owned businesses and entrepreneurs have thrived and been the economic engines of their communities,” he said. “It is a privilege for New Jersey Community Capital to help Mayor Baraka and his team provide capital to Newarkers looking to carry on this rich tradition.
“We are honored to be thought of as a trusted partner in the Newark FAM Fund and look forward to doing all we can to grow and sustain Newark’s Black and Latinx business community.”
The name of the fund comes from one of the earliest Reconstruction promises to the newly freed slaves of 1865 — one that provided each freshly emancipated family head with “40 acres and a mule” in America’s mostly undeveloped and unowned land at the time.
Under this initiative, “freedmen” and their families would be able to become small, independent farmers. However, the program was never pushed forward, and most of the freedmen rapidly reverted into a new form of semi-slavery as tenant “sharecroppers,” living in poverty and perpetually in debt to their white landlords.