OUR MISSION
“Helping Communities build businesses and create long lasting wealth for their families through business ownership.”
Greater Newark Enterprises Corporation (GNEC) is a boutique economic development organization that works with businesses to provide financing, consulting and business coaching. The Greater Newark Enterprises Corporation carries out that mission by working within community facilities throughout New Jersey.
Our sole purpose for existence is to help entrepreneurs like you start or grow your business 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.
Greater Newark Enterprises Corporation (GNEC) is a boutique economic development organization that works with businesses to provide financing, consulting and business coaching. The Greater Newark Enterprises Corporation carries out that mission by working within community facilities throughout New Jersey.
Our sole purpose for existence is to help entrepreneurs like you start or grow your business 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.
HISTORY & TECHNOLOGY ECOSYSTEM
GNEC was established in 2005 as Greater Newark Enterprises Corporation. A community development corporation, and Certified Community Development Financial Institution (CDFI) the organization has been committed to helping entrepreneurs in the Greater Newark region access training and financing needed for their business. In 2013, with the demand for entrepreneurial training growing across North Jersey, we began partnerships that brought our trainings and unique approach to financing to the broader geography of Union, Passaic, Morris, and Hudson Counties.
In 2015, with more technology based businesses growing in Newark and North Jersey, GNEC realized that we needed to develop new programs and skills to support these entrepreneurs. Additionally, we partnered with JP Morgan Chase to launch our Technology Business support Initiative (TBSI). TBSI brings together a group of early stage businesses with the aim to prepare their founders, principals, and CEOs with the knowledge and skills needed to effectively manage the financial component of their business. Upon completion of the program, business participants have the tools needed to: Perform fundamental valuations of their businesses; discuss financial aspects with lenders or investors; and understand, negotiate, and utilize different capital sources to grow their businesses.
In 2016, GNEC moved its offices to New Jersey Institute of Technology (NJIT) Enterprise Development Center (EDC ) to be closer to the more than 90 businesses in the technology and health services housed at the EDC. In that spirit, we have partnered with the EDC to provide business financing to its resident businesses. GNEC also partners with NJIT Newark Innovation Acceleration Challenge (NIAC) – a business pitch competition aimed at finding the next great business ideas from the community and students in the Greater Newark area. In late 2016, GNEC joined the steering committee to help launch the Black and Latino in Tech Initiative (BLT) pre- accelerator, organized by Rutgers Center for Urban Entrepreneurship and Economic Development (CUEED). BLT’s goal is to connect founders of color to the resources needed to attract capital.
In 2015, with more technology based businesses growing in Newark and North Jersey, GNEC realized that we needed to develop new programs and skills to support these entrepreneurs. Additionally, we partnered with JP Morgan Chase to launch our Technology Business support Initiative (TBSI). TBSI brings together a group of early stage businesses with the aim to prepare their founders, principals, and CEOs with the knowledge and skills needed to effectively manage the financial component of their business. Upon completion of the program, business participants have the tools needed to: Perform fundamental valuations of their businesses; discuss financial aspects with lenders or investors; and understand, negotiate, and utilize different capital sources to grow their businesses.
In 2016, GNEC moved its offices to New Jersey Institute of Technology (NJIT) Enterprise Development Center (EDC ) to be closer to the more than 90 businesses in the technology and health services housed at the EDC. In that spirit, we have partnered with the EDC to provide business financing to its resident businesses. GNEC also partners with NJIT Newark Innovation Acceleration Challenge (NIAC) – a business pitch competition aimed at finding the next great business ideas from the community and students in the Greater Newark area. In late 2016, GNEC joined the steering committee to help launch the Black and Latino in Tech Initiative (BLT) pre- accelerator, organized by Rutgers Center for Urban Entrepreneurship and Economic Development (CUEED). BLT’s goal is to connect founders of color to the resources needed to attract capital.
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OUR APPROACH
For the individual client our approach is simple yet impactful. We are transforming one business, one entrepreneur at a time.
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STEP 1
Identify your needs. Do you need capital, training, or both? STEP 2
Formulate a SMART plan? (Specific, Measurable, Agreed upon, Realistic, and Time-bound) STEP 3
Take action and evaluate |
OUR GEOGRAPHIC REACH
We serve entrepreneurs from all corners of New Jersey, with a focus on Northern New Jersey. Our office is in Newark, and we provide our services throughout the region by partnering with organizations in other geographies. In Hudson County we have partnered with Rising Tide Capital and Ignite Institute of Saint Peter’s University. In Morris County we have partnered with the Women’s Center for Entrepreneurship Corporation (WCEC). In Passaic County, we have partnered with Paterson Housing Authority Success Incubator (PHASINC). In our home county, Essex County, we regularly partner with New Jersey Institute of Technology, Rutgers Business School Center for Urban Entrepreneurship and Economic Development, Fownders, Equal Space, NJIT EDC, and Newark Community Economic Development Corporation (NCEDC).
OUR TEAM
Victor Salama
Executive Director Victor Salama joined Greater Newark Enterprises Corporation (GNEC) in June 2020 as the organization’s Executive Director. He has over 25 years’ experience in creating international partnerships in both for- profit and non-profit sectors and has extensive experience as a nonprofit executive, entrepreneurship workshop instructor and business owner.
Prior to joining GNEC, Victor was the Executive Director of First Friends of NJ & NY, a nonprofit organization based in Kearny NJ that supports immigrants who are detained by the US Dept. of Homeland Security in 4 NJ jails and also upon their release. Victor was also President of the LIVY Group, a consulting firm dedicated to helping nonprofits grow through the creation and implementation of program replication strategies. He spent 3 years at StrateSphere LLC, a Columbus Ohio based firm devoted to public-private partnership creation. As Director of Business Development, he grew business opportunities for StrateSphere’s Venture Highway entrepreneurship education programming and other entrepreneurship and education related activities. He was also a Venture Highway entrepreneurship education workshop trainer. Victor spent 15 years as Vice President of Business & International Partnerships at the Network for Teaching Entrepreneurship (NFTE), an organization that provides entrepreneurship education programming to youth serving institutions. His roles included supporting and creating new international and domestic licensed partnerships, managing NFTE’s 11 program offices and pushing forward the company’s strategy initiatives. He has taught NFTE teacher training workshops and youth workshops all over the world. Prior to his career at NFTE, Victor ran his own food distribution company and worked for various United Nations agencies in the area of international entrepreneurship development and technology. He has extensive experience working directly with entrepreneurs, universities, economic development agencies and government ministries. Victor has a J.D. from Washington College of Law, The American University (Washington DC), and an M.A. from the School of International Service, The American University and a B.A. from Franklin and Marshall College (Lancaster, PA). |
Desiree Sealey
Director of Operations, GNEC Desiree Sealey is an experienced Micro Loan Officer and Administrator with over 20 years of experience in the industry. Desiree is a former Bank Credit Analyst, whose industry and program knowledge have played an instrumental role for organizations. A facilitator and primary coordinator of all loan closing documents, Desiree interacts and communicates with all clientele, partner agencies and funders. Desiree also coordinates all incoming and outgoing correspondence for the GNEC organization. Desiree enjoys reading, listening to music and playing games. Desiree is inspired by the successful businesses that received initial financing from GNEC. When asked her reasons for doing non-profit work, she replied that she is “committed to doing the work necessary to aid small businesses succeed, and she enjoys listening to success stories.” Her heroes are successful entrepreneurs. Desiree says that she is always thinking about how she can solve a problem or be of assistance in any situation. Desiree’s hobbies are traveling and relaxing on the beach.
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Al Alvarez
Director of Programs, GNEC Al started working at GNEC in 2014, Al comes to GNEC with a great deal of experience after working at another non-profit as a benefits specialist and program manager for their Individual Development Account (IDA) program since 2008. Prior to that, he was the NJ Branch Manager for a national credit counseling service after retiring from AT&T as a Process Engineer and Manager in their International Operations Department in Bedminster, NJ. After serving in the Air Force and while working at AT&T, he took advantage of the GI bill and attended Fordham University. In the late ‘70s, he started a family-owned spice packing and wholesale distribution business. This provided him with the knowledge on the “do’s and don’ts” of operating a business. The business ultimately moved to Puerto Rico. In his spare time Al loves to go fishing and traveling. In addition, he likes to help his fellow veterans and is a lifetime member of his local VFW post in Bergenfield, NJ and was responsible for creating the Men’s Auxiliary at that post. He is inspired by the unselfishness of the men and women who serve the public both in the military and first responders who run to where danger is, he believes they are the real heroes. Having worked in the non-profit arena since 2006, he strives to help the underserved community build their assets, so that their families can attain the American dream.
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OUR BOARD OF DIRECTORS
Judith A. Sheft (Board Chairwoman) |
NJEDA |
Avi Telyas (Treasurer) |
Makerhoods.org |
John Suwatson (Secretary) |
Genova Burns LLC |
Chip Hallock |
Newark Regional Business Partnership |
Dr. Tamara Mangum-Thomas |
Sharpened Image |
Anthony Santiago |
National League of Cities and Institute for Youth, Education & Families |
Carlton West |
New Trend Consulting |
Therone Hopkins |
Columbia Bank |
Chris Murphy |
Murphy Schiller & Wilkes LLP. |
Julian Ibanez |
The Prudential Insurance Company of America |
Glenn Carroll |
Peapack-Gladstone Blank |
Azhoon F. Abdulghani |
Community Banking Wells Fargo & Company |
Kat Zacharia |
JP Morgan Chase & Co. |