Up to 400 Newark-area college students and residents will receive $75 in discretionary income to offset their cost of living, to drive spending at local businesses, and to support Newark’s economic recovery through a program piloted by Audible.
The six-month Audible Bucks pilot program announced Nov. 11 begins this fall in collaboration with Rutgers University-Newark, New Jersey Institute of Technology, Focus Hispanic Center for Community Development Inc., Newark YMCA and Mobility Capital Finance.
Audible Bucks provides a debit card with a weekly stipend for purchases at 50 small businesses in Newark including restaurants, pharmacies and grocery stores.
Several barbecue joints and coffee spots are in on the pilot, and Audible Bucks are valid for purchase at two convenience stores and a bookstore, too.
Glover
“Inspired by the City of Newark’s guaranteed income pilot program, Newark Movement for Economic Equity, Audible Bucks will support local college students and residents in need with supplementary disposable income, while driving foot traffic to Newark’s small businesses,” said Aisha Glover, vice president of urban innovation at Audible in a prepared statement. “Many residents and businesses are still recovering economically from the pandemic and Audible is proud to fund this impactful program to help accelerate their journey.”
MoCaFi, a Newark-based fintech started by former JPMorgan executive Wole Coaxum to serve America’s unbanked and underbanked, is providing the card technology and customer service for Audible Bucks. MoCaFi recently made Fortune’s Impact 20 list, which recognizes venture-backed and private equity-backed startups with a focus on remedying social and environmental issues as part of its business model.
Coaxum
“With this model, students will benefit from a quality financial services tool that, in turn, will promote and sustain the growth of local businesses,” Coaxum said.
The Audible Bucks stipend is funded by Audible and will be managed by Audible’s Global Center for Urban Development, which it established in 2020 with a mission to launch new and measurable models focused on advancing equity, racial justice and economic empowerment.
“We see firsthand, the hardships our residents experience,” said Michael Bright, president and CEO of the Newark YMCA. “As an added result of the pandemic, many of our residents are seniors or families with limited resources and in crisis seeking basic needs. Thanks to Audible and the Audible Bucks stipend, our families will have the much-needed support to help them recover, sustain, and thrive.”
