Prudential Financial is looking to support grassroots efforts in its hometown of Newark with a new micro-grant initiative.
The Prudential Community Grants Program, announced this month, offers $500,000 in total funding to support local, community-based projects.
“We’re excited to launch a grant program that directly supports local Newark residents who are creating meaningful impact in their neighborhoods,” said Sarah Keh, vice president of inclusive solutions at Prudential Financial. “For over 145 years, Prudential has been an anchor institution in our hometown community of Newark, and over the past decade we’ve invested over $1 billion to drive inclusive, equitable growth for Newark and its residents. Today, we are deepening our support by empowering local changemakers and leaders who often have the solutions but don’t always have access to financial resources.”
The program also empowers the local community by engaging it in the selection process. According to Prudential, ensuring that Newark residents and organizations help to choose recipients is a critical aspect of the program.
To achieve that end, Prudential said it is partnering with the Community Foundation of New Jersey to administer and distribute the micro-grants to projects or programs that will support neighborhood beautification, increase resident access to opportunity and enhance quality of life across the city’s five wards.
Prudential said it will provide selected individuals grants of up to $2,500 and awards of up to $5,000 for 501(c)(3) organizations or organizations with a fiscal sponsor.
Additionally, intermediary organizations identified in each ward will also receive $10,000 in grants to support the program and offer technical assistance.
These groups will assist with applications, provide marketing support for the program and work with Prudential to engage residents and organizations throughout the city.
“It’s our privilege to steward this unique giving model, which empowers residents to lead change efforts in their own communities,” said Aaron Turner, chief philanthropic officer at the Community Foundation of New Jersey. “Prudential’s long history of philanthropy in Newark and the Community Foundation’s experience with results-oriented giving vehicles tell us that lasting change starts in neighborhoods.”
A Mahwah teen is one of 25 selected by Prudential Financial Inc. for its 2023 Prudential Emerging Visionaries initiative.
In a statement, Newark Mayor Ras Baraka celebrated the Community Grants Program, calling it a welcome addition to the cause of infusing funds into the local community.
“I applaud Prudential Financial for creating a grant opportunity that will put funds directly into the hands of Newark’s grassroots community leaders and organizations,” Baraka said. “Our people know best what they need in their own neighborhoods. When we tap into the expertise of our residents, we start to provide them with the self-determination they need to envision a collective future.”
A virtual information session for the public will take place March 8; a recorded version will be distributed to interested applicants.
Applications for the Prudential Community Grants Program are due March 31, 2023. More information is available here.o