Several small businesses in downtown Newark have yet to fully rebound from the pandemic, so says New Jersey Community Capital, a nonprofit community development financial institution that supports underserved communities.
Therefore, a $300,000 grant from Prudential Financial will go a long way.
The grant is designed to help small businesses grow, create job opportunities and sustain an inclusive local economy, NJCC said in the March 9 announcement.
The organization said the grant will provide up to $250,000 to cover the six-month interest-only period for loans to small business and nonprofit borrowers under the NJCC’s Garden State Relief Fund. The grant also provides up to $50,000 for technical assistance from Greater Newark Enterprises Corp., which offers small businesses expert advice and resources to grow their business. The GSRF provides low-interest loans between $10,000 and $75,000 to small businesses and nonprofits with up to 75 full-time employees.
“So many major contributors have come together to support the incredible small business community in Newark,” Bernel Hall, president and CEO of NJCC, said in a statement. “Anchor organizations like Prudential Financial and others are deploying strategies to reach small businesses. NJCC is excited to play an important role in driving economic opportunity in New Jersey’s largest city alongside Prudential Financial — a steadfast investor and supporter of our work for nearly 20 years and $35 million in impact investments.”
NJCC said there are more than 200 Newark small businesses, 60% of which are minority- or women-owned, that support over 1,300 jobs.
“An increase in employees returning to their offices will help stimulate the local economy, and we are excited to support businesses by providing access to flexible capital so that they are well-positioned for the anticipated foot traffic and revenue,” Shanè Harris, president of The Prudential Foundation, said in a statement.