Invest Newark, the City of Newark’s Economic Development Corporation, has received a $500,000 investment from JPMorgan Chase. Through this support, Invest Newark intends to grow its current customized lending, technical assistance and business development programming. This grant will also allow Invest Newark to continue providing education, capacity building and loan funds to small business, infrastructure, real estate and innovation projects through its Invest Newark Small Business Fund, Invest Newark Infrastructure Fund, and its Invest Newark Real Estate Fund.
“This generous commitment from JPMorgan Chase will benefit thousands of our Newark residents,” said Newark Mayor Ras J. Baraka. “Invest Newark provides invaluable resources to our community and with this additional funding will continue their critical work – work that helps provide Newarkers with greater opportunity for good-paying jobs and affordable homes.”
“We at Invest Newark are incredibly grateful for JPMorgan Chase’s support,” said Invest Newark Interim President and CEO Roy Southerland. “This funding will help us increase our staff and help us service hundreds of Minority and Women Owned Businesses in Newark through our different programs. Ultimately, this grant will help us boost Newark’s economic growth for the short and long-term.”
“Invest Newark focuses on driving inclusive economic growth for all Newark residents, ensuring they have equitable access to opportunities that close the racial wealth gap,” said Jac Rivers, vice president program officer in Global Philanthropy at JPMorgan Chase. “This investment from JPMorgan Chase will provide critical support to Newark’s minority and women-owned businesses by connecting them to critical resources like capital, technical assistance and training.”
National non-profit Interise will provide the curriculum and technical assistance for Invest Newark’s “StreetWise MBA” program. “We are proud to partner with Invest Newark and to bring the networks, knowledge, and know-how of our programming to the business community in Newark,” said Darrell Byers, CEO, Interise. “Like the rest of the country, Newark’s small businesses have suffered during the pandemic. Supporting small businesses for local job and wealth creation — that is our nation’s best small business capacity building and advancement strategy.”
With the JPMorgan Chase support, Invest Newark has the potential to serve more than 3,000 MWBE businesses annually (Invest Newark currently serves 2,700 MWBE businesses annually), while continuing to provide consistent resources to its existing network.
The City of Newark, which has a majority minority population (78% African American and LatinX citizens), faced a loss of 16,000 jobs in 2020 and an unemployment rate of 19%. This hit local businesses incredibly hard as the city witnessed a drop of close to $100 million in local consumer spending and major small business economic hardships. With this grant, Invest Newark will be able to expand key economic development programs, from small business support and specific capital support for local businesses to MWBE guidance and ongoing business development education, closing the consumer spending gap.
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