Focusing on the target
Newark is home to over 22,000 businesses, 71% of which are owned by entrepreneurs of color. At the same time, Newark’s small business owners are up against formidable challenges posed by both the lending market’s systemic inequalities Too often, that leaves Newark’s entrepreneurs lacking for vital capital.
An economic downturn caused by the pandemic has made it still tougher. The city estimates sales have fallen $75 million and that foot-traffic to local enterprises dropped 60% in 2020. Gross domestic product in Newark’s home county of Essex fell almost 11% in 2020.
Starting Strong
The Newark EOCF's goal is to reach 200 entrepreneurs, provide 500 hours of technical assistance and $2 million in loan fund to 50 small businesses, with an eye of spurring 2.5 million in revenue growth.
EOCF is backed by a collective commitment to $1.7 million in funding by JPMorgan Chase, the Rockefeller Foundation and Prudential Financial to reach these goals.
“We’ve seen the value of these small business investments throughout the country and the way that they help bridge capital gaps facing thousands of diverse entrepreneurs. The EOCF approach helps strengthen our local infrastructure of small businesses, expand employment, grow local incomes and build intergenerational wealth. It breaks down racial barriers to opportunity in ways that make out city and our economy work better for everyone.”- Jorge Cruz, Executive Director of LISC Greater Newark |
Our Partners
Learn more about the two EOCF Newark lending partners and see which partner might be best suited to support your business' needs.
As the lead partner for EOCF Newark, GNEC provides loans of up to $60,000 and tailored technical assistance for eligible small businesses in Newark. Since its inception, the organization has provided over $7 million in loans to over 3500 small companies, contributions that have created and preserved employment across the region. Greater Newark Enterprises offers training and technical assistance in many topics including how to create a small business entity, how to compose a business plan, and cash flow analysis.
Through a network of partners dedicated to growing opportunities for traditionally underrepresented entrepreneurs, LISC Greater Newark provides technical assistance and capital to small businesses across the city of Newark. LISC’s goal is identifying and providing the supports small businesses need to succeed, grow and bring wealth-building opportunities to traditionally underserved neighborhoods. LISC Newark provides loans $100,000 and greater for Newark-based businesses to grow and thrive.
Are you a small business in Newark?
Get in touch about our loans & technical assistance
We’re working with companies across
a broad range of businesses:
Food & Beverage |
Retail |
Restaurants |
Apparel |
“As a business owner working with limited working capital while trying to grow, the Entrepreneurs of Color Fund comes at a critical time when access to flexible capital will significantly increase our capacity to meet the overwhelming demand we are currently experiencing for our products.”- Florence Dennis, CEO of Flows Tasty Treats |
Our borrowers are putting the money to work
in a multitude of ways:
✓ Inventory✓ Payroll✓ Equipment Purchase✓ Rent | ✓ Expansion✓ Paying Down Debt✓ New Hires✓ Leasing Manufacturing Facilities |
Flows Tasty Treats
A Small Business Spotlight
Florence Dennis started testing the market for her own special mix of roasted corn and peanuts that is a favorite in her native Ghana. She first started marketing her mix to African grocers near Newark, and gradually branched out to Hispanic and Caribbean food stores. In 2020, she landed Flows Tasty Treats’ first contract with a major regional supermarket and the New Jersey Devils hockey club.
With her rapid growth, Florence is ready to keep growing her company to meet the demand for Flows Tasty Treats. Support from longstanding partner GNEC, like an intensive business program and accounting course, has helped her keep a closer eye on cash flow and build business acumen along the way.