There’s a new non-profit corporation that every Newark business professional should know about. Founded by Mayor Ras Baraka, the Newark Community EDC could help you start a new business or improve the business you already run.
According to Senior Vice President and Chief Financial Officer of the Newark Community Economic Development Corporation, Kevin Seawright, the mayor started the Newark Community EDC in 2015. The Corporation evolved out of the Brick City Development Corporation with the main goal of helping small businesses throughout all of Newark’s communities, not just the big businesses downtown.
Kevin Seawright also stated that the Corporation is looking to work with any small business owner with a solid business plan. They’ve already funded loans for convenience markets, clothing stores and jewelry shops. However, the Newark Community EDC is only funding loans at this time and not grants. However, grants might be a possibility in the near future.
In addition to extending loans to promising Newark small businesses, Kevin and the staff of the Newark Community EDC encourage potential business owners and managers to come in and learn more about how to successfully run a business. Potential smb owners can learn about:
- Managing and reporting finances,
- Taxes and accounting, and
- Credit reporting best practices
Kevin Seawright and other staff also try to give potential business owners some idea of how close they are to starting a new business. Some potential business owners need to fix their credit or raise money some other way. Others need more counseling and advice on how to run a business.
The Newark Community EDC wants small businesses to find success in Newark. This will only encourage diversity and goodwill throughout the community and improve everyone’s quality of life. Small businesses have always done a huge part to encourage community growth throughout America.
If potential business owners are only a few steps away from running a successful business, the Newark Community EDC will extend a loan to them to get the business started.
In order to secure the funding the Corporation uses to help small businesses, the Newark Community EDC works closely with the SBA. The Corporation also doesn’t show specific preference to women or minority owned business models.
They will extend a loan to anyone with a solid business plan they feel will work successfully in one of Newark’s bustling communities.