This is a guest blog post by The Greater Newark Enterprises Corporation in Newark, NJ. They provide training and technical assistance to small business owners in Newark and have partnered with Kiva Zip to help their business access crowd funded capital.
The Greater Newark Enterprises Corporation (GNEC) is a 501 (c)(3), CDFI, which has roots in the Central Ward of Newark, NJ and has become a major urban business resource due to its history of providing microloans and delivering effective training and technical assistance resources in both English and Spanish. The organization is adept at identifying challenges of entrepreneurs, bringing expertise that helps the entrepreneurs address their challenges, and when possible, providing capital to help entrepreneurs start and expand their businesses.
GNEC provides structured entrepreneurial training and technical assistance under the Urban Entrepreneurs Development Institute (UEDI), averaging more than 200 entrepreneurs each year. Services are provided to low- and moderate-income individuals in general as well as to target populations such as young entrepreneurs (aged 18-30), women entrepreneurs, small contractors, and previously incarcerated individuals.
GNEC also offers financial assistance and training to small businesses in a variety of topical areas, including financial literacy for entrepreneurs, business planning and business management across a myriad of industries.
• We have funded and or sourced approximately $5 million in financing to small businesses since our inception.
• 91 percent went to individuals classified as minorities.
• 76 percent of the dollar amounts were made in areas designated as distressed.
• Nearly 400 jobs have been created in the Greater Newark area with this capital.
These loans continue to have a positive impact on the communities they serve. With a strong commitment and dedication to assisting small businesses, the loans make a remarkable contribution to the development of new small businesses and to the expansion of existing businesses by financing needed equipment, inventory, or adding working capital. These borrowers could not qualify under regular banking requirements, but because of the GNEC lending activities, small businesses are opening and expanding in and around Newark.
Recently GNEC became a Trustee on a new lending platform called Kiva Zip. This site is designed for business owners to find business loans, funded by everyday citizens. These loans are interest free and allow the borrower to tell his/her story as well. Currently, the lending limit is $5,000, but as clients begin successful repayment, the lendable amount will increase to a maximum of $50,000 -- INTEREST FREE!
Deirdre White (a graduate of GNEC's Spring 2012 UEDI entrepreneur training program), Co-Creator of Kidz Khair Salon, is our first client to be set up on the site and she is well on her way to reaching her $5,000 target.
Through the training provided to Deidre via GNEC's UEDI program and now partnering with KivaZip lending platform, Kidz Khair Salon is well on its way to being a success!
Join with GNEC and KivaZip, you can lend a small amount, or a larger amount, and know that you are directly impacting a person and their business.
Please check out https://zip.kiva.org/loans/1132 to visit Deirdre's page.
Help us create stronger small business communities in Newark, NJ and elsewhere!
For more information and to support GNEC visit us at: www.GNECorp.org
Greater Newark Enterprises Corporation is a community development corporation, and Certified CDFI, established in 2005. The Organization is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and similar provisions of the State code.