Calling small businesses “the heart of our neighborhoods” Mayor Ras J. Baraka has created a sweeping, $2 million grant program to help keep them solvent during the COVID-19.
This City and its small businesses are experiencing one of the greatest challenges in our history,” Mayor Baraka said. “Small businesses are often the heart of our neighborhoods and, equally, are an important piece of our economy. We can’t stand by and wait for help from other sources. Here in Newark, we must solve our own problems.”
Applications for the fund opened today, through a link on the United Way of Greater Newark website, which is partnering with the City o administer the program. The link is uwnewark.org. The deadline to apply is April 30, 2020.
A webinar featuring Mayor Baraka to help business owners apply will be available on Thursday, April 2 at 2p.m. It can be accessed at zoom.us/webinar/register/WN_IepTI0JdQDO7x1bTGRWbAw.
A small business webinar from last Friday is also available on the Invest Newark website at investnewark.org/.
The small business grant was the first of six initiatives Mayor Baraka began launching last week to ease the financial pain and enhance the safety of Newark residents.
The Mayor’s small business grant program will offer about 200 business grants up to $10,000 to provide working capital for operating costs, payroll, accounts payable, inventory, equipment, rent, taxes, licensing or other business-related expenses.
With $2 million earmarked for this small business grant program, the City will offer about 200 business grants up to $10,000 to provide working capital for operating costs, payroll, accounts payable, inventory, equipment, rent, taxes, licensing or other business-related expenses.
To qualify, businesses must have a physical establishment in Newark, have 10 employees of less, and show loss of income directly tied to the coronavirus crisis.
The grant program will be coordinated by the City’s Department of Economic and Housing Development in partnership with the United Way of Greater Newark and Invest Newark, with funding from local funding, federal funding, and private sources, including Prudential and Invest Newark.
“The purpose of this initiative is to quickly create and mobilize resources to ensure Newark small businesses persevere through this pandemic,” said Bernel Hall, the President and CEO of Invest Newark.
The Mayor’s five other programs include short-term rental housing for 300 of the most vulnerable Newark residents, including those without permanent addresses and cash infusions of varying amounts to the “Live Newark” program for homeowners, arts and cultural organizations and other non-profits, and tax for building owners with business tenants.
For more information on these programs, please email the City’s Department of Economic and Housing Development at EHD@ci.newark.nj.us.
- NEWARK NEWS