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Company Overview

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.

 

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GNEC provides 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 provided approximately $5M in financing to small businesses.

*91% went to individuals classified as minorities.

*76% of the dollar amounts were made in areas designated as distressed.

*Nearly 400 jobs have been created in the Greater Newark area with these loans.

 

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 things like 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.


“What you have allowed us to do is focus on growing our business. I know this would not have gotten done without this valuable relationship you brought to the table. The services and value GNEC has provided The Box Butler go so far beyond the micro loan made several years ago.
Thank you.”

 

Scott Sinclair

The Box Butler

www.theboxbutler.com

 

GNEC has provided structured entrepreneurial training and technical assistance since 2007 under the Urban Entrepreneurs Development Institute (UEDI), reaching more than 500 individuals 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. In the past three years, GNEC has graduated more than 150 individuals from its entrepreneurial training curriculum.

 

GNEC 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. 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 business.

Mission Statement

Economic development is the primary purpose of The Greater Newark Enterprises Corporation, and the organization carries out that mission by financing small business growth and development, job creation, community facilities, and providing financial services for low-income families. GNEC is organized to encourage and assist commercial enterprises, including those owned by minority, women and low-income entrepreneurs possessing the capability to operate successful business concerns.