> Greater Newark Enterprises Corporation

Helping Communities Build Businesses

Founded in 2005, the Greater Newark Enterprises Corporation (GNEC) is both a 501(c)(3) and certified Community Development Finance Institution (CDFI) microenterprise development organization whose purpose is community development. GNEC carries out its mission by financing small business growth and development, creating jobs, and providing financial services to low-income residents across the Greater Newark and surrounding area. GNEC also sees its mission as connecting appropriate capital resources to appropriate businesses at their particular stage. This connection is inclusive of workforce development programs, creative arts programs, and youth training/education programs.

Top Standing (L–R): Steven Gomez, Al Alvarez, Tesha Kelley, Kevin Chu, Bin Wu. Seated (L–R): Desiree Sealey, June Smith-Tomori.

Since its inception, GNEC has helped to create or maintain over 450 jobs, provided over $2 million in small business financing, sourced over $9 million in financing to small business community partners and provided over 30,000 hours of technical assistance and business education training to community residents. Currently, over 75% of GNEC’s clients are low- and very-low-wealth individuals with incomes under 80% and 150% of median income respectively. Additionally, 92% of GNEC’s clients are a minority, and 51% are women.

GNEC’s Staff is comprised of a diversified and highly talented staff of experts with extensive backgrounds in finance, marketing, business development, and technology. In 2016, GNEC moved to the Enterprise Development Center (EDC), now called VentureLink, an incubator and co-working space on the campus of New Jersey Institute of Technology (NJIT) to further immerse itself in the technology industry ecosystem.

L–R: Kevin Chu, Desiree Sealey, volunteer Jolly Nanna, and Al Alvarez.

As GNEC adopted this ecosystem approach to its work, great emphasis on collaboration, cross-sector partnerships, bilateral referrals, and building an understanding of “the ecosystem” in service became of paramount importance. The ability to serve as a collaborative hub, while simultaneously building the technology and program capacity/efficiency of our partner organizations, became the desired outcome.

Lastly, GNEC invests in and relies on broader access to digital data which we believe will fundamentally shift the way social organizations pursue business and community development. GNEC has built capacity, network, tools, and a reputation as a community that aids in supporting emerging and marginalized communities and business industries to mainstream financing. It is our belief that the blending of data for action and data for impact further allows data collection and analysis that will ultimately transform the practice of social innovation, ultimately delivering social impact more efficiently and effectively.

Greater Newark Enterprises Corporation

[email protected]
211 Warren St, Newark, NJ 07103

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