For the individual client our approach is simple yet impactful.
Sit down and Identify your need - Is it...?
Formulate an actionable plan
Follow these SMART steps...
Evaluate results of the actions
taken on your SMART Goals.
Small business owners lack the capital, knowledge and skills needed
to effectively manage the financial component of their businesses.
Access to capital, proper resources and better training.
Providing training and workshops around financials of a business.
Social Capital, Networking, and sales opportunity.
Access to GNEC loans and access to loans from partner lending organizations.
For the Individual, we see increased income from their business.
For their Family, they create self-sufficiency, economic mobility, and generational wealth.
For the Community we see job creation and local economic stimulation.
GNEC was established in 2005 as Greater Newark Enterprises Corporation. A community development corporation, and Certified Community Development Financial Institution (CDFI) the organization has been committed to helping entrepreneurs in the Greater Newark region access training and access the financing they need for their business. In 2013, with demand for entrepreneurial training growing across North Jersey we began partnerships that brought our trainings and unique approach to finance to a broader geography in Union, Passaic, Morris, and Hudson Counties.
In 2015, with more and more technology based businesses growing in Newark and North Jersey, GNEC realized that we needed to develop new programs and skills to support these entrepreneurs. That same year, we partnered with JP Morgan Chase to launch our Technology Business support Initiative (TBSI). TBSI brings together a group of early stage businesses with the aim to prepare their founders, principals, and CEOs with the knowledge and skills needed to effectively manage the financial component of their business. Upon completion of the program, business participants have the tools needed to: Perform fundamental valuations of their businesses; discuss financial aspects with lenders or investors; and understand, negotiate, and utilize different capital sources to grow their businesses.
In 2016, GNEC moved its offices to New Jersey Institute of Technology (NJIT) Enterprise Development Center (EDC ) to be closer to the more than 90 businesses in the technology and health services housed at the EDC. In that spirit, we have partnered with the EDC to provide business financing to its resident businesses. GNEC also partners with NJIT Newark Innovation Acceleration Challenge (NIAC) – a business pitch competition to find the next great business ideas from the community and students in the Greater Newark area. In late 2016, GNEC joined the steering committee to help launch the Black and Latino in Tech Initiative (BLT) pre- accelerator, organized by Rutgers Center for Urban Entrepreneurship and Economic Development (CUEED). BLT aims to connect founders of color to the resources needed to attract capital.
We serve entrepreneurs from all corners of New Jersey, with a focus on Northern New Jersey. Our office is in Newark, and we provide our services throughout the region by partnering with organizations in other geographies. In Hudson County we have partnered with Rising Tide Capital and Ignite Institute of Saint Peter’s University. In Morris County we have partnered with the Women’s Center for Entrepreneurship Corporation (WCEC). In Passaic County, we have partnered with Paterson Housing Authority Success Incubator (PHASINC). In our home county, Essex County, we regularly partner with New Jersey Institute of Technology, Rutgers Business School Center for Urban Entrepreneurship and Economic Development, Fownders, Equal Space, NJIT EDC,
and Newark Community Economic Development Corporation (NCEDC).
Our Impact Since 2012, GNEC has connected small businesses to more loans totaling more than $7 Million..
We have provided training and technical assistance to 3,800 entrepreneurs and small business owners.
Through GNEC services, we have created/retained more than 400 jobs since 2012.