NEWARK, NJ — A new small business loan fund is now available for minority-owned businesses in Newark and the surrounding Essex County area.
An $375,000 investment from JPMorgan Chase helped to kickstart the Greater Newark Enterprises Corporation (GNEC) Entrepreneurs of Color COVID-19 Relief loan fund, which provides low-interest loans to Black, Hispanic, Native American and Asian small businesses in need.
Business must be located in the “greater Newark area,” have fewer than 20 employees and have less than $1 million in revenue to qualify. Businesses must have experienced a decrease in revenue by at least 15 percent as a result of COVID-19. See full eligibility requirements and apply here.
According to the JPMorgan Chase Institute, since the onset of COVID-19, Black- and Asian-owned businesses have experienced more severe drops in cash balances and revenues relative to White-owned businesses.