The Entrepreneurs of Color COVID-19 Relief Fund

The Entrepreneurs of Color COVID-19 Relief Fund

The Entrepreneurs of Color COVID-19 Relief Fund is a response to the COVID-19 pandemic and ensuing economic downturn.  The program is focused on deploying capital to small businesses owned by minority entrepreneurs in the City of Newark.  The program’s goal is to rapidly deploy capital and technical assistance to enable impacted minority-owned businesses that are the most vulnerable to gain immediate economic relief, medium term resiliency, and long term sustainability.

 

Greater Newark Enterprises Corporation (GNEC) will provide custom lending products including loan modifications for existing clients, new loans, as well as technical assistance (TA) to help stabilize and strengthen clients through the crisis. GNEC will continually assess client needs to match with appropriate capital resources available at the local, state and federal levels, as well as from the philanthropic sector.

 

The Entrepreneurs of Color COVID-19 Relief Fund will offer microloans of up to $40,000, with an interest rate of 3% and term of 36 months.

 

Eligibility Requirements:

  • Business must be located in the in the greater Newark area
  • Business owner must be black, Hispanic, Native American, or Asian with annual sales of less than $1 million and fewer than 20 employees
  • Business has experienced a decrease in revenue by at least 15% as a result of COVID-19
  • Businesses not eligible include gambling and adult entertainment, among others

 

If you are eligible and are interested in applying for an Entrepreneurs of Color COVID-19 Relief Fund loan, please apply HERE.

 

Funds for this program have been made available through the generosity of JPMorgan Chase. We thank JPMorgan Chase for its support!