Our mission is to assist in the revitalization and renaissance of the City of Newark by providing the necessary financial and “intellectual” capital for the establishment or expansion of business enterprises owned and operated by members of Newark’s minority communities. Urban renewal is really as simple as getting people with disposable income to spend their money in the area you want to renew. The Foundation believes that if Newark can be reenergized with vibrant, exciting commercial businesses, it will encourage upper middle class residents of West Essex County (Livingston, Short Hills, The Caldwells, etc.) to come to Newark to shop, dine, entertain, etc.
The enterprises that the Foundation is interested in helping are (i) owned, controlled and operated by minority individuals, (ii) headquartered in Newark, (iii) do business in Newark, (iv) return real value to Newark and its citizens by making jobs available to Newark residents and by providing goods and services required by those residents. The Foundation will evaluate all business proposals requesting a loan in order to either launch or expand a Newark-based enterprise. If the Foundation decides to invest, the investment will be in the form of an interest free loan that allows repayment on “gentle terms” designed to engender growth, as opposed to maximizing the rate of return of capital to the Foundation. In addition, the Foundation will supply free consulting to mentor the entrepreneur once his/her business plan has been submitted, developing and expanding his/her business, and finally operating that newly launched or expanded business.