FOR IMMEDIATE RELEASE
Mayor Booker, Brick City Development Corporation, Prudential Financial, and New Jersey Community Capital Launch the BCDC Newark Fund
New fund will make loans up to $400,000 available to small business owners in Newark
(Newark, NJ) July 31, 2012 – Mayor Cory A. Booker, Municipal Council President Donald M. Payne, Jr., Municipal Council Vice President Anibal Ramos, Jr., Deputy Mayor for Economic Development Adam Zipkin, Brick City Development Corporation CEO Lyneir Richardson, Prudential Financial Vice President of Corporate Social Responsibility Lata Reddy, New Jersey Community Capital President Wayne T. Meyer, and other dignitaries launched the BCDC Newark Fund yesterday, at 744 Broad Street, the Mezzanine, in Newark. Also in attendance was Municipal Council Member-at-Large Carlos M. Gonzalez.
Capitalized by the social investment group at Prudential Financial, Inc., the BCDC Newark Fund is a loan fund created and managed by New Jersey Community Capital in partnership with Brick City Development Corporation. The mission of the Fund is to retain, attract and grow businesses, enhance small and minority business capacity, and spur real estate development by providing loans of up to $400,000 to Newark-based businesses.
“For 300 years, the economic bedrock of our great City has been the small business owner. These enterprises, often family-owned, create dynamic energy in our neighborhoods, bringing jobs and empowerment to local entrepreneurs and their employees, while providing vital products and services to their customers. The diversity of our small business sector is a reflection of the City’s ethnic diversity. I am proud that in the most challenging economic time in generations, Newark is also seeing the biggest period of economic development since the 1960s,” said Mayor Booker.
“I would like to say thank you on behalf of all the council members. I’ve seen BCDC do so much for the city and for small businesses. We’re all very excited to see the results of this new fund. The partners in this fund have made a large difference for the growth of small businesses, a trend we hope to see continue,” said Municipal Council Vice President Ramos, speaking for his Council colleagues.
Through this new loan fund, qualified Newark-based business owners can borrow up to $400,000 to finance real estate acquisition, equipment purchases, leasehold improvements, inventory purchases, and obtain working capital. Interest rates for these loans start at 8 percent, and have a maximum term of five years. For more information on obtaining financing through this loan fund, contact BCDC at (973) 273-1040.
“We are honored to be here today announcing the BCDC Newark Fund. We are also excited to be working with our longtime partners – the City of Newark, Brick City Development Corporation and New Jersey Community Capital. Together, we all share a commitment to ensuring a healthy and prosperous Newark through the support of people, place and opportunity,” said Prudential Financial Vice President Reddy.
“I am so excited to attract and build on existing businesses as well as to create new business throughout the City. This is a really exciting time in Newark. We have been building economic development programs to encourage the growth of small businesses, the true lifeline of Newark. They are seen as safe havens and as essential parts of stabilizing neighborhoods. This fund will enhance small and minority businesses and spur economic growth. BCDC brings so much value to this project and it has been a pleasure working with them. They love this city and what they are hoping to accomplish, considering the economic times, is incredible,” said NJCC President Meyer.
“We are elated to be here today to announce the public/private partnership with Prudential and NJCC. The money will enable Newark to get more capital and start new businesses throughout the City. We want to remove the obstacles to Newark’s capital. There is a huge list of good people who helped put everything together,” said BCDC CEO Richardson.
The Booker administration has made economic development and the creation of jobs a top priority. These innovative efforts have included the launching of the Brick City Development Corporation, the City’s economic development catalyst. Since 2006, the executives of major companies such as Pitney Bowes, Standard Chartered Bank, Audible.com, Mimeo.com, CGC Genetics, Panasonic, Marriott, Manischewitz, Damascus Bakeries, Bartlett Dairy, and others have chosen Newark as home for new corporate headquarters and major operations centers. They’ve been joined by entrepreneurs, including dozens of companies that received start-up capital or other assistance from Brick City Development Corporation. Last year Panasonic Corporation of North America announced that it will move its headquarters to Newark. The electronics giant is building a new, state-of-the-art, sustainable high-rise office building to be constructed adjacent to Newark’s One Riverfront Center. The structure will be home to 1,000 of the corporation’s employees and contractors beginning in 2013.
Earlier this year, the City broke ground on Teachers Village, a downtown complex that will create affordable and market-rate housing as well as new charter schools. Economic development has also benefited from the 2007 opening of the Prudential Center, which brought New Jersey Devils hockey, New Jersey Nets basketball for two seasons, and New York Liberty WNBA basketball to the City’s downtown. The arena also spurred the development of numerous downtown restaurants and bars as well as the construction of a new Courtyard by Marriott Hotel adjacent to the arena. Economic development has also taken place in all of Newark’s neighborhoods, with projects like the redevelopment of the Newark Screens multi-plex movie theater in the City’s Central Ward, by a group headed by Newark native and NBA basketball star Shaquille O’Neal.
During Newark’s “Groundbreaking Year” of 2011, the City saw more than $700 million in new development, the construction of over 2 million square feet of new or renovated space, and the creation of over 2,500 construction jobs and over 2,500 permanent jobs.
For more information, contact the Press Information Office – (973) 733-8004.
Brick City Development Corporation – (973) 273-1040
Prudential: Karen Moore – (973) 802-8533
New Jersey Community Capital – (732) 640-2061
About the City of Newark, New Jersey
Newark, commonly referred to as Brick City, is the third oldest city in the United States and the largest in New Jersey, with a population of more than 280,000 people. Newark sits on one of the nation’s largest transportation super-structures including an international airport, major commuter and freight rail lines, major highway intersections and the busiest seaport on the east coast.
With a new Administration as of July 2006, Newark continues to see signs of a strong revival. Its population showed growth in the most recent census. Its six major colleges and universities are further expanding their presence. The rate of production of affordable housing has doubled, and new businesses are moving in. There is still much work to be done but Newark is on its way to achieving its mission: to set a national standard for urban transformation.
About Brick City Development Corporation
Brick City Development Corporation (BCDC) is the primary economic development catalyst for Newark, New Jersey, organized to retain, attract and grow businesses, enhance small and minority business capacity, and spur real estate development within the city.
BCDC initiates and executes economic development activities to produce and sustain economic growth, generate jobs and create wealth for the citizens of Newark. Our team serves as advocates within the City’s municipal structure and provides a hands-on client management approach.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $943 billion of assets under management as of March 31, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.
About New Jersey Community Capital
New Jersey Community Capital is a 501(c)(3) nonprofit, Community Development Financial Institution (CDFI) that provides innovative financing and technical assistance to organizations that support housing and sustainable community development ventures that increase jobs, improve education and strengthen neighborhoods. We offer loan capital that is broader than bank lending to results-oriented, socially responsible organizations that are committed to creating positive change in low-to-moderate income communities throughout New Jersey.
Founded in 1987, New Jersey Community Capital is the registered trade name utilized by the Community Loan Fund of New Jersey, Inc. and its affiliated entities. We are dedicated to revitalizing neighborhoods through flexible financing, technical assistance and consulting services and our work is driven by the confidence we have in our borrowers, clients, and the communities we serve. Our deep understanding of the community development sector and vast experience working with related organizations, gives our partners confidence in our ability to maximize the impact of their resources. New Jersey Community Capital extends credit to borrowers that often do not meet traditional mainstream lending criteria because we have the experience to know where the capital is needed the most and where it can best transform lives and rebuild neighborhoods.
New Jersey Community Capital effectively combines expertise with innovation and dedication to deliver high-impact community development solutions that change lives for the better.
# # #