This brochure is designed specifically to provide information about available technical and financial resources to the local businesses on the Springfield and South Orange corridors. It will be reproduced in an easy-to-carry reference booklet format. The columns presented on the following pages will be inserted into the booklet appropriately. The first page shows a tentative cover style.
Table of Contents
Enterprise Zone
Merchants Associations
Business Planning and Consulting
Lending Programs
Training for Business Management
Additional Resources
Introduction:
This guide is a listing various types of assistance programs for small businesses operating in the Corinthian Housing area (bounded north to south from Springfield Avenue to South Orange Avenue and east to west from Bergen Street to South 20th Street). It is not intended to be a comprehensive study, but merely a starting point. By calling a program that you feel might assist your business, you may end up finding another program that better meets your needs or an additional service you can utilize.
The merchants association listings are places for businesses to join and network with other businesses and includes Chambers of Commerce and Retail Associations. The Business Planning and Counseling section includes any one-on-one business planning and advice. The Loan Program section includes available loans, loan guarantee, and financing programs. The Business Management Training section lists seminars and educational programs (not one-on-one programs). Additional Resources holds other pertinent information, including libraries and business listings.
3 Enterprise ZoneNewark Urban Enterprise Zone Program
If your business lies on South Orange Avenue or Springfield Avenue, or on one of Newark’s major commercial streets, it is located within Newark’s Urban Enterprise Zone. Your business can be eligible for financial benefits if it becomes certified by the Enterprise Zone Program.
Benefits of Certification:
Qualifying for Annual Certification
-or-
2) If your business is not able to increase its full-time permanent employment and has fewer than 50 employees, it can qualify if it invests at least $5,000 (for a business with fewer than 10 employees) in improvements that will increase commercial opportunities such as exterior renovation, enlargement, or adding a parking lot.
Business must be certified on an annual basis.
For further details on certification and benefits, contact:
Rafael Zabala, Enterprise Zone Administrator
Newark Economic Development Corporation
The Legal Center, One Riverfront Plaza, 5th Floor
Newark, New Jersey 07102 (201) 643-2790
3 Merchants
Associations
African American Chamber of Commerce 908-A Broad St. Suite 270, Newark, NJ 07102
Contact Wayne Smith (201) 371-4518
Services Members are given numerous opportunities to network with other members, outside corporations, and government entities. Educational forums, a referral service and lobbying efforts for African-American-owned and urban businesses are also offered.
Program Requirements Membership is open to all, dues are $160/year (quarterly payments are accepted).
Greater Newark Merchants Association
Contact Michael Leonard (201) 799-0010
Services Members are involved in networking, building community relationships, and developing and sponsoring marketing events such as side walk sales.
Program Requirements Members is open to all, dues are $100/year.
International Minority Business Corp.
1 Newark Center, Newark, NJ 07102
Contact Dora Reddick (201) 242-4477
Services Members are given the opportunity to meet with large corporations and state agencies to set up contracts. These networking opportunities happen at breakfasts and one-on-one-meetings set up by the IMBC.
Program Requirements Membership is $300 per year and includes breakfasts and discounts for other events.
Networking opportunities
Sponsoring Organization Newark Economic Development Corp.
Contact Alfred Faiella, President (210) 643-2790
Services NEDC will assist businesses with government contacts to ease the process of site development and public lenders that are geared to the type of enterprise and development proposed.
Program Requirements Assistance is again free of charge; level of service is dependent on job creation levels.
NJ State Chamber of Commerce
50 West State St. Suite 1310, Trenton, NJ 08608
Contact Jill Schuh (609) 989-7888
Services Small and large companies participate in this organization which lobbies the state legislature, secures discounts for some business services, acts as a gathering place for businesses and offers helpful publications and seminars.
Program Requirements Business with 25 or fewer employees pay $365/year in dues.
New Jersey Retail Merchants Assoc.
332 W. State St, Trenton, NJ 08618
Contact Melvin Hunn, Membership (609) 393-8006
Services This organization acts as a lobbyist for all size businesses, informing members of changes in the law monthly. It also offers a group buying program for small businesses featuring low rates on: long distance service, shipping services, and bankcards.
Program Requirements Dues based on sales volume, minimum $150.
NY/NJ Minority Purchasing Council
Contact Melanie Dunn (212) 522-7632
Services Members of the purchasing council include Fortune 500 companies seeking to purchase supplies from qualified minority-owned businesses. Minority businesses are listed with the Council and can participate in networking events with participating corporations.
Program Requirements Businesses must be certified by the organization. The process includes an application, proper documentation, and a site visit.
Regional Business Partnership
One Newark Center Newark New Jersey 07102-52
Contact Barbara Kaufman (210) 242-6587
Services Technical assistance is provided to members. Referrals are made for loan and grant programs and there are great networking opportunities.
Program Requirements $ 300 membership annual membership fee.
South Orange Avenue Merchants Association
285 South Orange Avenue
Contact Steve Bostic (201) 643-3325
Services The association serves as an advocate for members and lobbies the city of Newark primarily. They also bind together to access capital.
Program Requirements Businesses must operate on South Orange Avenue. Dues are $25/month.
Young Entrepreneurs Merchants and Mentors Association
221 Bergen Street Newark, NJ 07103
Contact Robert L. Dodd, President (201) 674-3861
Services This organization actively pursues resources and other opportunities for its members.
Program Requirements Membership is open to any business or enterprise. Membership dues are $50/year
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Business PlanningConsulting
Minority Enterprise Dev. Program
Sponsoring Organization US Small Business Administration
Contact Richard Zilg (201) 645-2531
Services Participants get access to management and technical assistance. There are also opportunities to obtain government contracts.
Program Requirements Qualifying minority (most people of non-European descent and others who can prove social/economic discrimination) firms are eligible. Participants cannot have a net worth of more than $250,000 excluding home and business assets.
Newark Minority Business Dev. Center
Operated by Interracial Council for Business Opportunity, 744 Broad St., Suite 2001, Newark, NJ 07102
Sponsoring Organization US Dept. of Commerce and Economic Development, MBDA
Contact Ed Tobiason (201) 297-1142
Services One-stop assistance center. Assists clients to become certified as a minority-owned business, to develop business plans and loan proposals, to find market opportunities and bids for federal and state contracts.
Program Requirements All minority-owned businesses are eligible; the services are free of charge.
Rutgers Minority Investment Company(201) 648-5287
Sponsoring Organization Rutgers Graduate School of Management
Contact (201) 648-5287
Services Provided Provides investment funding and business planning advice to small businesses owned by socially or economically disadvantaged individuals.
Program Requirements Interested small business owners must provide a business proposal or business plan to RMIC for consideration.
Service Corps of Retired Executives (SCORE)
Sponsoring Organization Small Business Administration (Newark office)
Contact Harry Menta (201) 645-3982
Services Retired Executives offer one-on-one business counseling to firms in need of advice about expanding, surviving a crisis or other business challenges.
Program Requirements All small businesses are eligible, the service is free.
Site Location and Planning AssistanceThe Legal Center, One River Front Plaza, Fifth Floor, Newark, New Jersey 07102
Sponsoring Organization Newark Economic Development Corporation
Contact Alan Cohen (210) 643-2790
Services Finance planning and site location.
Program Requirements All assistance is free of charge, but the level of service depends on the number of jobs created by the project and whether it is a relocation, expansion or start-up.
Small Business Development Center
180 University Avenue, Ackerson Hall, 3rd Floor, Newark, NJ 07102
Sponsoring Organization Rutgers Graduate School of Management, US SBA, NJ Dept. of Commerce and Economic Development
Contact (201) 648-5950
Services One-stop assistance center. Assists clients with the following: business planning and accounting, resource management, capital creation, marketing strategies, purchase of businesses, and starting a new business.
Program Requirements Services free of charge. Business must complete a Request for Counseling form and return to center prior to scheduled appointment.
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FundingPrograms
Facade Improvements Program
Sponsoring Organization Newark Division of Economic Development
Contact Spencer Ferdinand (201) 733-6284
Services The program will reimburse up to $5,000 in costs to businesses that make exterior improvements. The program evaluates the business’ exterior and renovation plans and then prioritizes recipients based on the program budget.
Program Requirements Priority is given to businesses making additional improvements and investments.
NJ Business Finance Corporation and NJ Economic Development Authority
Sponsoring Organization US Small Business Administration
Contact Ira Lutsky (NJBFC) (609) 988-6426, Adam Mukerji (NJEDA) (609) 292-1800
Services Small businesses planning to expand their operations can obtain up to 40% of a loan guarantee for expansion loans from the SBA through either organization.
NJ Citizen Action Small Business Loan Programs
400 Main Street, Hackensack, NJ 07601
Sponsoring Organization New Jersey Citizen Action
Contact Andrea Luquetta (201) 488-2804
Services NJCA has agreements with 16 banks totaling $3.6 billion in investments for a variety of loan programs to low and moderate income communities. There are a number of different small business loan programs from small business development loans to credit lines to loans for highly specialized repairs and services (such as renovations to satisfy ADA requirements).
Requirements Depending on the specific loan program, requirements vary. All loans are for small businesses located in low-moderate income areas. Call for details.
NJ Community Loan Fund
1 West State Street, Box 1655, Trenton, NJ 08608
Sponsoring Organization
Contact Herb Caesar, (609) 989-7766
Services Market-rate interest loans are made available for businesses providing jobs to low income people. Loan terms are flexible, outstanding loans may not disqualify businesses. Loans are for working capital, inventory, accounts receivable, etc.
Requirements Must be a small business (generally up to 50 employees) employing or planning to employ persons of low income and low wealth.
Loan Guaranty, Newark District Office
Two Gateway Center Fourth Floor Newark, NJ 07102
Sponsoring Organization US Small Business Administration
Contact Harry Menta (201) 645-3982
Services The SBA acts as an agent to guarantee bank loans to small businesses unable to obtain long or short term loans with reasonable terms. Up to 80% of loans of $100,000 or less are guaranteed and up to 75% of loans of more than $1,000,000 are guaranteed.
Program Requirements There are a number of requirements in this program, call for details. Businesses must be minority-owned and fit other guidelines.
Loan Packaging, Incentives and
Financial Assistance
Sponsoring Organization Newark Economic Development Corp.
Contact Alan Cohen (210) 643-2790
Services NEDC will provide businesses with referrals to private, non-profit and public lenders that are geared to serve the type of enterprise and development proposed.
Program Requirements Assistance is free of charge and level of service is dependent on job creation levels
Rutgers Minority Investment Company (201) 648-5287
Sponsoring Organization Rutgers Graduate School of Management
Contact (201) 648-5287
Services Provided Provides investment funding and business planning advice to small businesses owned by socially or economically disadvantaged individuals.
Program Requirements Interested small business owners must provide a business proposal or business plan to RMIC for consideration.
SBA Microloan Program
operated by Greater Newark Business Development Consortium and Regional Business Partnership, 271B S Orange Ave., Newark, NJ 07103 and One Newark Center, 22nd floor, Newark, NJ 07102-5265
Sponsoring Organization US SBA
Contact Joseph Maree (201) 242-6237 Ext. 237
Services Loans range from $1,000 to $20,000 at a fixed rate of 9½%.
Program Requirements Borrowers must have a good credit history or have demonstrated an effort to rectify past credit problems.
Upstairs Downtown Rehabilitation Loan Program
3625 Quakersbridge Road CN 18550 Trenton, NJ 08650
Sponsoring Organization New Jersey Housing and Mortgage Finance Program
Contact 1-800-NJ HOUSE
Services Business owners can obtain mortgage funds to refinance and rehabilitate or acquire and rehabilitate a commercial building with retail and living space. Low rates and good terms with built-in subsidies are offered.
Program Requirements There are a number of requirements, the building must have retail and residential space, call for information.
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Training for Business ManagementEssex County College Saturday
Seminars for Minority Entrepreneurs
50 Park Place, Suite 1537, Newark, New Jersey 07102
Sponsoring Organization State Senator Lipman’s Office
Contact Damion Jackson (201) 622-0007
Services Lectures on issues confronting minority owned businesses
Program Requirements Call to be placed on the mailing list
NJ Development Authority Entrepreneurial Training Institute
Sponsoring Organization State of New Jersey
Contact Bryan K. Finnie (609) 633-1100
Services Training for new start up firms or expanding firms. After training, business have the potential to get low-interest loans through the Division of Small Business, Women and Minorities Programs
The George Rothman Institute of Entrepreneurial Studies
Fairleigh Dickinson University, Madison, NJ, 07940
Contact Leo Rogers (201) 593-8842
Services Provides educational programs for entrepreneurs starting a business and business owners planning to expand operations. Students work with business owners on writing business plans, market studies, etc.
Program Requirements Businesses initiate contact with the Rothman Institute, be willing to work with students on an extended basis, and have a need that is a "good fit" with the Institute.
Small Business Development Center
at Rutgers University, 180 University Avenue, Ackerson Hall, 3rd Floor, Newark, NJ 07102
Sponsoring Organizations Rutgers Graduate School of Management, US SBA, NJ Department of Commerce and Economic Development
Contact
Services Full-day workshops on business planning and financing. Call to request a workshop schedule.
Program RequirementsWorkshops cost $20 in advance or $25 at the door.
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Additional ResourcesThe Business Information Center
Newark District Office, Two Gateway Center Fourth Floor, Newark, NJ 07102
Sponsoring Organization US Small Business Administration
Contact Harry Menta (201) 645-3968
Services This is a one-stop reference center for businesses in need of a variety of services. The reference center includes: computer counseling, current management videos and screening rooms, and a library of books and business publications.
Program Requirements Open to all small businesses, the service is free
Community Assistance Seminars
Newark District Office, Two Gateway Center Fourth Floor Newark, NJ 07102
Sponsoring Organization US Small Business Administration
Contact (201) 645-2434
Services Seminars are held throughout the state to introduce businesses to US SBA services including: SBA Guaranteed Lending Program, Minority Small Business Set-Aside Program, SCORE, and/or meet with a small business counselor and bank loan officer.
Program Requirements Call to register, program is free.
John Cotton Dana Library
Sponsoring Organization Rutgers University-Newark
Contact (201) 648-5161
Services Provides access to a large collection of business resources such as periodicals, books, CD's, etc..
Program Requirements No requirements, available whenever library is open.
Networking and Assistance
Sponsoring Organization Office of Neighborhood Empowerment
Contact Nancy Stultz (609) 292-3796
Services This new program, part of the Urban Coordinating Council (UCC), has established a targeted neighborhood which includes our study area, and is currently just getting started. Its primary function is to assist businesses in the neighborhood in accessing resources from government, non-governmental and private agencies.
Program Requirements Businesses must be located in the targeted neighborhood. The boundaries of the UCC neighborhood are: South Orange Ave. On the north; Avon Ave on the south; Bergen St. On the east; and the Irvington boarder on the west.
Newark Public Library Business Information Center
Newark Public Library Main Branch, Washington Street, Newark, NJ, 07102
Contact Maureen Ritter (201) 733-7784
Services Operates a Science, Technology, and Business Reference Center with business related resources. Contains business periodicals, various business assistance books, and CD's with market information.
Program Requirements No requirements. Appointments can be made with librarians to learn how to use the business resources.
NJ Black Business and Professional Yellow Pages
PO Box 66, Union, NJ 07083-0066
Sponsoring Organization ABB Printing and Publishing
Contact (201) 672-6666
Services Provides listing in NJ Black Business and Professional Yellow Pages, National Black Business and Professional Yellow Pages. Additionally, acts as a referral service for black professionals.
Program Requirements $10 charge for NJ listing.
NJ Economic Development Authority Resource Guide
Contact Kristen Scheyder
Services A business resource directory is currently being created. It should be available after August 1, 1997.
Program Requirements Call for a copy.
Procurement Technical Assistance Center
Sponsoring Organization NJ Institute of Technology
Contact John McKenna or Barbara Richardson
(201) 596-3105
Services Provided The Center provides technical assistance and information to small businesses about opportunities in the federal government market.
Program Requirements Services are offered free of charge, contact the Center for an appointment with their staff.
Women's Prequalification Loan
Newark District Office, Two Gateway Center Fourth Floor Newark, NJ 07102
Sponsoring Organization US Small Business Administration
Contact Harry Menta (201) 645-3982
Services Participants work with a non-profit intermediary to review and strengthen the loan application. The review is based on key financial ratios, credit history, business history and the proposed use of proceeds.
Program Requirements Program begins Jan. 1998 for qualifying minority and women-owned businesses.
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