Newark city officials today announced the second and third round of awards under the City’s Small Business Emergency Fund, to support small businesses directly impacted by Novel Coronavirus (COVID-19).
According to a statement released by Mayor Ras Baraka, there were 26 grantees from throughout the city, and grants ranged from $5,000 to the maximum grant amount of $10,000. Grants for these rounds totaled $228,800.
This brings the total grants to date to 39 comprising a total of $391,900 Baraka said in the statement.
The businesses in these rounds employ a total of between 66 and 138 workers.
They represent a cross section of Newark’s small business community including food and eating establishments, nightlife, technical and business services, printing, trucking, contracting, haircutting and more. Applications closed on April 30.
“Newark’s small businesses have been devastated by COVID-19,” Mayor Baraka said. “Newark moved immediately to help them while the state and federal government were ramping up additional programs.
It is clear from the strong response to this program, that much more funding is needed to meet the need.
As we seek additional public funds, I again call upon other major Newark businesses to join Prudential in contributing to this fund.”
With $2 million earmarked for this program, the grants provide working capital for operating costs, payroll, accounts payable, inventory, equipment, rent, taxes, licensing or other business-related expenses.
Under the direction of the Newark Department of Economic and Housing Development, the program is administered by United Way of Greater Newark.
Invest Newark provides partnership and technical assistance to the small businesses applying for this and other federal, state and local programs.
To qualify, businesses needed to have a physical establishment located in Newark; have 10 employees or less; show loss of income directly tied to the Coronavirus crisis; and businesses that owe any money to the City have their applications placed at bottom of list.
“We are thrilled to be able to provide this support to our small business community,” said Catherine Wilson, President and CEO of the United Way of Greater Newark.
“These awards are going to make a huge impact for small business owners. We look forward to making additional awards over the next several weeks.”