Audible Will Give 400 Newark Residents $75 Per Week – For Free

NEWARK, NJ — The concept of “guaranteed income” has taken another step forward in New Jersey’s largest city.

Audible, an Amazon-owned company headquartered in Newark, recently announced that it is rolling out a program dubbed “Audible Bucks.”

Essentially a form of guaranteed income – giving people regular cash payments with no strings attached – the six-month pilot program will provide up to 400 college students and other people in the Newark area with a weekly stipend of $75. That money will be loaded onto special debit cards, and can be used to make purchases at dozens of local restaurants, pharmacies and grocery stores.

The cards can be used at more than 50 Newark small businesses; see a list here.

Supporters say the program has a dual purpose. On one hand, it will give financially strapped Newark students a much-needed financial cushion. But it will also give a cash boost to many of Newark’s most cherished establishments, many of which have been hit hard by the coronavirus pandemic.

The six-month pilot program commences this fall in collaboration with Rutgers University-Newark, New Jersey Institute of Technology (NJIT), Focus Hispanic Center for Community Development Inc. and the Newark YMCA.

Mobility Capital Finance (MoCaFi), an African American-led financial technology firm, will provide the card technology and customer service.

The Audible Bucks stipend is funded by Audible, and will be managed by the company’s Global Center for Urban Development, spokespeople said.

• See related article: Audible Expands Social Justice Efforts In Newark With New Center

Aisha Glover, vice president of urban innovation at Audible, said that the program was inspired by the City of Newark’s guaranteed income pilot. Rolled out earlier this year, the bold social experiment will give hundreds of Newark residents unconditional cash payments worth $12,000 spaced out over two years – with no work requirements.

• See related article: Free Money In Newark: City Experiments With 'Guaranteed Income'

“Many residents and businesses are still recovering economically from the pandemic and Audible is proud to fund this impactful program to help accelerate their journey,” said Glover, who previously served as CEO of the Newark Alliance.

Newark Mayor Ras Baraka thanked Audible for choosing to test out their pilot in the Brick City.

“As we continue to recover from the ongoing effects of the pandemic, innovative initiatives, like the Audible Bucks stipend, will empower students and residents and will help improve our city’s economic vitality,” Baraka said.

Send local news tips and correction requests to eric.kiefer@patch.com

Sign up for Patch email newsletters. Learn more about posting announcements or events to your local Patch site. Don’t forget to visit the Patch Newark Facebook page.