Business & Tech
COVID Loan Program For Minority Business Owners In Newark Area
The COVID-19 Relief loan fund provides low-interest loans to Black, Hispanic, Native American and Asian small businesses in need.
NEWARK, NJ — A new small business loan fund is now available for minority-owned businesses in Newark and the surrounding Essex County area.
An $375,000 investment from JPMorgan Chase helped to kickstart the Greater Newark Enterprises Corporation (GNEC) Entrepreneurs of Color COVID-19 Relief loan fund, which provides low-interest loans to Black, Hispanic, Native American and Asian small businesses in need.
Business must be located in the “greater Newark area,” have fewer than 20 employees and have less than $1 million in revenue to qualify. Businesses must have experienced a decrease in revenue by at least 15 percent as a result of COVID-19. See full eligibility requirements and apply here.
Find out what's happening in Newarkfor free with the latest updates from Patch.
According to the JPMorgan Chase Institute, since the onset of COVID-19, Black- and Asian-owned businesses have experienced more severe drops in cash balances and revenues relative to White-owned businesses.
Send local news tips and correction requests to eric.kiefer@patch.com
Find out what's happening in Newarkfor free with the latest updates from Patch.
Don’t forget to visit the Patch Newark Facebook page. Learn more about posting announcements or events to your local Patch site. Sign up for Patch email newsletters.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
