Invest Newark’s ‘Black Bunker Program’ To Aid Minority Businesses

NEWARK, NJ — The following news release comes courtesy of a Patch Newark community member. Learn more about posting announcements or events to your local Patch site.

Invest Newark, the City of Newark’s Economic Development Corporation, recently announced the Black Bunker program, designed for minority-owned business owners to explore and navigate the intricacies of government contracting. The program will help businesses better understand government buyers, how to respond to government solicitations and requests for proposals (RFPs), and how to apply for certifications. The program will benefit the thousands of minority-owned businesses across the City of Newark.

“At Invest Newark, we know that Newark thrives when its businesses thrive. We couldn’t be more excited to launch the Black Bunker program and to bring back Financial Fridays and the Language of Capital programs,” said Roy Southerland, Interim President and CEO of Invest Newark. “Minority-owned businesses have struggled immensely over the past two years - Newark witnessed a drop of close to $100 million in local consumer spending and a loss of nearly 16,000 jobs. These programs are designed to support local, minority-owned-and-run businesses as they recover from the COVID pandemic, and better prepare them for tomorrow’s economy.”

The first Black Bunker session will take place on Thursday, February 17 at 6:30 p.m. All Black Bunker sessions will be conducted virtually via Zoom (linked here).

In addition to the launch of the Black Bunker program, Invest Newark is bringing back Financial Fridays. Coming February 25, the lunch-and-learn event will focus on tax resolution and tax tips for businesses. There are many small businesses in Newark working towards becoming tax compliant but don’t know where to start. Several Newark businesses missed out on opportunities to apply for COVID-19 emergency funding due to lack of tax documentation. On Financial Fridays, Invest Newark will bring two local accounting firms to help guide these businesses on the basics of taxes, best practices, financial reporting, and tax resolution.

Invest Newark continues its Language of Capital program, partnering with local banks to present an eight-week series educating businesses on best practices regarding applying for loans and mortgages, and preparing business plans and strategies. The program is divided into language cohorts; the current cohort is in English, with Valley Bank. The next cohort will be in Spanish, with TD Bank starting in March. And in April, there will be a Portuguese cohort also with Valley Bank. Language of Capital opens the doors for Newark businesses that have previously struggled with language barriers, providing a more equitable, diverse business environment for the city. Businesses who successfully participate in a cohort will be eligible to apply for a Business Development Grant ranging from $1,500 to $500.

All Invest Newark events registration and details are available on our Eventbrite (linked here).

All webinar recordings are available on our Webinar Gallery (linked here).

Don’t forget to visit the Patch Newark Facebook page. Send local news tips and correction requests to eric.kiefer@patch.com. Sign up for Patch email newsletters.