Newark Tries To Jumpstart Downtown Business Growth With New Program

NEWARK, NJ — Are you the owner of a business who wants to give new life to a vacant storefront in downtown Newark? The city is offering a deal that could net you up to $650,000 in financial aid to take the plunge, officials say.

On Wednesday, Mayor Ras Baraka announced that the City of Newark and Invest Newark, the city’s economic development corporation, have launched a program that encourages businesses and nonprofit organizations to relocate to Newark’s “burgeoning” downtown core.

The program will focus on the area bordered by Broad Street and Washington Street between Washington Place and William Street. Here’s how it works:

“The Newark Retail Reactivation Initiative aims to support businesses that are looking to bring more retail, cultural and food experiences to downtown, improve aesthetics, safety, and quality of life in the heart of the city, and turn long vacant storefronts into amenities for Newark residents, workers and students. The City and Invest Newark will make low- to no-cost financial assistance available to businesses looking to locate in the focus area. Business operators will be eligible for up to $650,000 in support, depending on the square footage of the storefront. Funds can be used for exterior and interior improvements of the vacant space, or the purchase of furniture, fixtures and equipment.”

Some types of businesses aren't eligible for funding, including vape or liquor stores, Christmas tree sales or other outdoor storage, and those that sell "adult" activities, services or products. Eligible businesses must be open a minimum of five days a week (and a minimum of five hours each day).

The grant application can be found online here. For more information, contact Invest Newark at 973-273-1040 or email info@investnewark.org with the subject line “Newark Retail Reactivation Initiative.”

The program was developed in collaboration with Bloomberg Associates, the pro bono consulting arm of Bloomberg Philanthropies, which works with cities and mayors around the world.

“Newark has become a magnet for entrepreneurs and small retail businesses,” Baraka said. “This program will make downtown even more attractive as a destination – a place for residents and visitors to enjoy.”

Invest Newark President and CEO Marcus Randolph said that more businesses downtown will help to fuel a renaissance of “eating and shopping” destinations, festivals, concerts and other outdoor events in the area.

Randolph pointed out that the new program is being launched at the same time as audiobook/podcast company Audible rolls out a separate-but-related effort. The company is putting nearly $1 million into its new program, which gives financial aid to businesses that want to move to Newark. Audible is also offering stipends for employees to “live and shop locally” through an extension of its Live Local Program, including a $500 per month after-tax rent subsidy for employees who choose to live in Newark.

• See Related: Audible Tries To Lure More Companies To Newark With $1M Program

The two new programs aren’t the only aid available to entrepreneurs in Newark.

“We hope businesses and organizations interested in locating in the focus area will utilize the different types of support being offered by local entities such as the Newark Alliance, as well as from statewide resources like the Small Business Improvement Grant from the New Jersey Economic Development Authority,” Randolph said.

This week’s announcement got a thumbs-up from Evan Weiss, president and CEO of the Newark Alliance.

“We're excited to work with Mayor Baraka and our partners in developing a flexible but focused program to support entrepreneurs and fill the remaining storefront gaps along key downtown corridors like Halsey Street,” Weiss said.

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