August 25th 2024.
A wonderful development has taken place in Newark, New Jersey, as a group of small businesses owned by people of color and members of the LGBTQ+ community have been selected to receive grants totaling $1.2 million. This is all thanks to the Newark Retail Reactivation Initiative, which was designed to boost the retail sector and support new businesses in the area. The city officials are confident that these grants will not only promote the city's downtown development but also contribute to its overall economic vitality.
Mayor Ras J. Baraka expressed his enthusiasm for the initiative in a statement, saying, "This is a great step towards infusing Newark's downtown with the energy of diverse, local retail entrepreneurship. We are not only strengthening our city's economy, but also creating spaces that reflect the vibrant culture and strong community spirit of Newark. Together, we are paving the way for a brighter and more inclusive future for our residents, as well as attracting travelers to our dynamic city."
The grants were announced on Aug. 21, and according to Marcus T. Randolph, the President and CEO of Invest Newark, they are a crucial investment for the community's future. Each of the selected businesses brings something unique to Newark, making them worthy recipients of the grants. This initiative was launched in September 2023 by Mayor Baraka and Invest Newark, with the aim of awarding grants to diverse small businesses, with a maximum amount of $650,000, based on factors such as the size of the space. These grants are available to restaurants, shops, and other retail establishments that plan to open in currently vacant storefronts in downtown Newark. The only requirement for the grant is that the businesses must be open at least five days a week, for at least five hours a day, and have already signed a lease.
Funding for these grants comes from the state's Urban Enterprise Zone program, and the money can be used for exterior improvements or equipment purchases. As of now, seven businesses have been named as recipients of this round of grants, including four restaurants and three "education or entertainment-related businesses." Some notable awardees include Melba's Restaurant, which received $650,000, Mediterranean Grill & Thrill, with $149,600, and Isle 15, a Caribbean restaurant, which was granted $127,060. In addition, Bricks 4 Kidz Essex County, a "edutainment" space, was awarded $112,000, GlassRoots, a nonprofit glass art studio, received $110,000, and Honeypot Montessori and Sweet Jeans Kitchen & Espresso Bar were granted $60,620 and $38,500, respectively.
This initiative is a testament to the city's commitment to supporting and promoting small businesses, especially those owned by members of marginalized communities. It also aligns with the recent efforts of companies like Heinz, who have pledged to support black-owned restaurants with a $1 million grant. It is heartening to see such positive developments in Newark, and we can only hope that this will inspire other cities to take similar steps towards creating a more inclusive and thriving business environment.
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