Foundation gives away $10M to spur economic growth. N.J. city is one of the recipients.

Posted Jun 18, 2020

Newark has been chosen as one of 10 cities that will receive funding from The Rockefeller Foundation to help economic growth during the coronavirus pandemic and in the future.

The foundation announced the launch of The Rockefeller Foundation Opportunity Collective (ROC) on Tuesday with an initial pledge of $10 million aimed at growing public and private sector investment in the cities, the group said in a statement.

“The Rockefeller Foundation’s generous commitment to working families, women and minority owned businesses in the City of Newark will be a significant contribution to Newark’s recovery in the wake of the coronavirus,” Mayor Ras Baraka said. “Many of our residents and small businesses have been severely impacted by this pandemic, so this timely pledge will help enable Newark to regain its economic strength.”

The money will be allocated between collective of government, business, faith-based, and non-profit partners and will protect communities from displacement, eliminate barriers to access capital and credit among low-wage workers and small businesses owned by women, black and Latinx owners, the foundation said.

“Black and Latinx small business owners receive only pennies out of every dollar the federal government lends to small businesses, and when life expectancy is more than 15 years lower in minority neighborhoods than wealthier neighborhoods in the same city, the American Dream is just that: a dream for far too many,” said Dr. Rajiv J. Shah, president of The Rockefeller Foundation. “Now is the time to target resources and spur greater investment in order to widen and fortify the pathway for economic mobility and stability in our communities.”

The program will focus on efforts including loans and equity for people of color and women led businesses, credit-building tools for small businesses, affordable borrowing for entrepreneurs, and capacity building, among others, officials said.

The other cities that will be helped by the foundation include Atlanta, Boston, El Paso, Houston, Louisville, Norfolk, Virginia, Oakland, California and Miami Dade County, Florida.

Do you like this post?

Be the first to comment