“Helping Communities build businesses and create long lasting wealth for their families through business ownership.”
Greater Newark Enterprises Corporation (GNEC) is a boutique economic development organization that works with businesses to provide financing, consulting and business coaching. The Greater Newark Enterprises Corporation carries out that mission by working within community facilities throughout New Jersey.
Our sole purpose for existence is to help entrepreneurs like you start or grow your business by providing the resources and capital solutions critical to business success. We believe that entrepreneurs who leverage the limited resources available to them are the ones who ultimately succeed.
GNEC was established in 2005 as Greater Newark Enterprises Corporation. A community development corporation, and Certified Community Development Financial Institution (CDFI) the organization has been committed to helping entrepreneurs in the Greater Newark region access training and financing needed for their business. In 2013, with the demand for entrepreneurial training growing across North Jersey, we began partnerships that brought our trainings and unique approach to financing to the broader geography of Union, Passaic, Morris, and Hudson Counties.
In 2015, with more technology based businesses growing in Newark and North Jersey, GNEC realized that we needed to develop new programs and skills to support these entrepreneurs. Additionally, we partnered with JP Morgan Chase to launch our Technology Business support Initiative (TBSI). TBSI brings together a group of early stage businesses with the aim to prepare their founders, principals, and CEOs with the knowledge and skills needed to effectively manage the financial component of their business. Upon completion of the program, business participants have the tools needed to: Perform fundamental valuations of their businesses; discuss financial aspects with lenders or investors; and understand, negotiate, and utilize different capital sources to grow their businesses.
In 2016, GNEC moved its offices to New Jersey Institute of Technology (NJIT) Enterprise Development Center (EDC ) to be closer to the more than 90 businesses in the technology and health services housed at the EDC. In that spirit, we have partnered with the EDC to provide business financing to its resident businesses. GNEC also partners with NJIT Newark Innovation Acceleration Challenge (NIAC) – a business pitch competition aimed at finding the next great business ideas from the community and students in the Greater Newark area. In late 2016, GNEC joined the steering committee to help launch the Black and Latino in Tech Initiative (BLT) pre- accelerator, organized by Rutgers Center for Urban Entrepreneurship and Economic Development (CUEED). BLT’s goal is to connect founders of color to the resources needed to attract capital.
For the individual client our approach is simple yet impactful.
We are transforming one business, one entrepreneur at a time.
We serve entrepreneurs from all corners of New Jersey, with a focus on Northern New Jersey. Our office is in Newark, and we provide our services throughout the region by partnering with organizations in other geographies. In Hudson County we have partnered with Rising Tide Capital and Ignite Institute of Saint Peter’s University. In Morris County we have partnered with the Women’s Center for Entrepreneurship Corporation (WCEC). In Passaic County, we have partnered with Paterson Housing Authority Success Incubator (PHASINC). In our home county, Essex County, we regularly partner with New Jersey Institute of Technology, Rutgers Business School Center for Urban Entrepreneurship and Economic Development, Fownders, Equal Space, NJIT EDC, and Newark Community Economic Development Corporation (NCEDC).