Grow Newark Fund

Grow Newark Fund is sponsored by Invest Newark. Provides loans to support business development and entrepreneurship in Newark, with a focus on minority- and women-owned businesses.

Business Development Capital – Invest Newark Business Development Services Invest Newark is committed to improving economic growth by developing programs and assisting businesses by providing access to resources needed to both build and grow. Invest Newark manages its own investment funds that support local businesses and provides referrals to other sources of capital.

We follow through on our commitment to your success by providing support even after you acquire financing. Purpose: To provide funding for expansion, Furniture, Fixtures, and Equipment, and leasehold improvement funds to Newark small businesses of various sizes. Loan Use: For projects that will create new jobs in the City of Newark Loan Range: $50,000 – $500,000 (Larger requests will require the participation of a co-lender.)

Minimum Eligibility Requirements: – Minimum Credit Score of 600 – Business in Operation for a minimum of 2-years – Borrower and corporate entity’s principal owners are US citizens or legal permanent residents Interest Rate: 3%-7%; based on a risk assessment.

Fees: 1% of the loan, closing costs and legal fees Repayment Term: Up to 7 years Purpose: The purchase of (and related closing costs) of property in the City Loan Use: Future planned rental units, commercial buildings, community facilities or mixed-use commercial buildings (street-level storefront with rental units above) Loan Range: $100,000 to $300,000 Minimum Eligibility Requirements: – Minimum Credit Score of 600 – Evidence of two completed development projects – Borrower and corporate entity’s principal owners are US citizens or legal permanent residents Interest Rate: up to 7.

0% fixed; based on a risk assessment Fees: up to 1. 5% of the loan at origination, with additional closing costs and legal fees Collateral: Primary (first) lien position on the property to be acquired.

Purpose: To assist with preliminary expenses related to environmental review, design, structural assessments and/or planning of real estate construction projects Loan Use: Used for rental or for-sale housing, commercial or mixed-use projects Loan Range: $50,000 to $350,000 Minimum Eligibility Requirements: – Minimum credit score of 600 – 3 years’ experience with the ability to demonstrate the successful completion of two income producing properties – Evidence of site control acceptable to Invest Newark – Borrower and corporate entity’s principal owners are US citizens or legal permanent residents – Must provide term sheet/letter of interest from external lender expressing interest in long-term construction financing Interest Rate: up to 7.

0% Fixed; based on a risk assessment Fees: up to 1.

5% of the loan at origination, closing costs and legal fees Collateral: Primary (first) lien position on the property to be purchased Purpose: To provide construction funding for projects that need assistance with stabilization Loan Use: Used for rental or for-sale housing, commercial or mixed-use projects Loan Range: $100,000 to $500,000 Minimum Eligibility Requirements: – Minimum credit score of 600 – Borrower and corporate entity’s principal owners are US citizens or legal permanent residents – 3 years’ experience with the ability to demonstrate the successful completion of two successful construction properties – Must provide term sheet or commitment letter from external lender expressing interest in permanent financing Interest Rate: up to 7.

0% fixed; based on a risk assessment Fees: up to 1. 5% of the loan at origination, closing costs and legal fees Loan Term: Up to 36 months Purpose: To provide funding for expansion, Furniture, Fixtures, and Equipment, and leasehold improvement funds to Newark small businesses of various sizes.

Loan Use: For businesses that will create and sustain employment in the City of Newark Loan Range: $100,000 – $500,000 (Larger requests will require the participation of a co-lender.) Minimum Eligibility Requirements: – Minimum Credit Score of 600 – Business in Operation for a minimum of 2-years – Borrower and corporate entity’s principal owners are US citizens or legal permanent residents Interest Rate: up to 7.

0%; based on a risk assessment. Fees: up to 1. 0% of the loan at origination, closing costs and legal fees Repayment Term: Up to 60 months Purpose: To provide funding for startup, expansion, Furniture, Fixtures, Equipment, and leasehold improvement funds to Newark’s burgeoning foodservice sector.

Loan Use: For foodservice establishments that will create and continue sustainable employment in the City of Newark Loan Range: $50,000 – $300,000 Minimum Eligibility Requirements: – Minimum Credit Score of 600 – Business in Operation for a minimum of 2 years or startup with detailed business plan* – Borrower and corporate entity’s principal owners are US citizens or legal permanent residents Interest Rate: up to 8.

0%; based on a risk assessment. Fees: up to 1. 5% of the loan, closing costs and legal fees Repayment Term: Up to 60 months *If the entity is a startup, borrower must show resume of previous foodservice experience Purpose: To provide funding for operating startups, emerging or existing Newark small businesses of various sizes and within Opportunity Zone eligible areas.

Loan Use: For businesses that will create and sustain employment in the City of Newark Loan Range: $50,000 – $100,000 Minimum Eligibility Requirements: – Minimum Credit Score of 600 – Business in Operation for a maximum of 2-years – Borrower and corporate entity’s principal owners are US citizens or legal permanent residents Repayment Term: Up to 60 months.

No payments during the first 12 months after loan closing Terms subject to change without notice. An appointment with an Invest Newark Loan Officer is highly recommended prior to submitting a loan application Terms subject to change without notice. An appointment with an Invest Newark Loan Officer is highly recommended prior to submitting a loan application.

Business Development Grants Attendees in our Language of Capital program and Executive Business Accelerator program have the opportunity to compete for business development grants if they successfully complete the program. Three grants are offered for each program cohort and range from $1K-$3K in our Language of Capital program and $2. 5K-$7.

5K in our Executive Business Accelerator.