Greater Newark Enterprises Corporation

PURPOSE: TO PROVIDE GRANTS TO COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS) FOR THE FOLLOWING PURPOSES 1) TO EXPAND LENDING, GRANT MAKING AND INVESTMENT ACTIVITIES IN LOW OR MODERATE INCOME COMMUNITIES AND TO BORROWERS THAT HAVE HISTORICALLY EXPERIENCED SIGNIFICANT UNMET CAPITAL AND FINANCIAL SERVICES NEEDS AND WERE DISPROPORTIONATELY IMPACTED BY THE COVID 19 PANDEMIC; AND 2) TO ENABLE CDFIS TO BUILD ORGANIZATIONAL CAPACITY AND ACQUIRE TECHNOLOGY, STAFF, AND OTHER TOOLS NECESSARY TO ACCOMPLISH THE ACTIVITIES UNDER A CDFI ERP AWARD. PLANNED ACTIVITIES: ELIGIBLE ACTIVITIES INCLUDE FINANCIAL PRODUCTS, FINANCIAL SERVICES, DEVELOPMENT SERVICES, GRANTS, LOAN LOSS RESERVES AND CAPITAL RESERVES THAT MAY BE USED TO MITIGATE THE IMPACT OF THE COVID 19 PANDEMIC ON UNEMPLOYMENT, CHILDCARE, HEALTHCARE, MENTAL HEALTHCARE, AFFORDABLE HOUSING, AFFORDABLE HOUSING FINANCE, SMALL BUSINESS, SMALL FARMS, BROADBAND INTERNET, AND FOOD SUFFICIENCY. IN ADDITION, TO SUPPORT CDFIS IN BUILDING THEIR CAPACITY TO RESPOND TO THE ECONOMIC IMPACT OF COVID 19, CDFI ERP AWARDS MAY BE USED FOR COMPENSATION PERSONAL SERVICES; COMPENSATION FRINGE BENEFITS; PROFESSIONAL SERVICE COSTS; TRAVEL COSTS; TRAINING AND EDUCATION COSTS; EQUIPMENT; SUPPLIES. END GOALS: EXPANDED FINANCING FOR LOW TO MODERATE INCOME COMMUNITIES AND INDIVIDUALS THAT HAVE HISTORICALLY EXPERIENCED SIGNIFICANT UNMET CAPITAL AND FINANCIAL SERVICES NEEDS AND WERE DISPROPORTIONATELY IMPACTED BY THE COVID 19 PANDEMIC INCLUDING SPECIFIC DESIGNATED COVID IMPACTED CDFI ERP ELIGIBLE GEOGRAPHIES AS AREAS THAT MAY BENEFIT FROM CDFI ERP ASSISTANCE. BENEFICIARIES: CERTIFIED CDFIS WHICH MAY BE FOR PROFIT ORGANIZATION, PRIVATE NONPROFIT INSTITUTION/ORGANIZATION, AND OTHER PRIVATE INSTITUTION/ORGANIZATION, AS DEFINED IN 12 C.F.R. 1805, AND LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES. SUBRECIPIENTS: THERE ARE NO SUBRECIPIENTS FOR THIS PROGRAM. BROADBAND: SPECIFIC ACTIVITIES RELATING TO BROADBAND USAGE ARE NOT KNOWN AT THE TIME OF AWARD. REASON/PURPOSE OF MODIFICATION: NOT APPLICABLE.

FINANCIAL ASSISTANCE AWARD

CDFI RAPID RESPONSE PROGRAM AWARD

TECHNICAL ASSISTANCE AWARD

PRIME AWARD

TECHNICAL ASSISTANCE AWARD

EXECUTIVE SUMMARY PLEASE PROVIDE A ONE-PARAGRAPH SUMMARY (4?6 SENTENCES) OF YOUR PROPOSED VISTA PROJECT THAT INCLUDES THE FOLLOWING: *A DESCRIPTION OF YOUR ORGANIZATION?S MISSION *THE CNCS PROGRAMMING PRIORITY AREA THAT YOUR PROJECT ALIGNS WITH *A DESCRIPTION OF THE PROPOSED PROJECT GOAL(S), INCLUDING WHO WILL BENEFIT FROM THE PROJECT. *THE NUMBER OF VISTAS AND LEADERS (IF APPLICABLE) YOU ARE REQUESTING AND AN OVERVIEW OF THE MAJOR ACTIVITIES THEY WILL PERFORM *THE ESTIMATED TIME REQUIRED TO COMPLETE THE PROJECT THE GREATER NEWARK ENTERPRISES CORPORATION (GNEC) IS BOTH A 501(C)(3) AND CERTIFIED CDFI MICROENTERPRISE DEVELOPMENT ORGANIZATION WITH A PROVEN RECORD OF DELIVERING CAPITAL AND MICROENTERPRISE SERVICES TO DISADVANTAGED MICROENTREPRENEURS IN THE NORTHERN NEW JERSEY AREAS OF ESSEX, HUDSON, PASSAIC, BERGEN, MIDDLESEX, UNION AND MONMOUTH COUNTIES OF NEW JERSEY. THE URBAN ECONOMIC DEVELOPMENT PROJECT ALLINGS WITH THE ECONOMIC OPPORTUNITY PRIORITIES OF CNCS. THE UEDP WILL SEEK TO ASSIST OVER 500 UNIQUE INDIVIDUALS SECURE SUSTAINABLE INCOMES THROUGH THE CREATION AND EXPANSIONS OF SMALL BUSINESSES. THE TWO AMERICORP VISTA VOLUNTEERS WILL ASSIST CLIENTS BY PROVIDING SMALL BUSINESS AND FINANCIAL TECHNICAL ASSISTANCE OVER THE COURSE OF THREE YEARS.