The Greater Newark Enterprises Corporation (GNEC) has settled into its new headquarters at 60 Park Place in downtown Newark, well situated to the small business community it serves. As an alternative lender to New Jersey small business, startups and entrepreneurs, the move to new headquarters is another key step in a series supporting its re-emergence as a full capacity lender.
Steven Gomez, GNEC’s recently appointed Executive Director, is proud to share the news of the company’s move that was completed within the last few weeks. Sharing approximately half of the 5,000 square foot space with Newark Regional Business Partnership (NRBP), the freshly furbished offices reside on the 18th floor of a Newark commercial high rise overlooking the surrounding Newark community, as well as the more distant Manhattan skyline.
As an alternative lender, GNEC provide loans to individuals and small businesses that are unable to secure financing from traditional sources such as banks. GNEC lends up to $50,000 with an average three year term; rates have ranged from 8 to 10%. There are no pre-payment penalties and Director Gomez notes that they encourage pre-payment. They serve seven New Jersey counties: Essex, Bergen, Hudson, Union, Monmouth, Passaic and Middlesex.
Through its Urban Entrepreneurs Development Institute GNEC offers technical training to be conducted at its new headquarters’ location which includes a large furbished conference room. The training run by GNEC “provides practical workshops and seminars to provide emerging entrepreneurs with much needed access to professional services and networking opportunities.” Those interested in learning about upcoming programs should visit GNEC’s site. (http://gnecorp.org)
Director Gomez is very enthused about GNEC’s direction that is showing continual strength in its capacity to provide funding and support the small business communities in the seven counties GNEC Serves. “Our borrowers are individuals who are aspiring to take on challenges to better themselves -which in turn benefits the community yet they may not be able to secure traditional loans due to a range of factors such as credit score, industry sector, use of proceeds and others. We can help them when traditional lenders cannot.”
With so much foundation now in place Director Gomez sees it is time of emerging opportunities. He foresees GNEC have a contributing role in making the business community stronger by 1) collaborating and partnering with those who are supporting the tech entrepreneurial ecosystem 2) using grants to offer curriculum that will educate small businesses on the use mobile technology in achieving efficiencies in their business, and 3) promoting women focused entrepreneurial initiatives through workshops and other resources.
Executive Director Gomez is very enthused about the recent milestones passed by GNEC and is looking forward to welcoming the approximate 500 plus program participants they serve each year to their new headquarters location.
