Key to the success of Newark, New Jersey's minority- and women-owned small businesses, is the comprehensive technical assistance and low-cost funding provided by long-time collaborative partners focused on equity.
Compared to before the pandemic, small business loans cost more while approval rates are way down. However, there is an exception to this trend. Many Community Development Financial Institutions (CDFIs) are keeping interest rates low and approval rates high, thanks to corporations like Prudential Financial that understand the importance of affordable, flexible financing—with technical assistance—to entrepreneurs who face systemic barriers.
Funding from Prudential to Rising Tide Capital and Greater Newark Enterprises Corporation (GNEC) allow them to the support the growth of Florence Dennis' Flows Tasty Treats. For the 2021-2022 season, Tasty Treats became an official New Jersey Devils team partner for its Buy Black Program, presented by Prudential Financial.
Entrepreneurship: The American Dream For Many Immigrants
Black women are the fastest-growing demographic of business owners in the U.S. However, they face systemic disparities in starting and growing their businesses. The Newark entrepreneurial ecosystem is helping to Black women overcome structural obstacles that limit opportunities.
Sometimes a connection for a would-be entrepreneur is kismet. "On my way to work one day at the train station, I saw a billboard promoting Rising Tide's Business Community Academy," said Dennis. It is a 12-week course offering business planning and management training, including budgeting, marketing, bookkeeping, and financing.
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