NEWARK, N.J. (CBSNewYork) — Newark is launching a $100 million investment fund to help Black and Latino business owners.
Mayor Ras Baraka says New Jersey is one of the most prosperous states in the nation, but in Newark, a third of the population lives in poverty.
— Kiran Dhillon (@KiranDhillonTV) September 28, 2020
“We need these anchor institutions and financial institutions in the city that make billions of dollars in the footprint of Newark and along its corridors to contribute to the wealth and success of the majority of its residents and we need it now,” he said Monday.
Officials say the fund’s objective is to close the gap by providing these business owners with a more level playing field.
In addition to major corporate sponsors, Newark native and basketball great Shaquille O’Neal is also a partner in the fund.
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