GNEC Phoenix Fund
GNEC now offers the GNEC Phoenix Fund. Business capital program that will support returning citizens who have already started a business or want to do so. The rate will be 3.5% on a 5-year term loan, which is still much lower than loans from traditional sources.
What’s being offered:
- The initial $30,000 in capital is funded by Union County Savings Bank ($15k) and GNEC ($15k).
- Offer 5-year term loans at 3.5% to returning citizens referred to the program by partner organizations. Our contacts at ReEntry Ventures have confirmed their participation as a referral source.
- Offer each loan client access to our BackStop Technical Assistance program, which offers bookkeeping and/or web development services at a highly reduced rate (about$50 for a year’s worth of programming)
- The clients we select will be located within northern NJ for support purposes.
Loan Amounts will be $3,000 and underwriting will be an extremely “light” touch. This will allow us to serve more returning citizens and also help in risk management.
Select the loan amount you seek below. Please apply accordingly.
Dream Maker Loan Program:
Loans $1K to $30K
Funded by :
@GreaterNewarkEnterprisesCorporation
@gnecnj 
@Greater Newark Enterprises Corporation