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Groundbreaking Contractor Development Initiative Widens Access for Newark Firms
Capacity-building program prepares Newarkers to work with the City and major developers
December 6, 2016 – Newark, N.J. – Mayor Ras J. Baraka, Deputy Mayor and director of Newark Economic and Housing Development Baye Adofo-Wilson and Newark Community Economic Development Corporation (Newark Community EDC) acting president and CEO Scott Blow announced today the launch of Newark’s groundbreaking Contractor Development Initiative (CDI) Program. Presented in partnership with The Cayemitte Group, this unique training initiative puts Newark-based, minority and women contractors on the path to secure bonding and construction contracts in the City. An info-session for interested parties will take place this evening from 6 p.m. to 8 p.m. at Newark Community EDC’s offices, 111 Mulberry Street.
The 16-session program – offered exclusively to Newark contractors, particularly disadvantaged, minority and/or women entrepreneurs – includes classroom sessions, QuickBooks webinars and one-on-one business coaching. Those who complete the requirements will be considered as prime contractors for impending City contracts, gain access to financing to secure bonds and increase their credibility with the City and larger developers. The first cohort of Newarkers is expected to complete the program during the summer of 2017.
“With this Contractor Development Initiative, we are taking another step toward ensuring that our City’s prosperity touches everyone. Newark is thriving and we’re excited about the new local partnerships this program is creating.” “By focusing on Newark-based contractors,” added Newark Deputy Mayor Adofo-Wilson, “we are directly impacting our local economy and ensuring that our Newark-based businesses benefit from our City’s development boom.”
“The Newark Community Economic Development Corporation is excited about this groundbreaking program,” said Scott A. Blow, acting president & CEO of the Newark Community EDC. “This is the first time that the Cayemitte Group’s program has been executed in such a concentrated geographic area. Our program provides participants with an incredible opportunity to level the playing field. We are giving our Newark-based entrepreneurs and contractors the leg-up that they need to compete in the marketplace.”
“The Newark Contractor Development Initiative provides local Newark contractors a tremendous opportunity to learn what they need to prepare their businesses to participate on City of Newark projects,” said Liz Duncan-Gilmour, senior vice-president and counsel of The Cayemitte Group. “Many local contractors are working on residential projects – which are key to revitalizing neighborhoods in Newark – and we are excited to partner with the City to help these firms to transition into public work by building their operational capacity and financial presentation so that they can qualify for bonding and access capital to finance these projects.”
“We are thrilled to learn of the launch of this contractor development initiative,” said Reivax Contracting Corporation’s president Xavier Pimenta. “This is the exact type of forward-thinking initiative that helps us as developers tap into the City’s existing talent. With over 1,000,000 square feet of development in the works, Reivax Contracting looks forward to working with those who complete this program and become part of Newark’s renaissance.”
Courses begin December 15, 2016 and take place at Newark Community EDC offices in downtown Newark. 15 contractors will be selected for this initial cohort. Applications however, will continue to be accepted on a rolling basis.
– NEWARK –
About Newark Community Economic Development Corporation
Newark Community Economic Development Corporation (Newark Community EDC) is the primary, economic-development catalyst for the State of New Jersey’s largest city, Newark. It is organized to retain, attract and grow businesses, enhance small and minority business capacity, and spur real-estate development throughout the City’s 20 diverse neighborhoods. As a business-development company whose sole client is the City of Newark, Newark Community EDC collaborates with the Newark Department of Economic & Housing Development to initiate and execute economic-development activities that produce and sustain economic growth, generate jobs and create wealth for the citizens of Newark.
Newark Economic & Housing Development
The mission of the City’s department of Economic and Housing Development is to create economic opportunity for Newark residents and enhance the vibrancy of the State of New Jersey’s largest city. To this end, the department positions Newark to take advantage of its unique assets, including its strategic location, a diverse and underutilized workforce, a large amount of developable land, concentration of corporate and business service firms, several major universities, and a wealth of arts and cultural assets.
Divisions in the department include Housing Assistance, Logistics and Industrial Opportunities, the Office of Boards and Commissions, Property Management, Planning and Community Development, the Office of Sustainability, HMFA Foreclosure Relief Programs, Economic Development, and the newly created Office of Re-Entry.
