The Newark Community Economic Development Corporation Helps Small Businesses With Loans According CFO Kevin Seawright
Newark is one of those American cities that has gone through the trials and tribulations that come with a change in economic health and social interaction. For years, Newark has been a shell of a city, even though it is located a few miles away from New York City. Newark developed a reputation as a low-income and violent city that chased businesses away. But the stigma of being a city no business wanted is finally going away thanks to the Newark’s Community Economic Development Corporation.
The Newark Community Economic Development Corporation is about a year old. The Corporation was formerly called the Brick City Development Corporation. The goal of the Newark Community Economic Development Corporation is to help small businesses open and thrive in downtown Newark. One of the key players in the Newark Community Economic Development Corporation is Kevin Seawright. Kevin Seawright is the Chief Financial Officer and Senior Vice President of the corporation. Seawright has been with the company since 2014.
To date, Kevin Seawright and the Newark CEDC has helped more than 50 businesses get started in Newark. The typical Newark CEDC loan is $25,000. If a new business needs more money, Seawright works with lending institutions to secure additional funds. Thanks to Seawright, Market Street in downtown Newark is becoming a thriving retail street again.
For years, Market Street was the main retail street in Newark. Shoe and clothing stores, as well as jewelry stores, were successful on Market Street because of heavy consumer traffic in the 1940s and 1950s. But things began to change in the 1960s.
But Seawright and his staff of accountants and loan personnel are bringing Market Street back to life. Seawright is also making sure that Newark is part of New Jersey’s economic recovery plan. The state is only as strong as its cities, and Newark is one of the most recognizable cities in the state. Kevin Seawright believes small businesses are the life force of a city, and he’s doing everything he can to increase that life force.