About GNBDC
GNBDC is primarily engaged as an approved intermediary lender for the US Small Business Administration Microloan Program, a program that links technical assistance for microenterprises and financing. GNBDC provides financial assistance and training to microenterprises, particularly those that are owned by women, low-income individuals, and minorities for the purpose of encouraging entrepreneurship within these defined groups in specific regions of the State of New Jersey. The Organization's goals are to assist disadvantaged entrepreneurs, start-ups, and existing small businesses in developing successful businesses.
With more than 1,700 participants in entrepreneurial training classes and workshops since 2006, GNBDC, with a strong commitment and dedication to assisting microenterprises, has made a remarkable contribution to the development of new small businesses and to the expansion of existing businesses by financing needed equipment, inventory, or additional working capital. Since 1992, microloans totaling $6.4 million have been made to eligible microenterprises, contributing to the creation and retention of almost 1,800 jobs.
GNBDC is in partnership with the Association for Enterprise Opportunity ("AEO"). AEO is committed to microenterprise development and shares the same vision as GNBDC. The Prudential Foundation, in 1998, embarked on creating an entrepreneurship initiative to invest in the future of young adults. The goal was to create economic opportunity for this population in targeted urban areas in which entrepreneurship may not otherwise have been an option. The result was the creation of the Prudential Young Entrepreneur Program ("PYEP"). GNBDC trains, mentors, and administers a loan fund for PYEP graduates, while PYEP is funded by the Prudential Foundation through AEO.
In 2008, the New Entry Entrepreneurs Training Institute ("NEETI") was launched, funded in part by a CDBG from the City of Newark. NEETI provides training, ongoing technical assistance and financing to formerly incarcerated individuals with entrepreneurial aspirations.
GNBDC was designated a Community Development Financial Institution by the US Department of the Treasury in 2005.