⟩NEETI

The Greater Newark Business Development Consortium, Inc. ("GNBDC") is a not-for-profit organization incorporated in the State of New Jersey in 1983.  The Organization is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and similar provisions of the State code.

GNBDC is primarily engaged as an approved intermediary lender for the US Small Business Administration (SBA) Microloan Program; GNBDC provides financial assistance and training to small businesses, businesses 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.

GNBDC, with a strong commitment and dedication to assisting small businesses, makes 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.

GNBDC is funded through loans and grants by the SBA, a department of the federal government; GNBDC also receives non-federal funding through local institutions, private foundations, program income, indirect costs, or in-kind contributions paid for under non-federal sources for the purposes of this program.

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.

⟩Mission Statement

The New Entry Entrepreneurial Institute is a program that provides the formerly incarcerated with the training, knowledge and encouragement needed for them to consider self employment as a means to self sufficiency.