Invest Newark

What Invest Newark does

Invest Newark is the City of Newark, New Jersey's designated Economic Development Corporation, organized as a New Jersey nonprofit corporation and operating as a quasi-governmental entity under the oversight of the Mayor and a board that includes city representatives and community stakeholders. It plans and implements economic development operations across Newark, with a portfolio organized around four operational pillars: (1) Newark Fiber, a municipal broadband initiative delivering high-speed, low-cost residential ($50/month) and commercial ($150–$2,250/month) internet through a public-private partnership with GigXero and delivery partnerships including Andrena (1,600+ affordable housing units) and Citizens Bank (15 years of free service at Southside View); (2) the Newark Land Bank, the first land bank in New Jersey, established by state legislation (P.L. 2019, c 159) and municipal ordinance, which acquires and repurposes vacant, abandoned, and foreclosed properties (218 acquired, 23 developed, 92 sold, $12.2M+ contracted) through Move-In Ready, Section 8 Homeownership Conversion, and Side Lot programs; (3) capital programs offering Business Loans ($50K–$500K at 3–7%), Site Acquisition, Predevelopment, Construction, and the Cornerstone Loan, plus façade improvement grants up to $50K and a Newark Retail Reactivation Initiative of up to $650K; and (4) business development services — the Newark Navigator referral service, the Executive Business Accelerator (13-week, Interise-partnered), Language of Capital series, and the UEZ Program delivering sales-tax benefits and reinvestment funds to certified businesses.

Revenue mechanics are diversified across subscription internet fees, loan interest and 1% origination fees, UEZ program administration, grants, and municipal/philanthropic appropriations; no entity-level revenue is publicly disclosed. The customer base is overwhelmingly segmented toward small, women, and minority-owned businesses, real-estate developers, residents (for broadband), and homebuyers (Land Bank), with named case-study customers spanning food service (El Criollo Restaurant, Abby's Deli LLC), death care (Islamic Burial Services), and professional services (Encourageous Coaching). Strategic partners include Citizens Bank, Wells Fargo, the New Jersey Devils and Prudential Center ($200K Land Bank donation), Audible, Andrena, GigXero, My Home Pathway, Via (microtransit pilot), Bloomberg Associates, and Newark Alliance for the FIFA World Cup 2026 campaign. The organization employs 11–50 staff under a full C-suite led by President & CEO Marcus Randolph and recently expanded into creative-economy development via the City of Newark Office of Film and Television.

Name

Invest Newark

Legal name

Invest Newark

Website

https://investnewark.org

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Invest Newark is the City of Newark's nonprofit Economic Development Corporation, delivering business lending, the Newark Land Bank, municipal broadband (Newark Fiber), UEZ administration, and SMB accelerator programs to Newark small businesses, developers, and residents.

Ownership category

akta.pro rank

Product category

Economic Development Services

NAICS

Miscellaneous Intermediation (52391)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro primary industry

Economic Development & Business Licensing (Local) (BPAIACAN)

akta.pro secondary industries

National/Regional Development Finance Institutions (DFIs) (FSABAKAB), SME/Industrial Development Banks (FSABAKAF), Land Acquisition, Lot Development & Construction Financing (AD&C) (FSALAHAI)

Keywords

• Economic development services
• Small business lending
• Municipal broadband internet
• Land bank operations
• Urban enterprise zone

Headquarters

HQ city

Newark

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Newark Fiber Internet Services: Residential and commercial internet service provision through Newark Fiber, offering high-speed connectivity at competitive pricing to residents and businesses in Newark
2. Business Lending Programs: Invest Newark manages investment funds that provide loans to local businesses ranging from $50,000 to $500,000 for expansion, equipment, and real estate development
3. Urban Enterprise Zone Administration: UEZ program administration where certified businesses charge reduced sales tax and reinvestment funds support local community projects including business loans, facade grants, and streetscape improvements

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Invest Newark is the City of Newark's Economic Development Corporation providing integrated economic development services to Newark-based businesses and residents. Its core offerings include direct business loans (ranging $50,000 to $500,000), the Newark Land Bank for acquiring and repurposing vacant properties, Newark Fiber municipal broadband internet service, Urban Enterprise Zone (UEZ) tax incentive administration, business accelerator and financial literacy training programs, and façade improvement grants. It supports small, women, and minority-owned businesses, real estate developers, and Newark residents seeking affordable internet and homeownership.

Product overview

Invest Newark is the City of Newark's Economic Development Corporation offering a multi-faceted portfolio of economic development services organized into distinct programs. The core offerings include Newark Fiber (high-speed broadband internet service), Newark Land Bank (vacant property management and homeownership programs), Newark Navigator Service (business support and referrals), and the Urban Enterprise Zone (UEZ) Program (tax incentives and business assistance). Supporting services include the Executive Business Accelerator and Language of Capital training programs, various loan products (Business Loans, Site Acquisition Loans, Predevelopment Loans, Construction Financing, Foodservice Loans, Cornerstone Loans), marketing initiatives (Newark Made Podcast, Newark Restaurant Week, Newark Gift Card, I'm Downtown Initiative), and façade improvement grant programs. These products work together to advance economic prosperity for all Newarkers through supporting business growth, developing real estate, and ensuring affordable internet access.

Differentiator

Problem solved

Functional benefit

Products and services

• Newark Fiber High-speed, low-cost broadband internet service initiative delivering connectivity to all parts of Newark through a municipal fiber network, with a focus on public housing and public schools. Offered to residential subscribers from $50/month and to commercial customers at tiered pricing from $150 to $2,250 per month.
• Newark Land Bank First-of-its-kind land bank in New Jersey that strategically acquires, maintains, and repurposes vacant, abandoned, and foreclosed properties, returning them to productive use through programs including Move-In Ready, Section 8 Homeownership Conversion, Side Lots, and Commercial/Mixed-Use development. To date the Land Bank has acquired 218 properties, developed 23, and sold 92 with $12.2M+ in contracted funds.
• Newark Navigator Service Business support service providing small businesses with access to advice, strategic planning support, and connections to government agencies, training providers, and capital sources, with emphasis on Black and Brown-owned businesses.
• Urban Enterprise Zone (UEZ) Program Economic development program providing tax incentives and business benefits to certified commercial businesses within the Newark UEZ district, including reduced sales tax rates and access to business assistance programs and reinvestment funds supporting community projects.
• Executive Business Accelerator Program 13-week in-person business education program for growth-stage businesses with over $100,000 in annual revenue, covering financial decision-making, talent acquisition, and growth planning. Offered twice yearly in partnership with Interise.
• Invest Newark Business Lending Programs Suite of loan products including Business Loans ($50K-$500K), Site Acquisition Loans ($100K-$300K), Predevelopment Loans ($50K-$350K), Construction Financing ($100K-$500K), Small Business Term Loans ($100K-$500K), Foodservice Term Loans ($50K-$300K), and The Cornerstone Loan ($50K-$100K). Interest rates 3%-7% with 1% fees; repayment terms up to 7 years.
• UEZ Façade Improvement Programs Grant programs offering up to $50,000 in funding for small businesses to upgrade storefronts, including West Ward grants up to $10,000 and South Ward grants up to $10,000 plus forgivable loans up to $20,000, with citywide opportunities up to $50,000.
• Newark Retail Reactivation Initiative Program providing up to $650,000 in low- to no-cost financial assistance for businesses looking to locate in downtown Newark, covering exterior/interior improvements and furniture, fixtures, and equipment purchases.
• Move-In Ready Program Program offering fully renovated properties by local MWBE contractors for first-time home buyers in Newark.
• Section 8 Homeownership Conversion Program (HCVCP) Partnership program increasing homeownership opportunities for low- and moderate-income families using Section 8 vouchers, transforming blighted properties into homes.

Quantifiable outcome

• 218 properties acquired, 23 developed, 92 sold through Newark Land Bank with $12.2M+ in contracted funds
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Seven partnerships are on record, tiered core and supporting.

• Newark AlliancecoreStrategic or Co-development Partner · 14 April 2026Partnership for FIFA World Cup 2026 'Kick it in Newark' campaign featuring citywide events, community grants, and visitor initiatives. Invest Newark providing Ready, Set, Goal training sessions and business development grants to support local enterprises.
• Bloomberg AssociatessupportingStrategic or Co-development Partner · 9 July 2025Philanthropic consulting arm of Bloomberg Philanthropies partnered with Newark to provide recommendations based on national best practices for Newark Alliance consolidation and economic development initiatives.
• ViasupportingStrategic or Co-development Partner · 16 May 2025Partnership for Via Newark free weekend microtransit program connecting residents to Arts and Education District. Six-month pilot program with TransitTech provider Via.
• GigXerocoreTechnology or IntegrationGigXero powers Newark Fiber as the core technology partner for the municipal broadband initiative bringing high-speed internet to all parts of Newark.
• AndrenacoreTechnology or IntegrationInternet service provider partnership providing affordable $20/month internet to 1,600+ units in 14 Newark Housing Authority buildings, significantly reducing costs from average $75/month.
• My Home PathwaycoreStrategic or Co-development PartnerPartnership to boost homeownership providing free step-by-step guidance to help Newark residents get mortgage ready, creating a clear path to homeownership.
• AudiblecoreStrategic or Co-development PartnerBusiness attraction partnership expanding efforts to strengthen local economy, including Audible Business Attraction Program supporting businesses like Sweet Jeans Kitchen + Espresso Bar.

Scale indicators6 records

Recent moves8 records

Expansion highlights7 records

Regional players

• New Jersey Economic Development Authority (NJEDA): State-level economic development authority operating in the same geography, providing tax incentives, lending, and real estate programs. Comparable on program design (small business lending, redevelopment financing) but operates statewide rather than city-concentrated.

Direct peers

• World Business Chicago: Chicago's public-private economic development partnership focused on business attraction, inclusive growth, and corporate partnerships. Comparable in mission and structure (nonprofit EDC-like entity serving a major US city) with overlapping focus on minority business support and corporate-funded programs.
• Pittsburgh Urban Redevelopment Authority: Pittsburgh's municipal redevelopment authority managing property acquisition, disposition, and development. Directly comparable to Newark Land Bank's role in acquiring and repurposing vacant properties for productive use.
• San Francisco Office of Economic & Workforce Development (OEWD): San Francisco's municipal economic and workforce development office operating business assistance, real estate, and workforce programs. Comparable as a city-government economic development function with similar integrated program structure.
• Philadelphia Industrial Development Corporation (PIDC): Philadelphia's public-private economic development corporation providing real estate financing, small business loans, and workforce programs. Comparable as a city-level nonprofit EDC with a similar mix of lending, real estate development, and business support services.
• Detroit Economic Growth Corporation (DEGC): Detroit's nonprofit economic development corporation managing business attraction, real estate, and small business programs. Comparable as a city-affiliated EDC operating across lending, real estate, and business support services in a post-industrial urban market.
• Baltimore Development Corporation (BDC): Baltimore's nonprofit economic development corporation operating business development, real estate, and incentive programs for the City of Baltimore. Direct structural peer as a city-affiliated EDC with similar service mix.
• Cleveland Citywide Development Corporation: Cleveland's nonprofit economic and community development corporation providing lending, real estate development, and small business support. Comparable as a city-level nonprofit operating development finance and business support services in a mid-size industrial city.
• New York City Economic Development Corporation (NYC EDC): NYC's municipal economic development corporation operating business attraction, real estate development, and infrastructure programs. Most directly comparable as a city-level EDC with real estate, lending, and innovation-economy mandates; Aaron Meyerson previously served as AVP of Strategic Planning at NYC EDC.

Broad incumbents

• Local Initiatives Support Corporation (LISC): National community development financial institution (CDFI) providing loans, grants, and technical assistance to urban community developers. Comparable on small business lending, real estate development financing, and capacity-building programs, but operates nationally rather than city-concentrated.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/investnewark
• YouTubeyoutube.com/channel/UCoNJaTmKQyNvBG18jc5e5cg
• Facebookfacebook.com/InvestNewark
• LinkedInlinkedin.com/company/investnewark
• Instagraminstagram.com/investnewark/?hl=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments12 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Invest Newark