NEWARK, NJ — Invest Newark, the city of Newark’s economic development corporation, has received the Excellence in Economic Development Bronze Award from the International Economic Development Council for Economic Development Organization of the Year. The award recognizes Invest Newark’s work on equitable economic development throughout the city, including the organization’s programs such as the Newark Land Bank, Newark Fiber and the Language of Capital class.
“As an organization focused on inclusive and equitable economic development, our mission is to drive capital and opportunity into the hands of Newarkers, regardless of neighborhood or economic status,” Invest Newark President and CEO Marcus Randolph said. “We support small, local women- and minority-owned businesses, invest in world-class internet service, spur real estate development and execute economic development activities to produce and sustain economic growth, generate jobs and create wealth for the citizens of Newark. We are honored to receive this award and look forward to expanding upon our existing work to further import economic development opportunities for the city of Newark and its residents.”
Invest Newark leverages its position as a governmental partner and anchor of the economic development network to invest in the community in order to eliminate the racial wealth gap and create a city that allows all to prosper. The organization has worked and continues to work on multiple equity projects to drive economic prosperity for all Newarkers, with recent projects such as:
- The Gant-Gilbert Arts Collective, an artist housing development that will provide the community of Clinton Hill and the city of Newark with a new cultural, art, education, residential and social center.
- The Invest Newark Infrastructure Fund, providing capital and back-office support to Newark-based MWBE businesses participating in civil works projects.
- The Newark Land Bank, the state’s first land bank, to boost homeownership, create housing, reduce blight and increase M/W/DBE developer or subcontractor capacity.
- The Section 8 Homeownership Conversion Program, a collaboration of public, private and community partners that provide first-time homeownership opportunities to low- and moderate-income families.
Roy Southerland, chief investment officer of Invest Newark, received the award on the organization’s behalf at the in-person conference in Oklahoma City, Okla., on Sept. 20.