Now in its fifth year, the program fosters support for local job creation and growing minority-owned businesses. In addition to the grant, the program will in the year ahead also provide support, technical assistance and implementation resources to the Brick City.
Four additional majority-minority cities were also named in the collaborative expansion: Atlanta; El Paso, Texas; Long Beach, Calif.; and Rochester, N.Y.
“Taking part in the City Accelerator initiative will help us get two of my administration’s most important initiatives off the ground — Buy Newark and the Contractor Development Initiative,” said Newark Mayor Ras Baraka in a statement. “Whether ensuring that anchor institutions commit to increasing purchasing from Newark businesses or large developers partner with smaller minority- and women-owned contractors, we are implementing unique programs to drive local procurement.”
According to the city, Newark will allocate $75,000 of the grant to the CDI which, over the course of 15 sessions, will train 20 to 30 qualifying Newark-based companies in small business management.
The remaining funds will go to the Newark Business Services Providers Network, a referral network that coordinates resources for entrepreneurs and businesses in the city. Provided services include connecting contractors with prospective clientele and tools for expanding their ventures.
Technical support for City Accelerator will be provided by Ascendant Global President and CEO Rodrick Miller.
Since its inception City Accelerator has supported and connected 17 municipalities.