Small Business

Program Overview

Brick City Development Corporation manages the Grow Newark Fund, a $6 million loan fund designed to provide financing to small businesses that do not meet the traditional eligibility requirements for small business bank loans.  The loans range in size from $50,000 to $2,000,000 and are guaranteed by the Small Business Administration.  The National Development Council's Grow America Fund serves as our "community development bank" to underwrite and service the loans.

Loans secured through the Grow Newark Fund offer several benefits to small businesses:

Patient Growth Capital

Longer, more patient terms mean smaller monthly loan payments, giving the borrower more time to reach full potential.

Lower Down Payment

Higher loan-to-value ratios allow the business to maximize equity available for growth capital.

Lower Interest Rates

Because community development rather than profit is our goal, we can provide lower interest rates.

Better Loan Structure

Grow Newark Fund matches the term of the loan to the life of the assets being financed and matches debt service to available cash flow.

Grow Newark Fund loans can be used for real estate transactions, debt refinancing, leasehold improvements, machinery, equipment and working capital. Unacceptable uses for funds include venture capital, research and development and equity needs.

Download the Grow Newark Fund Application and Checklist
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