In a first of its kind initiative, Mayor Ras J. Baraka is announcing the launch of the Newark 40 Acres and a Mule Fund or NWK FAM in an effort to combat social and economic inequalities resulting from decades of systemic racism, by putting capital directly in the hands of Newark Black and Latinx business owners.
According to the New Jersey Institute For Social Justice, the median net worth of New Jersey’s white families is $309,000, while the median for New Jersey’s Latino families is just over $7,000, and Black families earn just over $5,900 in one of the worse racial wealth gaps in the nation.
“We need these anchor institutions and financial institutions in this city that make billions of dollars in the footprint of Newark and along its corridors to contribute to the wealth and success of the majority of its residence and we need it now.”
So far $2 million has been raised. PSE&G, AT&T and New Jersey Community Capital have committed funds.
Applications will open online within the next 30 to 60 days.