Nonprofit Finance Fund and Prudential Financial announce Newark Resilience Initiative Grants to Local Nonprofits
NEW YORK, Feb. 14, 2018 – Today Nonprofit Finance Fund (NFF) and Prudential Financial, Inc. announced capital grants to 15 Newark-based nonprofits as part of the Newark Resilience Initiative (NRI).
NRI, funded by The Prudential Foundation and facilitated by NFF, began in the summer of 2016 with financial-skills building clinics for the leaders of 30 Newark-based nonprofits. Fifteen of those nonprofits were selected through a competitive application process to receive customized consulting and the chance to apply for flexible capital. The $1.5 million pool, provided by Prudential, will be distributed to the organizations to help enact their plans and support their financial health. (Click here to read the Nov. 30, 2016 announcement.)
Ranging from $75,000 to $125,000, the grants aim to help the 15 nonprofits increase their adaptability and financial resilience advancing their missions of providing critical services to the Newark community. Here are the recipients’ planned uses for this money:
- ASPIRA, Inc.of New Jersey to manage cash flow and facilities-related changes
- Boys & Girls Club of Newarkfor facility investments and to manage financial obligations
- BRICK Academy and South Ward Children’s Alliance for business-model change and growth
- Greater Newark Enterprises Corporation to manage working capital and fund business model adaptation
- La Casa de Don Pedro for facility investments
- Leadership Newark to establish an operating reserve and grow a program
- Lincoln Park Coast Cultural District for new program growth
- Newark Arts to invest in organizational infrastructure
- Newark Museum to invest in systems and branding to drive new revenue
- The Newark Public Library for technology systems and program growth to drive new revenue
- Newark Public Radio (WBGO) for organizational infrastructure investments
- Newark Symphony Hall to manage cash flow and financial obligations
- New Jersey Institute for Social Justice to establish a reserve fund to support program innovation
- Unified Vailsburg Services Organization (UVSO) to invest in infrastructure and technology
- Urban League of Essex County for program and facility investments to drive new revenue