Newark’s Nonprofit Finance Fund launches $3.7M initiative to strengthen community development

The New Jersey-based Nonprofit Finance Fund has launched the Resiliency and Capital Access Initiative, a $3.7 million collaboration funded by a $3.5 million grant from The Prudential Foundation and a $175,000 grant from Victoria Foundation to strengthen the financial capacity of 10 Newark community development corporations. Over two years, the initiative will help participating organizations improve cash flow management, diversify revenue, build financial reserves, and strengthen business models to support affordable housing, workforce development, food access, early childhood education, and other community priorities, with the goal of increasing long-term economic resilience and community wealth in Newark.