Who We are and
Why We Exist

GNEC, established in 2005, is a nonprofit Community Development Financial Institution (CDFI). CDFIs aim to offer responsible and affordable lending services to financially disadvantaged communities nationwide. Unlike traditional banks, CDFIs also provide technical assistance support alongside their lending activities.

Our Mission

GNEC facilitates connections between entrepreneurs and the resources they need – capital and coaching – to foster the growth and sustainability of their businesses. We’re dedicated to delivering business capital, consulting, and coaching services to entrepreneurs rooted in New Jersey.

Success by the Numbers

We help entrepreneurs grow economically stable businesses by helping them secure access to capital. We believe that providing entrepreneurs with resources about how to secure capital is critical to closing the racial funding gap and helping them become bankable.

We have offered over $4,330,000 in loans and counting and about 4,000 clients served.

Industries from 2018-2023

12.5%

12.5%

Services – Personal

21.2%

21.2%

Business & Professional

25.9%

25.9%

Retail Businesses

25%

25%

Transportation & Trucking

2.2%

2.2%

Manufacturing
0%
African American
0%
Hispanic
0%
White
0%
Asian

Through access to our partnerships with professional resources, we also provide you the technical support to foster your success.

We are GNEC

Our sole purpose for existence is to help entrepreneurs start or grow businesses by providing the resources and capital solutions critical to business success.

We Just Care

 We’re committed to helping our clients get the success they need day in and day out. Our team members include:
Click Pictures for Bios

Board Members

Judith A. Sheft (Board Chairwoman) – NJEDA

Avi Telyas ( Treasurer ) – Makerhoods.org

John Suwatson ( Secretary ) – Genova Burns LLC

Chip Hallock – Newark Regional Business Partnership

Dr. Tamara Mangum-Thomas – Sharpened Image

Dominick Belfiore – M&T Bank

Carlton West – New Trend Consulting

Amit Airen – Mizuho Bank

Therone Hopkins – Columbia Bank

Chris Murphy – Murphy Schiller & Wilkes LLP

Julian Ibanez – The Prudential Insurance Company of America

Glenn Carroll – Peapack Gladstone Bank

Azhoon F. Abdulghani -Wells Fargo

Kat Zacharia – JP Morgan Chase & Co.

Tarun Goel – PwC

Yane Arias – Santander Bank

How We Do it

  • Create a customized strategy for your business idea including assistance in writing a business plan, competitive analysis, coaching through our successful business network, and lining up financial lending opportunities
  • Analysis of your financials and assistance with applying to the appropriate GNEC lending program to secure a loan (Click Here to View Our Lending Programs)
  • Bolster your business capacity by helping you understand your target market including a SWOT analysis, and coaching with successful entrepreneurs and marketing professionals
  • Completion of business plan including mission, vision and value statements
  • Assisting you with getting loan approval for the capital necessary to move forward
  • Offering ancillary business and technical resources for opening your doors or growing your business
  • Provide bookkeeping and accounting training on Quickbooks to maintain control and forecast income and expenses
  • Access to networking resources for introductions to potential customers or suppliers
  • Consultation with successful entrepreneurs to provide guidance and coaching – learn from others who faced the same challenges already
  • Access to Dun & Bradstreet credit builder tool to understand your credit and lending standing in order to improve loan rates and lending terms
  • Training in marketing and social media, including assistance with writing a marketing plan to reach your target audience

Meet Our Clients