Newark’s Community Development Corporations (CDCs) Boost Their Ability to Meet Long-Term Neighborhood Needs
The Prudential Foundation Partners with Nonprofit Finance Fund to Lead the $1M Newark Nonprofit Capacity Accelerator, Supporting CDCs with Services from Cause Effective, Institute for Nonprofit Practice, Nonprofit Finance Fund, Prudential Financial, and Taproot Foundation.
NEWARK, NJ, JULY 7, 2021 – Eight community development organizations in Newark, all longstanding local anchors that are led by and serving people of color, are now embarking on a new initiative to strengthen their financial and operational health so they can continue to meet neighborhood needs well into the future.
In the Newark Nonprofit Capacity Accelerator, Newark’s CDCs will participate in tailored consulting engagements, collaborative learning exchanges, and other opportunities specific to their goals and priorities, paired with flexible grants to support ongoing work. Participants include: Ironbound Community Corporation, La Casa de Don Pedro, Lincoln Park Coast Cultural District, LISC Newark, New Community Corporation, South Ward Promise Neighborhood, Unified Vailsburg Services Organization, and Urban League of Essex County.
In discussing the Newark Nonprofit Capacity Accelerator, Anthony Smith, the Executive Director at Lincoln Park Coast Cultural District, shared, “LPCCD is proud to be part of a strong network of organizations seeking to improve the lives of all Newarkers. The Accelerator is an exciting opportunity to leverage our network, developing the deep pool of local talent and building on the strengths of local community-based organizations.”
The Newark Nonprofit Capacity Accelerator is a collaborative effort funded by $1 million from The Prudential Foundation, led by Nonprofit Finance Fund, and designed in partnership with capacity partners and participating CDCs that will run through mid-2022.
Participants will engage with partners including:
Institute for Nonprofit Practice for leadership development for seasoned and emerging CDC leaders.
Nonprofit Finance Fund for financial consulting and coaching.
Taproot Foundation for tailored pro bono engagements in partnership with a diverse array of Prudential employees, including Prudential’s executive leadership group, leveraging their expertise in areas such as technology, marketing, and human resources.
Prudential Financial employees for pro bono services, training, and leadership development opportunities.
“We have long recognized that promoting economic mobility and providing better access for residents to quality schools, jobs and services is vital to building thriving neighborhoods,” said René O. Deida, Director of Inclusive Solutions at Prudential. “The Accelerator represents a new, comprehensive model for this type of capacity building and we are looking forward to seeing this program’s impact for our community here in Newark.”
About Nonprofit Finance Fund
Nonprofit Finance Fund® (NFF®) is a nonprofit lender, consultant, and advocate. For more than 40 years, we’ve worked to strengthen nonprofit organizations and improve the way money flows to social good. We are committed to building a more equitable and just social sector, and helping community-centered organizations led by and serving people of color access the money and resources they need to realize their communities’ aspirations. To learn more, visit https://nff.org/
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