The New Era of Newark CEDC

Newark Community Economic Development Corporation is the main economic development catalyst in Newark, New Jersey. It was formed to help in the development of different economic activities like attracting and growing businesses, spurring real estate development in all 20 neighborhoods of the city and enhancing small business capacity. It operates as a business development company it works in collaboration with other development bodies of the city in sectors like housing development and economic empowerment.

Working in tandem with the City’s Department of Economic and Housing Development, it initiates and executes economic empowerment activities. This aims at producing, and sustaining growth, creating wealth for all residents of the city and generating employment opportunities

The development corporation, previously known as The Brick City Development Corporation, was renamed to incorporate new developmental policies. Speaking at the re-launch gala, Councilman Joe McCallum reiterated that the main reason behind the name change was to incorporate new culture of the organization. Its offices were also relocated to 111 Mulberry Street from the previous site 744 Broad Street at an estimated budget of $250,000.

The new changes come in the wake of new board members who assumed office earlier in the year. This board voted to instigate new operating changes to make the agency more effective. It also made changes to ensure transparency in the organization’s operations. The changes have seen the prohibition of any sitting city official from heading the board. This ensures independence. The changes come in the wake of a critical report that was investigating the organization’s loan program. It revealed that almost $3.4 million of all total loans was lost as bad debts.

Earlier on in 2015, Newark CEDC announced Kevin Seawright as a new addition to the management team. Seawright has vast experience in diverse capital management, operations and accounting. His 13-year experience has seen him gain financial expertise, perfectly evident on his Xing profile. He has worked in different management capacities including Fiscal Officer of the Aging and Retirement commission in Baltimore, Payroll Director at Housing Authority, Baltimore City, Financial Director at Homeless Services, Department of Housing & Community Development. He has worked in other different financial management capacities. He was also recognized for his executive leadership skills by the University of Notre Dame.

Seawright has been instrumental in every position he has held in developing effective and efficient financial systems that have helped to streamline operations. These systems have also helped to save on unwarranted expenditure and costs. He is experienced in human resources management, financial operations as well as capital management. He is a team player and continually enhances proficiency using information technology systems.

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Forefront Capital Opens Doors To Non-Accredited Investors

Since the Forefront Group was founded in June 2009, Forefront Capital Management and its subsidiaries, focused their efforts on accredited investors. At that time, to be considered an accredited investor, clients must meet certain financial criteria established by the Securities and Exchange Commission (SEC). The SEC states that an accredited investor must be a corporation or one of the following:

1. A natural person who has an individual net worth, or joint net worth with their spouse, that exceeds $1 million at the time of the purchase, with the exception of the value of the primary residence of such person.

2. A natural person with income exceeding $200,000 in each of the 2 most recent years or joint income with a spouse exceeding $300,000 for the same years and expectancy of a similar income in the current year.

After 30 years the SEC realized there had been an exuberant amount of increased knowledge and stock market oversight. This led to updating the definition of an accredited investor. The Dodd-Frank act actually mandated that this happens every four years now. This recommendation from the SEC Investor Advisory Board led to the replacement of income and net worth tests and replaced that system with a newer one that takes into account financial sophistication such as an individual’s education, investment experience, and other criteria.

Brad Reifler, CEO of Forefront Capital Management, is switching gears after a couple of personal experiences opened his eyes to the 99 percent of possible investors that were not on the radar. After Reifler lost 40 percent of his 529 college fund he had set up for his children years prior, he realized this was an epidemic affecting many Americans. He also began to see that this problem led to a huge economic disaster which has added up to over $1 trillion dollars in student debt and almost half of Americans with less than $6,000 in savings. Reifler was also faced with trying to invest his 80 year old father-in-law’s life savings only to realize he was not considered an active investor. Thus, Forefront Income Trust was born. Reifler and his team began developing a fund that the 99 percent could invest in. This gave the non-accredited investors, or middle class, and opportunity to invest $2,500 that could be added to or withdrawn from every quarter. This Trust is not associated with the Stock Market which means possible higher risk and growth. It was designed for diversification and to mitigate risk.

Brad Reifer graduated from Bowdoin College as CrunchBase shows, with a degree in Economics and Political Science. He began his first company, Reifler Trading Corporation in 1982. Reifler sold his successful company to Refco, Inc.

Reifer went on to found Pali Capital and under his leadership made over $200 million in profits. He had offices in the U.S., U.K., and Australia during his tenure. Reifler is now the CEO of Forefront Advisory where his 30 years of experience has given him a reputation of excellence.

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