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.