Newark Invests $2 Million In $100 Million Fund to Support Black and Latinx Businesses
Mayor Ras J. Baraka announced that the Newark Municipal Council voted yesterday to invest $2 million in the New Jersey 40 Acres and a Mule Fund (NJ FAM Fund). It is an investment fund targeted to reduce the wealth, health and social disparities that exist with Black and Latinx communities when compared to the general population. This first-in-the-nation investment vehicle makes equity and debt investments in Black and Latinx businesses in New Jersey. The $2 million contribution is earmarked specifically for Newark investments.