Affordable capital, mentorship, hands-on-support … and a sledgehammer?
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When the leaders of BrightStreet recently gave their inaugural cohort of three small
business leaders the tools they need to succeed, they made sure they got a
sledgehammer – and a chance to break through a life-sized faux brick wall that
symbolizes the organization’s mission to eliminate obstacles.
The nonprofit, which is focused on providing loans, grants, services and technical
assistance to new and expanding small businesses that have been traditionally
excluded from the process, officially launched at the New Jersey Performing Arts Center
in late February.
The event, which included Newark Mayor Ras Baraka and Super Bowl champion and
entrepreneur Marques Colston, showed what is possible.
“BrightStreet is a nonprofit, but it is not a charity,” Founder Rob Falzon said. “It is a
sustainable economic engine that empowers individuals to create their own success
stories, creating community vibrancy and economic growth for Newark and for New
Jersey.”
BrightStreet is needed.
Micro-businesses with fewer than 10 employees make up 95 percent of all businesses
nationwide, yet they are denied funding at more than twice the rate of other small
businesses. Nearly half operate in low-income communities where access to financing
and guidance is limited, not because of a lack of talent, but a lack of access.
BrightStreet will provide affordable loans, grants, financial education, mentorship, and
hands-on operational support to startups, solopreneurs, and micro-enterprises that often
fall outside traditional borrowing criteria. By pairing capital with guidance, BrightStreet
aims to give entrepreneurs not only funding, but the tools and support necessary to
build sustainable businesses.
Three entrepreneurs from BrightStreet’s first cohort were presented with oversized
checks representing their funding and access to business development resources.
Jennifer Lopez
Lopez & Associates Behavioral Consulting
Loan amount: $50,000
Board-certified behavior analyst and Newark-based founder of an agency providing
one-on-one behavioral therapy to children with autism, primarily serving underserved
and Spanish-speaking families across Essex and Hudson Counties. Her agency fills a
critical gap, with about 75% of clients covered by Medicaid. The loan will help Jennifer
to stabilize operations, scale her business by hiring additional therapists to meet the
growing demand for her services, and ensure she is able to consistently meet payroll
while insurance claims are processed.
Al Shakise
BWS Massage
Loan Amount: $20,000
Newark native entrepreneur providing massage treatments to clients at home and at
corporate sponsored events. He is transitioning from gig-style work to a scalable,
branded business after securing a state contract to provide massage therapy services
for disabled clients. The loan will fund marketing, branding, and working capital to
smooth cash flow and support growth.
Undra Duncan
Undra Celeste New York
Loan Amount: $50,000
Accomplished Newark-based fashion designer with national recognition, major
collaborations, and wholesale opportunities. The loan will help to stabilize operations
challenged by the current retail environment, provide working capital to fulfill new
orders, expand production, and continue scaling her brand through expanded
distribution channels.
With its Newark launch, BrightStreet begins its mission to fund the future of small
business by empowering entrepreneurs, creating wealth, and strengthening
communities across New Jersey, Falzon said.
