The Newark Municipal Council voted this week to invest $2 million in the New Jersey 40 Acres and a Mule Fund (NJ FAM Fund).
The Newark Municipal Council voted this week to invest $2 million in the New Jersey 40 Acres and a Mule Fund . It is an investment fund targeted to address the wealth, health and social disparities that exist with Black and Latinx communities when compared to the general population.
“While the racial wealth gap is a major national issue, it especially impacts Newark,” said Newark Mayor Baraka. “Black and Latinx businesses have always faced more roadblocks than their counterparts and the pandemic only made things worse. These investments will be a tremendous tool for them in Newark, and I am incredibly grateful for the generous support of our Municipal Council.”
The NJFAM Fund is the vision of Baraka and co-sponsored by the mayors of Paterson, Trenton, Camden, Atlantic City, East Orange, Orange, and Irvington. The Fund is seeking to raise $100 million to invest in value-added small businesses and real estate projects that will scale and reduce the wealth, health and social disparities that currently exist.
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