Kevin Seawright is the Senior Vice President and CEO of the Newark Community Economic Development Corporation. In a recent interview, he explains how he is taking actions to improve overall conditions in the area and is using his personal knowledge to make a difference.
He explains how the EDC came into existence. He said that the corporation was formerly known as Brick City Development Corporation. The current strategy involves a development plan that is city wide. The key goal for the company is to give a helping hand to small businesses in the community. This includes both uptown and downtown. The type of business is not important. They believe in helping all business located throughout the community. They are offering small business loans rather than giving out grants.
The previous company was completely rebranded and revamped and is now focusing much more on the community and extending the reach of the organization. Kevin Seawright also said that he is very much enjoying working with this company and has been with them since 2014. The company even has their own loan specialist. The loan specialist is Lexie Demirali. She works closely with the businesses that apply for the loans and she helps to guide them through every step and explains what all of their options are.
Kevin Seawright’s company obtains their funding through several local banks as well as working closely with the SBA. Some fo the criteria include the businesses being located in Newark and being a small business that needs a helping hand. They are offering loans on average of $25,000. If the loan is going to be for more money then they look to other financial institutions. He also states that the company makes sure to charge reasonable interest rates.
Since the company began helping small local businesses, they have managed to help fifty-three individual applicants. He credits the whole team working with him for the success of the endeavor. With their help, there is a new surge of businesses springing up all over the area.