Baraka to unveil plan to jump-start Newark economy Thursday morning

2-year plan (with $8.8M 1st-year budget) to focus on small businesses, equitable development and neighborhoods

Newark Mayor Ras Baraka and two of his top economic advisers will present their plan to jump-start the city’s economic recovery at 10 a.m. Thursday.

The two-year plan, which has an $8.8 million first-year budget, will focus on small businesses, equitable development and neighborhood growth, and address the economic stress experienced by many households as a result of the pandemic and Newark’s racial gap, to enable all residents to thrive.

More details will be announced Thursday.

This much is known: The plan will use federal funding from the 2021 American Rescue Plan legislation, as well as local funds, to build a tech cluster, create permanently affordable commercial space, offer free or low-cost broadband access to small businesses through Newark Fiber, expedite development approvals and other important initiatives.

Newark officials say the plan aligns with the city’s workforce system to ensure that Newarkers — particularly unemployed, underemployed and residents with barriers to employment — are connected to good job opportunities.

Baraka will be joined by Deputy Mayor of Economic and Housing Development Allison Ladd, Invest Newark CEO Bernel Hall and local business owners.

The event will take place at Kleen Kuts Unisex Beauty Salon at 1011 Bergen St.