Prudential Financial recently announced the launch of the Prudential Community Grants Program — a $500,000 initiative that will support local, community-based projects that foster stability and growth in Newark.
By working with Newark residents and organizations, Prudential aims to support neighborhood-based solutions and highlight community vitality.
For the chosen grantees, Prudential will provide up to $2,500 for individuals and up to $5,000 for 501(c)(3) organizations or organizations with a fiscal sponsor. Additionally, intermediary organizations identified in each of the five wards will receive $10,000 in grants to support the program and provide technical assistance.
Prudential has identified and partnered with intermediary organizations in each ward to assist with the program, which include Lincoln Park Coast Cultural District (Central Ward); Ironbound Community Corp. (East Ward); La Casa de Don Pedro (North Ward); Southward Promise Neighborhood (South Ward); and Unified Vailsburg Services Organization (West Ward).
The intermediaries will provide application assistance, program marketing support and collaborate with Prudential to reach and support residents and organizations in each neighborhood.
Newark residents and nonprofit organizations can learn more about the program and eligibility here. Applications are due March 31.
A public virtual information session recording will be distributed among interested applicants.
Sarah Keh, vice president of inclusive solutions at Prudential Financial, said the program matches the mission of the company.
“We’re excited to launch a grant program that directly supports local Newark residents who are creating meaningful impact in their neighborhoods,” she said. “For over 145 years, Prudential has been an anchor institution in our hometown community of Newark, and, over the past decade, we’ve invested over $1 billion to drive inclusive, equitable growth for Newark and its residents.
“Today, we are deepening our support by empowering local changemakers and leaders who often have the solutions but don’t always have access to financial resources.”
A unique and critical aspect of the program is ensuring local Newark residents and organizations are helping to choose the grant recipients, Prudential officials said. These grantees will address local issues and implement changes across the five wards of Newark.
Prudential has partnered with the Community Foundation of New Jersey to administer and distribute the microgrants toward projects or programs that will support neighborhood beautification, increase resident access to opportunity and enhance quality of life.
Mayor Ras Baraka saluted Prudential.
“I applaud Prudential Financial for creating a grant opportunity that will put funds directly into the hands of Newark’s grassroots community leaders and organizations,” he said. “Our people know best what they need in their own neighborhoods. When we tap into the expertise of our residents, we start to provide them with the self-determination they need to envision a collective future.
“My administration has prioritized the infusion of funds into our local residents and organizations, whether through the ‘Love Your Block Program’ for neighborhoods, the Creative Catalyst Fund for artists and arts organizations, the Newark Movement for Economic Equity for residents facing financial hardship or multiple rounds of grants for Newark’s entrepreneurs and small businesses. The Prudential Community Grants Program is a welcome addition to this cause.”
Aaron Turner, chief philanthropic officer at the Community Foundation of New Jersey, said the program is a win-win.
“It’s our privilege to steward this unique giving model, which empowers residents to lead change efforts in their own communities,” he said. “Prudential’s long history of philanthropy in Newark and the Community Foundation’s experience with results-oriented giving vehicles tell us that lasting change starts in neighborhoods.”
