CrunchBase shows pretty clearly how Kevin Seawright has risen up the financial industry career ladder to become not only the Chief Financial Officer but also the Senior Vice President for the Economic Development Corporation for Newark Community. In an interview with Dhiren Shah, Seawright explained the role and position of the corporation in financing small and medium businesses.
Origin of Newark Community EDC
The corporation was rebranded from Brick City Development Corporation because it wanted to get a wider scope of operation. The aim was to serve the whole city of Newark by providing business loans to small businesses at affordable interest rates.
Helping new startups
The EDC employs a team of highly skilled and knowledgeable staff that helps new startups and small businesses sustain their operations and survive in the market. Their loan specialist, Lexie Demirali, is always available to help businesses that seek assistance from the corporation. In addition, further assistance offered include advice on handling finances, credit reporting and tax returns. Since inception the corporation has provided assistance to 53 new businesses resulting to 88 new hires.
Source of funding
The EDC partners with other local financial institutions such as banks and other EDCs operating in the city. They also work closely with SBA. The corporation offers loans up to $25,000 for small businesses while anything above this amount is sourced from other financial partners.
Human resource at Newark Community EDC
The staff of the corporation is undeniably one of their biggest assets. It is dedicated to helping the community by sourcing for new businesses, offering incubator classes and providing other assistance like financial advice. Additionally, each ward is allotted two staff members to help people at the community level.
Challenges businesses face
Seawright reiterated to WorldClassMagazines that the biggest challenges many businesses face is the poor filling of business taxes and poor credit scores. The minimums score required to take a loan from the corporation is 650.
About Kevin Seawright
Seawright has a 13 year experience in the financial sector working in various capacities throughout his illustrious career. He has worked for various local government agencies in different financial capacities. His vast experiences include working in different sectors like real estate, education, housing as well as small business development. This has made him the perfect fit for the Newark Community EDC. Kevin Seawright is active on social media, find him on Twitter.