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New Jersey Proposes $10M Seed Fund For Black And Latinx Startups To Close The Racial Wealth Gap

For the first time ever, a U.S. state is developing a fund strictly dedicated to supporting Black and Latinx-led companies. An exclusive from TechCrunch reports that New Jersey Governor Phil Murphy announced this week a proposal to direct funds from the state budget to form a $10 million seed fund for Black and Latinx startups. Based on research conducted by New Jersey, The Black and Latinx Seed Fund is the first-of-its-kind for any state in the nation and will be administered by the New Jersey Economic Development Authority (NJEDA). NJEDA CEO Tim Sullivan told TechCrunch that the new development is a “direct response to the systemic racial inequities in access to capital for Black and brown entrepreneurs” and aims to provide a solution for “the racial wealth gap.” “I think two of the centerpieces of Gov. Murphy’s strategy overall for the economy is to build a stronger and fairer New Jersey and a stronger and fairer economy,” Sullivan added. He also shares that the new seed fund is...

Apr 7, 2021