Newark’s business, development, and civic leaders gathered this week at the Newark Regional Business Partnership’s (NRBP) Leadership Roundabout for a candid conversation with Evan Weiss, the newly appointed CEO of the New Jersey Economic Development Authority (NJEDA).
The event, part of NRBP’s “Executive Roundtable” series hosted at the New Jersey Institute of Technology (NJIT), brought together executives and entrepreneurs to discuss Newark’s pivotal role in the state’s economic landscape. Weiss, who assumed the leadership role in January 2026 after serving as President and CEO of the Newark Alliance, acknowledged the “enormous pressure” on the NJEDA to drive growth across the state.
Newark’s Outsized Economic Footprint
Despite representing only 3% of the state’s population, Newark has become one of the largest recipients of NJEDA funding. Weiss noted that this “disproportionate share” reflects the city’s aggressive activity in residential development and its success with programs like the Aspire tax credit, where Newark-based projects have historically dominated.
Solving the “Missing Middle” for Small Businesses
A primary theme of the day’s discussion was the challenge facing growing companies that fall into a “funding gap.” While micro-grants (under $50,000) and major capital investments are available, many Newark businesses find it difficult to access the $50,000 to $1 million layer.
Weiss shared that businesses in this middle space often stall, as they are too large for micro-lending but lack the scale for traditional bank-led development financing. He suggested that the NJEDA is looking at ways to streamline application processes for these “mid-tier” owners who often lack dedicated back-office staff.
Unlocking Broad Street: Storefronts and Upper-Floor Housing
Local developers raised concerns regarding ground-floor retail vacancies on Broad Street. To combat this, Weiss proposed a dual-track solution:
• Incentivized Leasing: Utilizing state and municipal policy to lower the barriers for retail tenants.
• The “Above-the-Store” Model: Converting underutilized upper floors into housing. “People who live above the store create a stronger street life and support local businesses,” Weiss said.
Collaboration As An Economic Strategy
The conversation also explored examples of innovative collaboration between developers, community institutions, and investors.
Weiss pointed to projects in Newark and other cities where residents and local organizations were invited to invest directly in neighborhood development projects alongside traditional lenders.
Such models, he suggested, could continue to help cities like Newark generate broader community ownership in redevelopment efforts.
“Everyone has something unique to bring to the table,” he said. “The question is how we build structures that allow people to participate.”
Preparing for the 2026 FIFA World Cup
With the 2026 FIFA World Cup Final set for New Jersey’s MetLife Stadium, Newark is preparing to be a primary host city for hundreds of thousands of international fans. Weiss highlighted the World Cup Community Initiative, a $5 million fund designed to support:
• Neighborhood Watch Parties: Small and mid-sized community viewing events.
• Cultural Festivals: Street fairs that reflect the diverse nations competing in the tournament.
• Small Business Support: Driving foot traffic to Newark’s Main Streets and local hospitality sectors.
Newark’s Next Chapter
For many attendees, the event reinforced Newark’s growing importance in New Jersey’s economic future — but also highlighted the practical challenges that remain.
From unlocking capital for small businesses to activating vacant storefronts and preparing for global events, the city’s progress will depend on coordination between state agencies, local institutions, and private investors.
If the conversation at NRBP revealed anything clearly, it is that Newark’s leaders see both the opportunity and the urgency.
The work, they suggested, has only begun.
