NEWARK, NJ – Multi-franchise owner Adenah Bayoh cut the ribbon outside her second IHOP location in Newark on Wednesday and started her new business with the help of the city and local investors.
Along with Newark Mayor Ras Baraka, and representatives from Invest Newark and New Jersey Community Capital, Bayoh’s second Newark restaurant and fourth restaurant is located across the street from a new 84-unit, mixed income residence on 915 Broad St. from City Hall, which she helped develop.
“The opening of IHOP Downtown Newark amid the COVID-19 pandemic shows what is possible when black entrepreneurs have access to capital,” said Bayoh. “The pandemic has only exacerbated existing systemic inequalities and closed nearly half of all black-owned businesses. This is why public sector funders promoting equity and inclusion, such as Invest Newark and New Jersey Community Capital, are vital.
Sign up for the Newark newsletter
Our newsletter delivers the local news that you can trust.
You have successfully registered for the TAPinto Newark newsletter.
“If we are to get out of this recession for good, we need to make sure that all companies have fair access to capital,” said Bayoh.
Funding for the new location included a $ 405,950 loan from Invest Newark, a $ 523,800 loan from NJ Community Capital, and $ 350,000 from Newark City’s HOME Invest Partnership Program.
After Invest Newark launched a land banking program in March that aimed to create inclusive investment opportunities for local entrepreneurs as an economic recovery path, Bayoh’s most recent contribution to the business was expanded to include that mission.
“The opening of IHOP 915 Broad Street is a wonderful sign of equitable economic development for Newark residents,” said Bernel Hall, President and CEO of Invest Newark. “In the shadow of the pandemic, this women-owned company was successfully opened and offers jobs and a family restaurant in the heart of the city center. Invest Newark continues to help companies start, expand and thrive. “
Along with Wayne Meyer, President of New Jersey Community Capital, he found that investing in local entrepreneurs helps drive trade in communities.
“Successful small businesses are the heart and soul of downtown Newark. We believe projects like this create a sense of place that opens avenues to economic opportunity for Newark residents, ”said Meyer. “We are excited to be a trusted partner who drives fair growth to keep the Newark community alive.”
Bayoh grew up in public housing in Newark and is a graduate of the Newark Public Schools system. In 2017, she bought the struggling IHOP on Bergen Street, saving nearly 50 jobs. She also owns IHOP franchises in Paterson and Irvington.
The introduction of the new restaurant is expected to create up to 40 livelihood jobs for the residents and continue the renovations that are already underway in the city.
In addition to providing the necessary employment opportunities, it offers the community another accessible and family-friendly restaurant option. The new restaurant builds on and expands the growth of the Central Business District, one of the city’s major economic centers.
The site is also part of a larger redevelopment project that includes mixed income housing accessible to families in Newark.
When Bayoh reached out to the city to find an investment opportunity for her company, she stated that she had met with the Mayor of Newark to discuss her vision for the project.
Baraka believed in this vision and said he believed in it and wanted it to be realized.
“If you say you’re going to do something, I want you to do it, and I think Adenah has proven that over and over again here in Newark,” he said. “That’s proud for me because I can say that a woman from a Newark high school – the struggles she went through – got a project like this on that is 55% affordable downtown.”