Newark, NJ – (April 7, 2021) Adenah Bayoh along with Newark Mayor Ras J. Baraka, Newark Council President Mildred C. Crump, Invest Newark President and CEO Bernel Hall, and New Jersey Community Capital President Wayne Meyer cut the ribbon on Adenah’s 2nd IHOP restaurant in the City of Newark and her 4th overall. IHOP Downtown Newark is located in the retail space of 915 Broad Street, a new 84-unit mixed-income residence across from City Hall that Bayoh co-developed. The ribbon cutting also marked the official grand opening of IHOP Downtown Newark. The development was made possible with funding from Invest Newark, New Jersey Community Capital, and the City of Newark. IHOP Downtown Newark will generate up to 40 living-wage jobs for local residents.
“I’m so thankful for the support from Invest Newark, New Jersey Community Capital, and Mayor Ras Baraka, who have been incredible partners and champions of small business. The opening of IHOP Downtown Newark in the midst of the COVID-19 pandemic represents what’s possible when Black entrepreneurs have access to capital. We deliver on our promises and we prioritize giving back to the communities that support us,” said Adenah Bayoh, Multi Franchise Owner, IHOP. “The pandemic only worsened existing systemic inequities and shut down nearly half of all Black-owned businesses, which is why public sector funders that work to ensure equity and inclusion, like Invest Newark and New Jersey Community Capital, are so crucial. If we are to finally break free of this recession we need to ensure that all businesses have equitable access to capital.”
IHOP Downtown Newark continues the redevelopment already underway in the city. In addition to providing needed employment opportunities, it provides the community with another accessible and family friendly restaurant option. The new restaurant builds on and extends the growth of the Central Business District, one of the city’s main economic centers.
“Adenah continues to be one of Newark’s committed business owners, and the opening of IHOP Downtown Newark marks another milestone on our city’s path out of the pandemic that has devastated so many in our community,” stated Newark Mayor Ras Baraka. “My administration is focused on ensuring that our economic development efforts are equitable and inclusive and this new IHOP embodies that commitment. This is why the City of Newark, Invest Newark, and New Jersey Community Capital stepped up to invest in this project. Not only is it part of a larger redevelopment project that includes mixed-income housing that is accessible to Newark families, but it also provides employment opportunities for residents.”
Funding for IHOP Downtown Newark includes a $405,950 loan from Invest Newark, a $523,800 loan from NJ Community Capital, and $350,000 from the City of Newark’s HOME Invest Partnership Program.
“The IHOP / 915 Broad Street opening is a wonderful sign of equitable economic development for the residents of Newark,” said Bernel Hall, President and CEO of Invest Newark. “In the shadow of the pandemic, this woman-owned business has successfully opened and is providing jobs and a family eatery in the heart of downtown. Invest Newark continues to help businesses start, expand, and flourish.”
“Thriving small businesses are the heart and soul of Newark’s downtown. We believe that projects like this create a sense of place that generates pathways to economic opportunity for the residents of Newark,” said Wayne Meyer, President of New Jersey Community Capital. “We are excited to be a trusted partner in driving equitable growth to sustain the vibrancy of the Newark community.”
Bayoh grew up in public housing in Newark and is an alumna of the Newark Public School system. In 2017, she purchased the struggling IHOP on Bergen Street in Newark, saving nearly 50 jobs. Bayoh also owns IHOP franchises in Paterson and Irvington, New Jersey.