Paul Profeta
Paul V. Profeta, a real estate investor in West Orange, New Jersey, created the Profeta Urban Investment Foundation. Mr. Profeta grew up in Maplewood, New Jersey and used to “hang out” in Newark with his friends. After the 1967 riots and the economic decline of Newark, Paul, like so many other New Jersey residents, was heartbroken over the deterioration of his favorite city and decided to start the Profeta Urban Investment Foundation to help minorities revitalize Newark, one business at a time. Some have called this endeavor “tilting at windmills.” Certainly starting one small business in Newark might not have that significant an effect. However, the hope is that once dozens of small, vibrant, energetic businesses have been created they will form a critical mass that will entice West Essex shoppers to come to Newark to purchase goods and services, entertain, dine, etc. These newly successful businesses will provide employment opportunities for minority workers throughout the community, which will hopefully encourage them to start their own businesses in order to initiate a self-perpetuating cycle.
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