U. professor joins board of New Brunswick-based nonprofit that invests in underserved areas

Lyneir Richardson, an assistant professor of Professional Practice at the Rutgers Business School and executive director of the Center for Urban Entrepreneurship and Economic Development (CUEED), joined the New Jersey Community Capital’s (NJCC) board of directors on February 9, according to a press release.

The NJCC is a nonprofit organization based in New Brunswick that invests in local community development projects throughout New Jersey, focusing on growing and strengthening neighborhoods, according to the NJCC website.

Richardson said the NJCC’s socially focused investments total more than $780 million and have either sustained or generated 11,000 housing units and 18,000 jobs in disadvantaged communities.

As a board member, Richardson said he is eager to start his position on the NJCC’s Credit Committee and further his goal of aiding entrepreneurs in diverse areas. He said he plans to improve loan policy and lending decisions at the NJCC.

His current professional background involves teaching MBA students at Rutgers to identify impact-based business opportunities and develop solutions for underserved neighborhoods, he said.

Beyond NJCC, Richardson holds several positions at various institutions, including the University, the Brookings Institute and CUEED, but has maintained a single overarching objective.

"I have many roles but one career goal: (To get) resources to diverse entrepreneurs to strengthen underserved urban communities," he said. "In all of my work, the mission is to create wealth that will close the racial wealth gap."

Richardson said that the NJCC has recently recruited a new chief executive officer, Bernel Hall, who he is excited to work with on upcoming projects.

"I have long believed he is an exceptional leader with outstanding financial acumen," Richardson said. "I want to help him succeed in growing the scale and impact of the organization."

Hall said Richardson’s caliber of work in diverse communities and social-minded investing would help the NJCC in its next phase of growth and local projects, according to a press release.

Richardson will join the existing NJCC board of directors, which includes senior executives at institutions such as Wells Fargo, JPMorgan Chase and Hudson County Economic Development Corporation.

"I will be looking for opportunities for Rutgers to work on consulting projects with the NJCC and the small businesses and nonprofit organizations that receive financing from the NJCC," Richardson said.