Cooperative Business Assistance Corporation (CBAC) is a non-profit, "mission-based," non-bank lender that provides loans ranging from $1,000 up to $250,000 directly and in partnership with other lenders in our target market area. Our target market area includes the Counties of Atlantic, Burlington, Cape May, Camden, Cumberland, Gloucester, and Salem in New Jersey, and in Philadelphia, Pennsylvania. We also provide training and technical assistance in support of our loans to help small businesses start, grow, and succeed.  

CBAC is working with the NJ Economic Development Authority (NJEDA), other Federal and Regional agencies, and partners to assist small businesses during the pandemic.  We are experiencing a high volume of inquiries and thank you for your patience.  

Even though CBAC is a US Small Business Administration (SBA) lending partner, we never offered the SBA Paycheck Protection Program (PPP).  Listed below are other forms of assistance that CBAC, the SBA, NJEDA, other State and local agencies, and other banks and lenders are offering.  All PPP applications sent to CBAC will be deleted or shredded to protect peoples' privacy!  For more information about PPP and how to apply, please contact your current bank or visit www.sba.gov for updated information.  

All of us at CBAC want you to know we are still thinking about you, your families, and your employees during these challenging times. We continue to value the health and safety of all our loan clients, small businesses seeking our assistance, partners, stakeholders, and our staff. Please keep reading to learn how we continue to be available and responsive to your small business needs during the COVID-19 Coronavirus pandemic, and the social distancing rules and guidelines that have been issued and revised several times during this pandemic. 

The original "social distancing" restrictions, directives, and orders that determined which businesses are considered "essential" and related information about what they can and cannot do has changed several times in NJ and PA. Originally, everyone was told the limitations were only going to be for a few weeks. As we approach the one-year mark, business owners are rightfully concerned about how the restrictions have affected their businesses, employees, and customers. Some of you were already forced to make difficult choices. Others are overwhelmed with the unexpected demand for your goods and services.  

No one expected things to last this long, and everyone is concerned about when it will end - you are not alone. The economic and workplace issues we all face are overwhelming. Our customers' health and well-being, your families and employees, and our staff continue to be most important to us. With the increasing availability of a vaccine and decrease in diagnosed cases, restrictions are slowly being rolled back. In the interim, we will continue to take the following steps to ensure we meet your needs while also ensuring your health and safety, and that of our team members:  

What if I need an appointment with a CBAC team member?

CBAC is scheduling in-person visits on a case-by-case basis. If we cannot meet with you in person, we can still meet with you virtually! For an appointment or more information, please call us at 856-966-8181 or email us at info@cbaclenders.com.

What if I need assistance with my existing loan or application?

Your business and needs are unique. Our team members will continue to assist and work with our customers and partners to customize solutions by phone, email, text, etc.

Can I still apply for a new loan?

We are accepting new loan applications as funding is made available to our organization. If you are interested in a loan and have not yet begun the application process, please contact our office to discuss your business needs. You can also download the application materials from our "Need A Loan?" tab and submit them by email or regular mail.

Is there financial assistance available for small businesses affected by the pandemic?

Multiple types of loan and grant assistance are still available through the SBA, NJEDA, and local and regional programs. MANY PRIVATE BANKS AND LENDERS ALSO OFFER ASSISTANCE PROGRAMS TO THEIR CUSTOMERS. Please check with your bank to learn more about what they might have available to assist you.  Below is the most current information we have on public programs in our region with links to the providers, and we will continue to post updated information as it becomes available.

Federal Emergency Assistance Options

 

SBA's Paycheck Protection Program (PPP) - Per recently adopted legislation, PPP loan availability through participating lenders has been extended through May 31, 2021. Similar to earlier rounds, PPP loans can be used to cover payroll, benefits, and other eligible expenses, such as overhead costs, rent, utilities, Personal Protective Equipment (PPE), etc. Businesses that got a PPP loan in the first round can apply for a second loan.  Please contact your current bank or visit www.sba.gov for more information about the program and how to apply.

SBA's Economic Injury Disaster Loan (EIDL) Program and Emergency Economic Injury Grant Program (EEIG) - Applications for new loans in this program will be accepted until December 31, 2021.   Similar to the first rounds, assistance is available in the form of a 30-year, fixed-rate emergency loan for eligible small businesses at 3.75% and non-profit organizations at 2.75%, with an advance (grant) of $10,000. Businesses that received less than a $10,000 advance in the first rounds will also receive the rest of the advance that was not awarded, with interest.  For more information about EIDL and how to apply, visit www.sba.gov.

SBA's Small Business Debt Relief (SBDR) Program - Applications for new loans in this program are open. Existing borrowers might also be eligible for continuation benefits, depending on when they got their loan.  Through this program, new and existing SBA loan customers will have between three and eight months of loan payments covered by the federal government. Please check back with us or visit www. sba.gov for updated information as it becomes available.

State & Local Emergency Assistance Options

NEW JERSEY EMERGENCY BUSINESS ASSISTANCE PROGRAMS that are currently accepting applications are listed on the State's Emergency Assistance Eligibility Wizard website at https://assistance.business.nj.gov/. This site is designed to help businesses learn about programs still available.  Some of these include:  

- Emergency Assistance Guarantee Program

- NJ Entrepreneur Support Program

- NJHMFA Small Landlord Emergency Grant (SLEG) Program

- Phase 4 Small Business Emergency Assistance Grant Program (NOTE: pre-registration for this grant closed at 5:00 PM on 4-29-2021)

- Financial relief on existing NJEDA obligations

With the passage of additional Federal funding in March 2021, which included funding for State assistance programs, it is possible the below programs might be reopened or new programs might be launched. The details of some of the previous opportunities and their status are listed below:

New Jersey Small Business Emergency Assistance Grant Program - This State of NJ program ended. For more information about the future of this program other assistance that might be available, please visit https://faq.business.nj.gov/en/articles/3835237-what-is-the-status-of-the-njeda-small-business-emergency-assistance-grant-program.

New Jersey Entrepreneur Support Loan Program  - We do not have a status update for this program. This NJEDA program is a $5 million guarantee program that promotes investment by encouraging private sector investors to provide additional working capital loans to NJ-based entrepreneurial businesses.  For more information, please visit https://assistance.business.nj.gov/.

NJEDA & CDFI Emergency Loan Loss Reserve Fund - This is a joint loan program, which the NJ Economic Development Authority (NJEDA) offers through a partnership between NJEDA and CBAC, and other CDFIs serving NJ.  CBAC is still working with the NJEDA on program details, and we are currently offering NJEDA Guaranteed Loans and other options to assist small businesses.  Please keep checking our website for updates on loan products and funding availability.  

Camden County CARES Small Business Grant Program:  Applications for this program opened 7-23-2020, and funding was limited - we do not have a status update on this program. To learn more about the status of this program and funding availability, visit https://www.camdencounty.com/service/improvement-authority/camden-county-cares-small-business-grant/.

The City of Camden's Micro Business Emergency Assistance Program (MBEAP) Small Business Relief Fund - Applications for this program are closed.  To learn more about how the City of Camden is assisting micro and small businesses in other ways, please visit https://www.ci.camden.nj.us/grants-management/.

State of Pennsylvania's COVID-19 Working Capital Access Program/State-Wide Small Business Assistance Program - The State of PA offered three rounds of state-wide, multi-million dollar grant programs to support small businesses impacted by the COVID-19 public health crisis and subsequent business closure order. The most recent round of grants was made available through non-profit CDFI partners based in PA. To learn more, please visit:

https://dced.pa.gov/programs/covid-19-relief-statewide-small-business-assistance/.

PIDC (Philadelphia Industrial Development Corporation) "Restart PHL Loan Program - This program ended. For more information, please visit https://www.pidcphila.com/restart-phl-loan-fund.

City of Philadelphia's Small Business Relief Fund - This program ended. For more information about Philadelphia's response to the pandemic and resources, visit https://www.phila.gov/programs/coronavirus-disease-2019-covid-19/.

Disclaimer:  Some of the above-listed programs allow you to combine assistance options and others do not. Please explore all options available to you in your state and county, and read directions carefully before proceeding with any loan or grant application. CBAC is not affiliated with any of these programs, except where expressly stated. We are providing these links for information purposes only and make no warranties or recommendations.

Is my business affected by the social distancing rules and regulations?

Business restrictions vary from state to state and even between counties and municipalities in the same state, especially related to timing of business' reopenings. Please check with your state, county, and local government offices regarding any restrictions that might be in effect for your business.

In NJ, you can visit the NJ Economic Development Authority (NJEDA) and others for updated information about the pandemic tailored for businesses:

https://faq.business.nj.gov/en/collections/2198378-information-for-nj-businesses-on-the-coronavirus-outbreak

https://www.njeda.com/about/Public-Information/Coronavirus-Information

https://njchamber.com/news/njchambernow/751-2020-03-19-a-business-leader-s-guide-to-the-coronavirus

In PA, you can visit the following sites for information and links to fact sheets for business owners:

https://www.health.pa.gov/topics/disease/Pages/Coronavirus.aspx

https://www.pachamber.org/coronavirus/

What if I find out one of my employees tested positive for COVID-19?

Per the Centers for Disease Control (CDC), if an employee is confirmed to have COVID-19, employers should inform fellow employees of their possible exposure to COVID-19 in the workplace. Still, you must maintain confidentiality as required by the Americans with Disabilities Act (ADA). Please contact the CDC and your State Department of Labor for additional information.

CBAC will continue to update our information as needed, so please return to our page periodically. In the interim, please continue to use the following CDC recommendations to protect yourself, loved ones, employees, customers, and all with whom you come into contact. Please visit the CDC Website for more information and updates: (https://www.cdc.gov/)

CBAC is continuing these measures to protect all of us and comply with evolving directives issued in NJ and PA and CDC guidelines. Since the pandemic response and "Social Distancing restrictions" continue to change regularly, please check back with us for updates and contact us with any questions.

In the meantime, please follow CBAC on social media to keep up with everything else that is going on!

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