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 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 as pandemic restrictions wind down. We are still experiencing a high volume of inquiries and thank you for your patience.
PLEASE NOTE: THE SBA PAYCHECK PROTECTION PROGRAM OFFICIALLY EXPIRED AND NO NEW APPLICATIONS ARE BEING ACCEPTED. Listed below are other forms of assistance that CBAC, the SBA, NJEDA, other State and local agencies, and other banks and lenders are offering. Please contact your 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 have changed in NJ and PA. Even though restrictions are finally being rolled back or terminated, business owners remain rightfully concerned about how the restrictions affected their businesses, employees, and customers. Some of you were forced to make difficult choices. Others were overwhelmed with the unexpected demand for your goods and services, experienced "supply chain" interruptions, or are struggling to hire the staff needed to reopen at full capacity.
No one expected things to last this long, but as the pandemic restrictions are lifted, the economic and workplace issues we faced won't disappear immediately. Even with the increasing availability of vaccines and decrease in diagnosed cases, our customers' health and well-being, your families and employees, and our staff continue to be most important to us. 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 firstname.lastname@example.org.
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 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 earlier 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 visit our "Need a Loan" tab, call us at 856-966-8181, or visit www. sba.gov for updated information about this program.
SBA's Paycheck Protection Program (PPP) - Funding for this program ran out on May 29, 2021, and new applications are no longer being accepted. Please contact your current bank or visit www.sba.gov for more information about other loan alternatives.
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 the programs that might still be available include:
- Emergency Assistance Guarantee Program
- New Jersey Community Stage Relief Grant Program
- NJEDA Small Business Emergency Assistance Loan Program (Pre-Registration for this round closes July 30, 2021: https://business.nj.gov/covid/emergency-assistance-loan-program)
- NJ Entrepreneur Support Program
- NJHMFA Small Landlord Emergency Grant (SLEG) Program
- Financial relief on existing NJEDA obligations
Is my business still affected by the social distancing rules and regulations?
While states are in the process of "re-opening," there are still some business restrictions that vary from state to state and even between counties and municipalities in the same state. Please check with your state, county, and local government offices regarding any restrictions that might still 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:
In PA, you can visit the following sites for information and links to fact sheets for business owners:
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!