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, which 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 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), and we still will not offer applications in the third round of funding approved in December 2020.  All PPP applications sent to us will be deleted or shredded to protect peoples' privacy!

For information about the third round of PPP, please contact your current bank or visit www.sba.gov for updated information about PPP and other federal assistance. Even though we do not offer PPP loans, listed below are other forms of assistance that CBAC, the SBA, NJEDA, other State and local agencies, and other banks and lenders have offered, will offer, or that are "coming soon."

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 outbreak 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 during the past 10 months in NJ and PA. Business owners are rightfully concerned about what this means for 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. You are not alone.

 

No one expected things to last this long, and everyone is concerned about when it will end. The economic and workplace issues we all face are overwhelming. However, our customers' health and well-being, your families and employees, and our staff continue to be most important to us. With that in mind, we 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 have an appointment with a CBAC team member?

CBAC has extended the cancellation of in-person visits indefinitely, except 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, our team members can meet with you virtually (by phone, etc.) 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. 

I'm concerned about how I will make ends meet if my business is affected. Is there financial assistance available for small businesses? 

Multiple types of loan and grant assistance have been made 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, and we will continue to post updated information as it becomes available. 

Federal Emergency Assistance Options

 

SBA's Paycheck Protection Program (PPP) - The third round of PPP opened for applications on January 11, 2021, for select lenders. The PPP will be available through all participating lenders several days after.  Similar to the first two rounds, PPP loans can be used to cover payroll, benefits, and other eligible expenses, such as overhead expenses, rent, utilities, Personal Protective Equipment (PPE), etc. Businesses that got a PPP loan in the first two rounds 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) - Additional information about the reopening of this program and changes in eligibility will be announced soon.  In the first two rounds, assistance was 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 a grant (advance) of $10,000. In the coming weeks, businesses that received less than $10,000 in the first rounds will 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 - Additional information about the reopening of this program and changes in eligibility will be announced soon.  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 3 Small Business Emergency Assistance Grant Program

- Financial relief on existing NJEDA obligations

 

With the passage of Federal funding in December 2020, which included funding for State assistance programs, it is possible the below programs might be reopened or new programs might be opened. 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 programTo 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 business reopenings' timing. 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: 

  • If you are open for business, actively encourage sick employees to stay home. This includes anyone with signs of a fever, cough, other flu symptoms.

  • If you are open, maintain flexible policies that permit employees to stay home or care for a sick family member.

  • Follow current guidance regarding wearing masks and practicing social distancing guidelines while they remain in effect. Encourage your employees to do the same.

  • Perform routine environmental cleaning in your facilities while open and/or before you re-open.

  • Provide soap and hand sanitizer in multiple locations throughout your facility.

  • Stay home if you are sick and avoid close contact with people who are sick.

  • Wash your hands often, with soap and water for at least 30 seconds, or use hand sanitizer with at least 60% alcohol. 

  • Cover your mouth and nose with a tissue when you cough or sneeze; if you don't have a tissue, cough or sneeze into your upper sleeve, not your hands.

  • Clean and disinfect frequently touched surfaces daily.

  • Avoid touching your eyes, nose, and mouth as much as possible. 
  • 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 us on social media to keep up with everything else that is going on!

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CBAC is a certified Community Development Financial Institution (CDFI), and Community Development Entity (CDE) through the United States Department of Treasury.  CBAC is funded in part through a Cooperative Agreement with the U.S. Small Business Administration.  We are also a participating lender with the following agencies and organizations:

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