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 currently working with the New Jersey Economic Development Authority (NJEDA), other agencies, and partners to assist small businesses during the pandemic. We are experiencing an unusually high volume of inquiries so thank you for your patience.
CBAC did not offer the SBA Paycheck Protection Program (PPP).
The SBA PPP loan program expired on 8-8-2020. Though CBAC is an SBA lending partner, we never offered PPP Loans. Any PPP applications that were sent to sent to us were deleted or shredded to protect peoples' privacy! For information about the future of the PPP loan option, please check out the links below and/or contact your current bank or visit www.sba.gov for updated information about PPP and other available federal assistance. Even though we did not offer PPP loans, listed below are other forms of assistance that CBAC, the SBA, and participating lenders, and other State and local agencies have offered, will offer, or that are still "coming soon."
All of us at Cooperative Business Assistance Corporation (CBAC) want you to know we are still thinking about you, your families, and employees. 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 restrictions and directives put in place about "social distancing," what is considered an essential business and other information changed several times during the past six months. NJ and PA updated their directives several times regarding what businesses can and cannot do. As the pandemic continues to fluctuate, so do the rules regarding what businesses can and cannot do in their respective states.
Business owners are rightfully concerned about what this means for your 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 as long as they have, and everyone is concerned about when it will end. We know the economic and workplace issues we are all facing are overwhelming. However, the health and well-being of our customers, your families and employees, and our staff continues to be most important to us. Because of that, we are continuing to take the following steps to ensure we meet your needs, while also ensuring your health and safety, as well as 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 are not able to meet with you in person, we can still meet with you virtually! Please contact the person with whom you had a scheduled appointment, or call us at 856-966-8181. Otherwise, feel free to check back for updates to this policy on our website.
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. 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 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?
Through the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act and other legislation, the SBA offers(ed) several financial assistance programs. In addition to federal options, State and local agencies also offer(ed) grant and loan assistance programs. MANY PRIVATE BANKS AND LENDERS ARE 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 Economic Injury Disaster Loan (EIDL) Program and Emergency Economic Injury Grant Program (EEIG) - Even though the Economic Injury Grant portion of this program ended effective 7-11-2020, this program is still accepting new applications! Assistance is 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%. For the first time, this program is also open to agricultural businesses! For information about this program and how to apply, visit https://www.sba.gov/funding-programs/disaster-assistance, https://covid19relief.sba.gov/#/, or https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19.
SBA's Paycheck Protection Program (PPP) - This loan program expired on 8-8-2020. When it was available, PPP loans could be used to cover payroll, benefits, and other eligible expenses. Depending on when you got a loan, anywhere from 8 to 24 weeks of your payroll costs could be converted to a forgivable loan as long as you attempted to retain or rehire employees, and up to 40% of your loan could be used to cover overhead expenses, such as rent, utilities, etc. (it was initially capped at 25%). The length of the loan could also be extended from two to five years. Continuation of this program is contingent on federal government approval. Please contact your current bank or PPP lender to ask questions about your existing PPP Loan. For information about the status of the program, visit https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp.
SBA's Small Business Debt Relief (SBDR) Program - Through this program, SBA loan customers will have up to six months of loan payments covered by the federal government. Existing loan customers will automatically receive assistance through this program. For information regarding additional funding availability, contact your current bank to see if they are a participating lender, or visit our "Need A Loan" page for more information on applying for a loan up to $50,000 with CBAC: https://www.cbaclenders.com/need-a-loan.
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. These include the Small Business Emergency Assistance Grant Program - Phase 2, the Emergency Assistance Guarantee Program, the NJ Entrepreneur Support Program, and financial relief on existing NJEDA obligations. The details of a few opportunities are listed below:
New Jersey Small Business Emergency Assistance Grant Program - Phase 2. Applications for this program are closed. For more information about other assistance that might be available, please visit:
NEW - New Jersey Childcare Provider Health and Safety Preparedness Grant Program - This program ended 8-28-2020. The Department of Human Services, Division of Family (DHS/DFD) makes these grants available to help New Jersey child care centers and summer youth camps meet new health and safety guidelines by purchasing items such as personal protection equipment (masks, gloves), thermometers, cleaning products, etc. For more information about program status, visit https://www.childcarenj.gov/Providers/Grants.
New Jersey Entrepreneur Support Loan 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. The program guarantees an investor loan by an investor who is already an equity holder if the loan is advanced for working capital to an entrepreneurial company that has been impacted by COVID-19. The investor must have supported the company in the form of a convertible note, SAFE (simple agreement for equity), or equity investment before or on 3-9-2020. To learn more, please visit https://application.njeda.com/NJESP_Login.aspx.
NJEDA & CDFI Emergency Loan Loss Reserve Fund - This joint loan program, which was announced by the New Jersey Economic Development Authority (NJEDA) on 4-17-2020, and offers direct loans through a partnership between NJEDA and CBAC, and other CDFIs serving NJ. CBAC is still working with the NJEDA on the details of this program but is 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: Grant funds were made available for small businesses that have been affected by the COVID pandemic through federal funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act to assist the community, including struggling businesses, during the COVID-19 pandemic. Applications for this program opened on 7-23-2020, and funding was limited -we do not have a status update. 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 - Businesses with physical locations licensed by the City of Camden and meet eligibility criteria can apply for working capital grant funds up to $5,000. The program was announced on 8-23-2020 and was "first come, first served." We do not have a status update on this program. To learn more, please visit https://www.ci.camden.nj.us/micro-business-emergency-assistance-program/.
NEW - State of Pennsylvania's COVID-19 Working Capital Access Program/State-Wide Small Business Assistance Program - The State of Pennsylvania offered two 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 is being made available through non-profit CDFI partners based in PA. To learn more about this grant opportunity, please visit:
PIDC (Philadelphia Industrial Development Corporation) "Restart PHL Loan Program- this 0% interest loan program provides flexible, low-cost capital from $25,000 to $250,000 to small businesses with less than $5M in revenue for costs associated with improved business resilience or growth, including working capital, fit-up, inventory, technology, mobilization, rehiring, and employee training. Businesses must be located in the City of Philadelphia and meet eligible demographic or geographic criteria. For more information, please visit: http://www.pidcphila.com/restart-phl-loan-fund.
City of Philadelphia's Small Business Relief Fund - Applications for this program are closed. 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 the 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:
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:
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.
CBAC is continuing these measures to protect all of us and comply with evolving directives issued in NJ and PA, and per 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!