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 is not an SBA Paycheck Protection Program (PPP) Lender.

CBAC is an SBA Lender, but we do not offer PPP Loans.  Any PPP applications sent to us will be deleted or shredded in order to protect your privacy! Funding for this SBA program and other emergency assistance options resumed 4-27-20. Please contact your current bank or visit www.sba.gov for updated program information and a list of participating lenders. Even though we are not participating in the PPP loan option, listed below are other forms of assistance that CBAC, the SBA and participating lenders, and other State and local agencies that are available and coming soon.
 

All of us at Cooperative Business Assistance Corporation (CBAC) want you to know we are thinking about you, your families, and employees. We 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 will 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 have changed several times. NJ and PA have also updated their directives several times regarding what businesses can continue to operate and how. The latest projections last range from June 15th to "indefinitely." 

 

Business owners are rightfully concerned about what this means for your businesses, employees, and customers. Some of you have already been forced to make difficult choices. Others are overwhelmed with the unexpected demand for your goods and services. You are not alone.

 

We know the economic and workplace issues we are all facing can be overwhelming, however, the health and well-being of our customers, your families and employees, and our staff is 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, 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 all in-person visits indefinitely. We will immediately post any changes to this policy when they happen, so please check back for updates. Until then, 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.

 

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 still accepting new loan applications. If you are interested in a loan and have not yet begun the application process, our team members are available to 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? 

With the passage of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act and other legislation, the SBA began offering several financial assistance programs. In addition to federal options, State and local agencies also began offering grants and loan assistance programs. 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. MANY PRIVATE BANKS AND LENDERS ARE ALSO OFFERING ASSISTANCE PROGRAMS TO THEIR CUSTOMERS. Please check with your bank to learn more about what they might have available to assist you during this time. 

Federal Emergency Assistance Options

 

SBA's Economic Injury Disaster Loan (EIDL) Program and Emergency Economic Injury Grant Program (EEIG) - This program offers a combination of an emergency grant and up to 30-year emergency loan for eligible small businesses and nonprofit organizations. Funding for this program resumed on May 4th. For the first time, this program is now open to agricultural businesses! The program also recently resumed accepting applications for all business types! Applications that were on hold from the first round and received before April 15th will be processed in order of receipt. 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 PROGRAM HAS CHANGED WITH THE PASSAGE OF THE "PAYROLL PROTECTION PROGRAM FLEXIBILITY ACT" ON FRIDAY, JUNE 5, 2020! This loan program offers assistance with covering your payroll, benefits, and other eligible expenses. Depending on when you got or will get your loan, anywhere from 8 to 24 weeks of your payroll costs can convert to a forgivable loan as long as you attempt to retain or rehire employees, and up to 40% of your loan can be used to cover overhead expenses, such as rent, utilities, etc. (it was originally capped at 25%).  The length of the loan can also be extended from two to five years.  CBAC DOES NOT OFFER THIS PROGRAM. Please contact your current bank or PPP lender as soon as possible to see if they are a participating lender or to ask questions about your existing PPP Loan. For general information about the program, how to apply, and a list of participating lenders if your bank is not offering 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 how to apply 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. Some of 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. The application window for this program reopened on Tuesday, June 9, 2020, at 9:00 AM! The program is no longer accepting new applications. For more information about 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-phase-2-application-open-tuesday-june-9-at-9-00-a-m.

NEW - New Jersey Childcare Provider Health and Safety Preparedness Grant Program - THIS GRANT IS NOT INCLUDED IN THE NJEDA ELIGIBILITY WIZARD! The Department of Human Services, Division of Family (DHS/DFD) makes GRANTS available to help New Jersey child care centers and summer youth camps meet new health and safety guidelines. Grants can be used for items such as personal protection equipment (masks, gloves), thermometers, cleaning products, and deep cleaning services to lessen the impact of the spread of infectious diseases, such as the Coronavirus Disease 2019 (COVID-19). For more information and how to apply, please 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  March 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 April 17th, will be offered through a partnership between NJEDA and CBAC, and other CDFIs serving NJ. CBAC is currently working on the details of this program and other new loan programs to assist small businesses.  Please keep checking our website for updates on program options and funding availability.  

The City of Camden's Micro Business Emergency Assistance Program (MBEAP) Small Business Relief Fund - Businesses with physical locations that are 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 April 23rd 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 - On June 8, 2020, PA Governor Tom Wolf announced a $225 million statewide grant program to support small businesses that were impacted by the COVID-19 public health crisis and subsequent business closure order. To learn more about how these grants are being made available in PA, please visit: 

https://www.governor.pa.gov/newsroom/gov-wolf-announces-225-million-grant-program-for-small-businesses-impacted-by-covid-19/

City of Philadelphia's Small Business Relief Fund - Applications for this program 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 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. 

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 as it relates to the timing of business reopenings. Please check with your state, county, and local government offices regarding whether your business is required to shut down, reduce hours, or is considered essential and allowed to remain open.

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.health.pa.gov/topics/Documents/Diseases%20and%20Conditions/Coronavirus%20Businesses%20Fact%20Sheet.pdf

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 implementing 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" are rapidly changing, 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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