"In the News"
‘This is real money that will enable us to have real impact’
ROI-NJ.com (NJ), by Tom Bergeron -
Trenton, NJ - ...On Tuesday afternoon in Trenton, the initiative got its biggest contribution yet, as Wells Fargo donated $2.5 million from the bank’s Open for Business Fund to the AACCNJ. The donation was part of $4 million in funding from Wells Fargo, as it also gave the Regional Business Assistance Corp. $1 million and the Cooperative Business Assistance Corp. $500,000. “Of all the things that have happened in the past year, of all the companies that have stepped up to give us support, this has to be at the top,” Harmon told ROI-NJ. “This is real money that will enable us to have real impact.”...
Wells Fargo Announces $4 Million in New Relief Aid to Help New Jersey Small Businesses Impacted by Covid-19
Wells Fargo, For Immediate Release -
Trenton, NJ - Wells Fargo has selected New Jersey Community Capital (NJCC) who is working in partnership with the African American Chamber of Commerce of New Jersey (AACCNJ), the Regional Business Assistance Corporation (RBAC), and Cooperative Business Assistance Corporation (CBAC) to receive grants from its Open for Business Fund (OFB), a nationwide small business recovery effort. (click HERE to read more)
$500K Grant to Help Camden Businesses With Low-Cost Loans
TapInto Camden Staff (NJ) -
CAMDEN, NJ – The city’s Cooperative Business Assistance Corp. (CBAC) is getting a $500,000 grant from Wells Fargo enabling it to offer more low-cost loans that help small business owners rebound from the COVID-19 pandemic. This new grant and CBAC’s partnership with Wells Fargo “allows us to fill a lending gap that many traditional financial institutions are unable to fill,” said Harry Stone, president of the CBAC. “We are grateful to be able to help support small businesses in these challenging times and help fledgling businesses to grow and thrive,” Stone said. ... (click HERE to read more).
Wells Fargo gives $1.5M in grants that will help underserved (and underbanked) communities in Trenton, South Jersey
Wells Fargo is making good on its promise to help underserved communities. On Monday, the bank announced it is giving a grant of $1 million to the Trenton Regional Business Assistance Corp. and a grant of $500,000 to the Camden-based Cooperative Business Assistance Corp. The grants are part of the Wells Fargo Open for Business Fund, which was created last year. The organizations will use the grants to provide low-interest loans to small businesses that — for a variety of reasons — lacked the access to such capital.... (click HERE to read more).
South Jersey CDFI gets $500K from Wells Fargo to distribute to small businesses
NJBiz.com (NJ), by Gabrielle Saulsbery -
Cooperative Business Assistance Corp., a community development financial institution in Camden, received funding to help underserved small businesses stay open and preserve jobs.... (click HERE to read more).
U.S. Treasury Awards $204.1 Million to Support Economic Growth in Low-Income, Distressed, and Native Communities
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded 397 Community Development Financial Institutions (CDFIs) $204.1 million in awards today. The awards, through the fiscal year (FY) 2020 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation..... (click HERE to read more).
U.S. Department Of Commerce Invests $15M In CARES Act Recovery Assistance Grants
South Jersey Observer (NJ), by Anne Forline -
Funds will provide critical gap financing to small businesses and entrepreneurs that have been adversely affected by the coronavirus pandemic across New Jersey.... (click HERE to read more).
U.S. Department of Commerce Invests $15 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across New Jersey Respond to Coronavirus
EDA Public Affairs Department, (202) 482-4085 -
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $15 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs that have been adversely affected by the coronavirus pandemic across New Jersey.... (click HERE to read more).
NJEDA Approves UCEDC, CBAC, NJCC for CDFI Program
ROI - New Jersey (NJ), by Emily Bader at 1:05 pm -
The New Jersey Economic Development Authority announced on Tuesday it has approved three Community Development Financial Institutions, or CDFIs, to participate in its Premier CDFI Program. The three CDFIs are: Union County Economic Development Corp., Cooperative Business Assistance Corp., and New Jersey Community Capital.... (click HERE to read more).
NJEDA Approves Three Community Development Financial Institutions Into Lender Program
New Jersey Business, A Publication of the New Jersey Business & Industry Association (NJ) -
CDFIs to Receive $1.5 Million Loans and NJEDA-Backed Guarantees to Support Lending to Small Businesses - The New Jersey Economic Development Authority (NJEDA) approved three Community Development Financial Institutions (CDFIs) to participate in the Authority’s Premier CDFI Program...., Union County Economic Development Corporation (UCEDC), Cooperative Business Assistance Corporation (CBAC), and New Jersey Community Capital (NJCC) will now have access to NJEDA participations and guarantees to support their loans to small businesses.... (click HERE to read more).
WSFS Bank Donates $200,000 to Local Organizations to Accelerate Small Business Recovery Efforts
MyChesCo.com (Wilmington, DE) -
WSFS Bank recently announced a $200,000 donation to four organizations, providing relief grants to help local small businesses within the Bank’s footprint impacted by the pandemic.... The relief grants will be administered in collaboration with the following local community development financial institutions (CDFIs):
Chester County Chamber of Business & Industry/Chester County Community & Economic Development Corporation (Chester County, PA)
Cooperative Business Assistance Corporation (Burlington and Camden Counties, NJ)
Entrepreneur Works Fund (Bucks, Delaware, Montgomery and Philadelphia Counties, PA)
True Access Capital (Delaware).... (click HERE to read more).
Gloucester County to Cover Three Months of Loans For Local Small Businesses
SNJToday.com (Woodbury, NJ), by SNJ Today Staff -
Local small businesses who have borrowed in the County’s Small Business Revolving Loan Fund will have the next three months of principal and interest covered through the Gloucester County COVID-19 Recovery Program (GCCRP), which will allow businesses to offset some of these extraordinary costs and bring employees back, according to the county. The assistance comes from a partnership between the Gloucester County Board of Chosen Freeholders and the Cooperative Business Assistance Corporation (CBAC) in order to help with re-opening and social distancing requirements expenses.... (click HERE to read more).
Gloucester County Announces Plan to Assist Small Businesses
The Sun Newspapers (Woodbury, NJ), by SNJ Today Staff -
The Gloucester County Board of Chosen Freeholders and the Cooperative Business Assistance Corporation (CBAC) have partnered to assist small businesses as they prepare to re-open amid expensive and stringent social distancing requirements. Borrowers in the county’s Small Business Revolving Loan Fund will have the next three months of principal and interest covered through the Gloucester County COVID-19 Recovery Program (GCCRP), allowing businesses to offset some of these extraordinary costs and bring employees back.... (click HERE to read more).
Other Options for Jersey Business Owners Who Couldn't Get an Emergency Grant or Loan
Philadelphia Business Journal (Philadelphia, PA), by Michelle Caffrey at 6:40 AM -
The New Jersey Economic Development Authority's Covid-19 emergency grant and loan programs were quickly exhausted, but CEO Tim Sullivan said there are other options for small businesses in need of capital in the state [including options available through Cooperative Business Assistance Corporation (CBAC)].... (click HERE to read more).
NJEDA Enters Partnership for Low-Cost Small Business Financing Program
New Jersey Business, A Publication of the New Jersey Business & Industry Association (NJ) -
The New Jersey Economic Development Authority (NJEDA) announced partnerships with six Community Development Financial Institutions (CDFIs). These partnerships will leverage New Jersey-based CDFIs to provide between $20 million and $30 million in low-cost financing to small and microbusinesses and nonprofits impacted by the COVID-19 outbreak.... Cooperative Business Assistance Corporation (CBAC),..will be participating in the Authority’s new CDFI Emergency Loan Loss Reserve Fund.... (click HERE to read more).
Want to Start a Business in N.J.? Here's How to Avoid Failure
NJ.com (Gloucester County, NJ), by Matt Gray (updated from 06/04/2015) -
...Where do you begin? Gloucester County's Economic Development Department puts prospective business owners in touch with the Rutgers Small Business Development Center and the Cooperative Business Assistance Corp. (CBAC). Both agencies provide expertise in crafting a business plan and provide their services free of charge. CBAC is focused on the Philadelphia and South Jersey region, while Rutgers is part of a statewide network offering these services. CBAC administers Gloucester County's Revolving Loan Program, which provides low-interest loans ranging from $1,000 to $35,000 for various expenses involved in getting a business off the ground. CBAC also offers a number of other loan packages for small businesses.... (click HERE to read more).
Wells Fargo Investing $6.6 Million to Help Black Businesses Thrive
Black Enterprise (USA), by Jeffrey McKinney -
Wells Fargo, the nation’s third-largest bank, is awarding $6.6 million in lending capital and grants to 12 Community Development Financial Institutions (CDFIs) nationally [including CBAC] that black-owned small businesses and others can use to flourish and create jobs. The funding comes from the Wells Fargo Works for Small Business: Diverse Community Capital (DCC) program. The program includes targeting businesses owned by blacks, Asians, Hispanics, and Native Americans.... (click HERE to read more).