Business Loans Overview
CBAC is here to help your business be more competitive by working with you to get the funding you need. We can help you through the application process, throughout the life of your loan, and even after you have paid off the loan if you need us. Once a client, always a client!
CBAC has over 20 loan programs that fall into two, main categories - microloans and small business loans, including Covid-19 Pandemic-related emergency assistance loans. We also partner with several communities in South Jersey to offer geographically targeted programs.
Our professional staff works one-on-one with you to tailor your financing package, whether it is a direct loan with us, or if we work with a partner lender to meet your business needs. We also blend the resources and experience of our partners with our programs and services to provide your business with customized coaching, training, and technical assistance.
Almost any type of for-profit small business is eligible for one of our loan programs. We evaluate our borrowers' credit histories as part of our review process but we do not use credit scoring.
Use of Loan Funds:
Loan proceeds can be used for working capital or to purchase inventory, supplies, machinery, equipment, furniture, and fixtures. You can use some programs to purchase commercial real estate. Some loan programs also allow refinancing of existing business debts. We also have loan opportunities to assist with pivoting, resuming operations, and addressing pandemic-related business changes and upgrades.
The minimum direct microloan is $1,000 and the maximum is $50,000. CBAC loans made in partnership with other lenders can be up to $250,000 or more, on a case-by-case basis. The length of the loan term varies according to loan size, use of funds, and whether it is for pandemic-related losses, equipment purchases, or upgrades. We offer transparent, fair, and competitive interest rates and low fees because we believe you deserve loans on reasonable terms.
Loans are collateralized with business assets, as well as real estate when it is necessary. CBAC also requires personal guarantees. Bank Partnership Loans and special, geographic loan programs might have additional requirements.
Do you want to explore how much your monthly loan payment might cost, based on different loan amounts, interest rates, and terms?
Click below to use our free loan calculator.
Loan Program Options
If your small business needs a loan between $1,000 and $50,000 for small business expenses, a CBAC microloan might be the right option for you.
The microloan program is available to eligible for-profit small businesses in all stages of development, including the start-up phase. We can make these loans directly and in partnership with other lenders.
The loan term length varies according to loan size and use of funds. The maximum loan term is seven years (84 months).
You can use microloan funds to purchase equipment and inventory, for working capital, leasehold improvements, and to refinance eligible, existing business debt. These loan funds cannot be used to finance real estate. Loan funds for pandemic-related purchases, upgrades, and losses may offer additional use of funds opportunities.
Small Business Loans
If your small business needs a loan between $50,000 and $250,000 to deal with the financial impacts of the COVID-19 Pandemic, start a business, finance real estate or other business expenses, a CBAC small business loan might be the right option for you.
The small business loan program is available to eligible, existing for-profit small businesses. We primarily make these loans in partnership with other lenders. The maximum loan amount depends on whether we make your loan directly or with a partner lender.
The length of the loan term varies according to loan size and use of funds; typically, the term is five years (60 months), based on up to a maximum 20-year amortization (240 months). We also offer loan renewal options and shorter, emergency assistance loan terms on a case-by-case basis.
You can use small business loan funds to purchase or refinance business real estate as well as refinance eligible business debt, for working capital, and other allowable business expenses. Loan funds for pandemic-related purchases, upgrades, and losses may offer additional use of funds opportunities.
CBAC offers a few targeted loan programs in select, geographic locations throughout South Jersey and Philadelphia in partnership with local and county governments and agencies.
If your business is located in any of the following counties, you might be eligible for special, targeted loan programs:
Cape May County
City of Philadelphia
These targeted programs have limited funding available with different eligibility requirements, minimum and maximum loan amounts, loan terms, interest rates, and fees, but one might be right for your business. Please contact us to learn more about these opportunities.
Loan Application & Forms
REMINDER: Effective April 27, 2022, CBAC indefinitely suspended accepting start-up business loan applications. CBAC still accepts loan applications from existing businesses in our target communities, which we define as one that has been in operation for at least 12 months and filed at least one year of tax returns. Loan demand and staff capacity made this decision necessary. We will update our website and social media when the suspension is lifted.
CBAC strives to make the loan application and approval process as quick, smooth, and efficient as possible for you. The application, forms, and other documents we request from you gives us the information we need to consider your loan request.
APPLICATION INSTRUCTIONS: The Business Loan Application and Personal Financial Statement can be saved to your computer or downloaded, and then completed fully for consideration of your loan request. The Business Loan Schedule Addendum is only for applicants who already have more than four business loans.
You can choose from the following options to complete and submit your loan application:
You can download the forms, save them on your computer with a new name OR "right-click" with your mouse to save the file. Depending on your browser, you might also be able to use an "Open with Adobe" option.
Once saved on your computer or phone, you can then fill out the forms electronically, save them again, and email them with your application attachments.
You can print the form with or without saving it on your computer, complete the form by hand, sign the form, and then scan and email it with the attachments.
If you choose, you are welcome to complete it on your computer or by hand using one of the options above. You can then sign the form and send it to us through traditional mail, or drop it off in person.
Here are the links to the fillable forms that you will need:
*If you only have one to four business loans, this form does not apply.
CBAC's standard application fee is currently being waived due to the pandemic. Please do not send any payments to CBAC with your application.
A fully completed application will prevent unnecessary delays. The loan application also includes a list of additional documents we might need from you for full consideration.
What is important for a successful loan application?
Can you show that you can repay the loan?
Does your business have good cash flows, do you, the other owners, or other members of your household have other sources of income?
Do you have good credit? Having a good credit history is ideal, but having no credit or some negative credit will not necessarily disqualify a loan applicant.
Do you have money of your own to put toward what you want to accomplish with the loan? If you have “skin in the game,” it will strengthen your loan application.
Will the loan help your business to create or save jobs? Will it help you to purchase commercial real estate? These things benefit the communities where you are located and can strengthen your application.
Do you have a realistic start-up or expansion plan?
Did you fill out the entire application? Do you have all of the attachments and supporting documents that you need to submit with the application package?