$2.7 million in a revolving loan fund
NFIB is sharing the following news release below from Congressman Donald Norcross issued on Sept. 1. We want our members to know that new funds have been made available to them in the following jurisdictions: city of Camden; Atlantic, Cape May, Cumberland, and Salem counties in New Jersey; and the city of Philadelphia, Pennsylvania. Note: currently there is no information on when or how to apply so this story will be updated when we get a call back with an answer to that question.
Norcross Announces $2.7M in CARES Act Funding for Small Businesses Across South Jersey
Sep 1, 2020 – News Release
CHERRY HILL, NJ – U.S. Congressman Donald Norcross (NJ-01) today announced that the US Department of Commerce’s Economic Development Administration (EDA) is awarding $2.7 million to the Cooperative Business Assistance Corporation in Camden to provide loans to coronavirus-impacted small businesses. The funding comes from a total of $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.
“We are still in the midst of both a public health emergency and an economic crisis, and our local businesses urgently need relief,” said Congressman Donald Norcross (NJ-01). “The CARES Act passed by Congress is delivering critical federal resources to local governments and organizations to help small businesses weather this difficult time. Without access to financial support, many businesses may have to close, leaving themselves and their workers without an important tool to help navigate these uncertain waters. This funding will provide vital support to the South Jersey small businesses that power our local economy.”
Specifically, the Cooperative Business Assistance Corporation in Camden will receive the $2.7 million grant to capitalize and administer an RLF that will provide loans to businesses adversely impacted by the coronavirus in the city of Camden; Atlantic, Cape May, Cumberland, and Salem counties in New Jersey; and the city of Philadelphia, Pennsylvania.
“Cooperative Business Assistance Corporation (CBAC) is excited to create a new $2,706,000.00 Revolving Loan Fund (RLF) to address the economic challenges faced by the small business community throughout South Jersey, caused by the coronavirus (COVID-19) pandemic,” said Harry W. Stone, President and CEO of CBAC. “The Economic Development Administration has generously funded this program. The primary beneficiaries of the program will be all the small businesses that are the backbone of our local economy, and we are proud to support them. CBAC will work closely with all of our economic development partners to deliver our services to those businesses most in need.”
The CARES Act, which was passed by Congress in March, provides the EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for and respond to the coronavirus pandemic. On May 7, Secretary Ross announced that the EDA began accepting applications for CARES Act Recovery Assistance funding opportunities.