New Brunswick, N.J. (September 23, 2019) – Small businesses account for over 90% of all businesses located in Gloucester County, providing a much-needed boost to the South Jersey economy and ensuring jobs for local residents. Through its THRIVE South Jersey initiative, New Jersey Community Capital (NJCC) is pleased to provide a $200,000 loan to the Cooperative Business Assistance Corporation (CBAC) to support the expansion of the Gloucester County Small Business Loan Program, a local partnership between CBAC and Gloucester County that provides critical capital and resources for entrepreneurs and small businesses across South Jersey.
The $200,000 loan will provide additional capital for the Gloucester County Small Business Revolving Loan Fund (the Fund), which provides micro-loans of up to $35,000 for local entrepreneurs and growing small businesses across Gloucester County, who typically lack access to conventional capital. Based on the success of the program, the Gloucester County Improvement Authority provided $100,000 in additional grant funds.
CBAC is a 32-year old community development financial institution (CDFI) that provides microloans and small business loans as well as technical assistance to entrepreneurs and businesses located in the Southern New Jersey region.
“CBAC’s partnership with Gloucester County and NJCC allowed us to assist with funding over $4 million in projects for more than two dozen small businesses located in the county through the Gloucester County Small Business Revolving Loan Fund,” said CBAC president, Harry Stone. “The partnership also helped CBAC assist in funding an additional $1.6 million in projects to Gloucester County-based small businesses through other loan programs we offer that we could not have otherwise funded. We look forward to helping even more businesses through all of our programs, thanks to the $200,000 NJCC THRIVE South Jersey loan and $100,000 in matching funds from Gloucester County.”
To date, the partnership has funded over 30 small businesses across Gloucester County, including Blue Plate Restaurant, a farm-to-table eatery in Harrison Township and recipient of THRIVE South Jersey financing.
“Since we started this program, Gloucester County has been able to provide 105 loans to small businesses here,” said Gloucester County Freeholder Heather Simmons. “The expansion of this program is critical to the success of small businesses and start-ups by allowing them to leverage loan funding for acquiring space, inventory, capital improvements, and equipment. For every dollar that is lent through this fund, we see that it comes back tenfold in our county.”
“Emerging small businesses play a critical role in fostering innovation and driving local economic development,” said NJCC president, Wayne Meyer. “We are pleased to support CBAC and help expand access and opportunity for entrepreneurs and small business owners across Gloucester County. As mission-driven lenders, we are excited to support initiatives that stimulate economic revitalization and contribute to the cultural vitality and evolution of a community.”
THRIVE South Jersey expands local and regional capacity to generate economic growth in the targeted region of Southern New Jersey that includes Cumberland, Gloucester, Salem, and western Atlantic counties. Through a combination of strategic funding and capacity building, THRIVE South Jersey supports organizations fostering community revitalization activities that generate jobs and sustain low-income families in the four county region. THRIVE South Jersey launched in 2014 thanks to a $4 million grant from the Pascale Sykes Foundation.
For more information, please contact: Laura Wallick, Program Manager, THRIVE South Jersey, at lwallick[at]njclf.com.
About New Jersey Community Capital
New Jersey Community Capital is a nonprofit community development financial institution (CDFI) that creates thriving communities through strategic investments and knowledge. NJCC supports the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve educational opportunities, and strengthen neighborhoods. For more information, visit: http://www.newjerseycommunitycapital.org.