The U.S. Department of Treasury’s Community Development Financial Institution Fund announced Thursday it has provided Camden-based Cooperative Business Assistance Corp. a $700,000 federal award to aid economic growth in South Jersey and Philadelphia.
CBAC provides technical assistance and below-market-rate interest loans to underserved microenterprises and small businesses.
“I am very pleased and excited to announce that CBAC has been named to receive the $700,000 CDFI Financial Assistance Award,” Harry W. Stone, CEO and president, said. “CBAC staff’s demonstrated philosophy of relationship lending and unwavering commitment to supporting small businesses throughout our region, have resulted in this award. We thank all of our customers and lending & economic development partners for making this happen.”
CBAC is one of 302 Community Development Financial Institutions throughout the U.S. that were provided monies from $202.2 million in total funding through the fiscal year 2018 round of the CDFI Program and the Native American CDFI Assistance Program.
CBAC was the only nonprofit organization in New Jersey awarded CDFI funding, it said.
The $700,000 loan will be used, along with other public and private funds, to help small business access capital and support services that otherwise were unavailable by increasing lending and technical assistance programs 20 percent in Camden, Burlington, Gloucester, Cumberland, Salem, Atlantic and Cape May counties, and in Philadelphia.
“The FY 2018 CDFI Program and NACA Program awardees will provide vital financial services and lending to low-income communities nationwide,” CDFI Fund Director Annie Donovan said. “The awards will also benefit Native Communities, areas of persistent poverty, and individuals with disabilities.”