To assist women, low-income, and minority entrepreneurs, business owners, and other individuals possessing the capability to operate successful business concerns and to assist small business…

The Small Business Administration (SBA) awarded a $810,164 Microloan Program Project Grant (CFDA 59.046) to Cooperative Business Assistance Corp (CBAC), a non-profit Community Development Corporation located in Camden, New Jersey. The grant, with a performance period from July 1, 2024 to June 30, 2025, will enable CBAC to provide microloans up to $50,000 and technical assistance to women, minority, and low-income entrepreneurs and small businesses in southern New Jersey and the Philadelphia region that typically lack access to traditional credit. The funding will support CBAC's efforts as an intermediary lender to deliver short-term, fixed-interest rate microloans for working capital, inventory, supplies, equipment, and other business-related expenses, as well as provide marketing, management, and technical assistance to prospective and current microloan borrowers. This grant award builds on CBAC's history of successfully administering multiple SBA Microloan and other federal grant programs to foster entrepreneurship and economic development in underserved communities.

To assist women, low-income, and minority entrepreneurs, business owners, and other individuals possessing the capability to operate successful business concerns and to assist small business concerns in those areas suffering from a lack of credit due to economic downturns. Under the program, the small business administration (SBA) will make loans or provide guaranties to private, non-profit, and quasi-governmental organizations (intermediary lenders) that will use the loan funds to make short-term, fixed interest rate microloans in amounts up to $50,000 to start-up, newly established, and growing small business concerns. These microloans are to be used exclusively for working capital, inventory, supplies, furniture, fixtures, machinery, and/or equipment. In addition, the SBA will make grants to participating intermediary lenders to provide marketing, management, and technical assistance to prospective borrowers and borrowers receiving microloans. Under the program, SBA will also provide training for intermedi