Areas Served: Camden, New Jersey
The City of Camden, New Jersey’s loan portfolio is comprised of several distinct and complementary loan products for acquiring, launching or expanding a business in the region.
These loans are to be used for working capital, equipment, inventory or real estate development.
The CBAC currently offers the following loan products: Micro Loans are available in amounts from $1,000 to $30,000. The payback is up to five years.
Commercial Loans are available from $30,000 to $100,000. The loan can be repaid over a five-year period.
These loans are funded by Cooperative Business and a portion by its participating banks.
Fixed Asset Loans from $100,000 to $250,000 are available to businesses that wish to buy, repair or build business real estate.
Applicants must have been in business at least two years.
These loans are made in cooperation with private investors, including banks, with the Cooperative Business portion being 33%, or no more than $250,000 of the total building coSt. SBA 504 Loans of up to $2,000,000 are available for machinery and building purchases.
These loans are packaged by Cooperative Business and underwritten by the U.S. Small Business Administration.
Loan Guaranty Program provides a guaranty up to 40% of a conventional bank loan or $75,000 which ever is less.
The guaranty program is proposed to help small businesses establish banking relationships and fill gaps left by other guaranty programs.
The loan coincides with bank terms and has a ten year maximum term.
There is a 2% fee at the closing for the first five year period and a 1% fee for renewal for second five year period.
Small Business Emergency Loan Fund: This program offers low-interest or forgivable loans to Camden small-business owners coping with an unforeseen crisis or emergency.
Loans range from $1,000 to $6,000. Additionally, the program serves as a credit resource for business persons who are unable to receive credit elsewhere.
Contact InformationCity of Camden, New Jersey
Address: 520 Market Street
City: Camden
State: New Jersey
Website:
http://www.ci.camden.nj.us/financing-incentives/
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