March 29, 2024

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Additional $5M Available For Struggling Camden County Businesses

CAMDEN COUNTY, NJ — An additional $5 million is now available the Camden County CARES Small Business Grant Program, officials announced Thursday morning.

As of Thursday morning, $5 million has already been distributed to more than 2,200 small businesses through the program, according to officials. It opened for applications in July to help businesses struggling through the coronavirus pandemic.

The program began with an available allotment of $20 million. Read more here: $20M In Grants Now Available For Camden County Businesses

“Just three weeks after we launched this program, we have been able to put more than $4 million into the hands of business owners impacted by the pandemic. We have already heard from dozens of proprietors who say this funding has given them the ability to cover their expenses, and the security to forge ahead as we continue to navigate this crisis,” Camden County Freeholder Director Louis Cappelli Jr. said. “Unfortunately, the need in our community is still significant. This second round of funding will allow us to provide assistance to as many remaining eligible businesses as possible.”

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“The CARES Act has delivered critical federal resources to local governments, and I applaud Camden County’s innovation in creating this grant program that has already helped many local small businesses,” Rep. Donald Norcross (D-1) said. “Today’s announcement of an additional $5 million in federal funding means that even more local employers can access the resources they desperately need to make it through this ongoing public health crisis and get residents back to work safely.”

“We know that every penny counts right now and the expansion of this initiative to ensure every small business has a chance to get grant funding is vital,” South Jersey Chamber of Commerce President/CEO Christina Renna said. “The $5 million expansion also underscores the fact that the Board gets it — they know how tough it is to run a business, and they know the pressures that the pandemic is putting on small business owners and our membership.”

In order to qualify for a Camden County CARES Small Business Grant, the applicant must meet the following criteria:

  • Business revenue has been negatively impacted by the COVID-19 pandemic

  • The business has been located in Camden County since January 1, 2019 or earlier

  • The business employed 25 or fewer employees as of March 1, 2020

  • The business earned $5 million or less in total revenue during 2019

The business must not operate in any of the following categories:

  • Banks or other financial institutions

  • E-Commerce

  • Businesses where the primary products or services are oriented to specific ages (vaping, liquor stores, etc.)

  • Franchises, except for those franchises which are completely locally-owned and operated

“The Board continues to move in the right direction to the assist the small business community and its clear there is a critical need based on how fast the first round of funding was claimed,” Camden Business Association Vice President Nichelle Pace said. “By zip code and municipality, it is clear that this grant funding is getting into the right hands. The Camden Business Association is proud to partner with the Board to get the word out to the Camden business community, so they can access these funds.”

The grant awards are built on businesses’ total 2019 revenue. Those that earned less than $25,000 could see grants up to $2,500 and those with revenue between $25,000 and $50,000 are eligible for grants up to $5,000. Businesses with revenue between $50,000 and $100,000 can receive up to $7,500. The maximum allocation for those that collected more than $100,000 in 2019 is $10,000.

See more stories about New Jersey’s coronavirus recovery.

This article originally appeared on the Gloucester Township Patch

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