||Note that funds for providing
loans are limited and may not be available at all times.
To support development and expansion
of women-owned, minority-owned and small
businesses in Cumberland County, NJ
The Cumberland County Loan Assistance Corporation (CCLAC) has transferred
ownership and management of this loan program to
Cooperative Business Assistance
This loan fund continues to be targeted to Cumberland County small, minority-owned and women-owned businesses
to help them
start and expand in the County when a traditional bank loan may not be
available or in partnership with a bank. This program was developed by and
supported with the
cooperation and support of the
- Cumberland County Board of Freeholders
- Cumberland County Department of Planning and Development
- Cumberland Development Corp.
- Cities of Bridgeton, Millville and Vineland
- U.S. Dept. of Agriculture - Rural Development
- Cooperative Business Assistance Corp.
of the Program
Up to $100,000* for loans provided by CCLAC and the
consortium of lenders.
Up to $70,000* for loans provided by one lead lender
*Maximum loans amounts may be lower depending on
availability of and demand for funds.
- Equipment or Inventory
- Working capital
- Leasehold improvements
- Purchase and renovation of owner-occupied commercial or industrial
- Refinance of existing loans is generally not permitted under this
- Construction financing is not permitted but CCLAC may participate in
permanent mortgages for qualified properties.
The blended interest rate for loans provided by CCLAC
and its partners will be fixed for five years generally at market or
or have taken training to
strengthen these skills.
Most loans will require
repayment over 5 years. Repayment may be extended to a maximum of 15
years under certain circumstances but the interest rate will be
adjusted every five years.
demonstrate through past record and/or a well-documented business plan
and financial projections, the ability to repay the loan.
Applicants should have a good personal
and/or business credit history but having some negative credit will
not necessarily disqualify an applicant.
Applicants and/or their partners must have
some business management experience or experience in a similar type of
written business plan is required, in order to qualify for loans under
this program. This plan must be provide sufficient information in order
to support the loan request as determined by the lender.
Eligible businesses must put forth their
best efforts to supply employment opportunities to low and moderate
income residents of Cumberland County.
Generally, a minimum investment by the
borrower of 10% of the project cost will be required. Higher
percentages of owner investment may be required in order to maximize
leveraging of CCLAC and private funds.
At least one (1) job must be created or
preserved by each project. For projects that require more than $35,000
of CCLAC Countywide loan fund financing, a ratio of one (1) job must
be created or preserved per $35,000 of loan funds provided.
Projects that generally could not proceed
under regular banking criteria "but for" the participation
The program may fund otherwise bankable
requests that result in investment in brown field sites, areas in need
of redevelopment or development, projects that address some other
important public policy issues or where funding serves as an incentive
to encourage new business or expanded business in the County.
Tony Stanzione, Executive
Harry Stone, Senior Lender