The Gloucester County Board of Chosen Freeholders and the Cooperative Business Assistance Corporation (CBAC) have partnered to assist small businesses as they prepare to re-open amid expensive and stringent social distancing requirements.
Borrowers in the county’s Small Business Revolving Loan Fund will have the next three months of principle and interest covered through the Gloucester County COVID-19 Recovery Program (GCCRP), allowing businesses to offset some of these extraordinary costs and bring employees back.
GCCRP is a program spearheaded by Freeholder Heather Simmons, liaison to economic development, in partnership with CBAC, which administers the county’s Small Business Revolving Loan Fund. As part of this measure, no payments will be required for the next three months for any borrowers in the Gloucester County loan, plus any other loan package they carry through CBAC.
The existing terms of the loans will not be affected. If businesses have any Small Business Administration (SBA) Microloans with CBAC, these loans will receive direct assistance through the SBA.
“We understand the financial strain the COVID-19 pandemic has put on our local businesses,” said Freeholder Director Robert M. Damminger. “This partnership initiative will strengthen the Gloucester County small businesses and allow them to start rebuilding their business and hire back employees that may have been laid off for the time being.”
“Our top priority is supporting our businesses in Gloucester County and this program will relieve them of some of the financial strain during COVID-19,” said Freeholder Heather Simmons. “In addition to helping businesses in which we have already invested with our loan program, this program will also allow us to provide more low-interest loans in the future, and to provide enhanced technical assistance to businesses.”
Simmons noted that the freeholders and the county’s economic development team are working with CBAC on additional innovative recovery packages for small businesses that will be announced in the coming weeks.
For more information on how to support small businesses, visit www.gloucestercountynj.gov.