Gloucester County To Cover Three Months Of Loans For Local Small Businesses

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By: SNJ Today Staff

WOODBURY, N.J. — Local small businesses who have borrowed 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), which will allow businesses to offset some of these extraordinary costs and bring employees back, according to the county.

The assistance comes from a partnership between the Gloucester County Board of Chosen Freeholders and the Cooperative Business Assistance Corporation (CBAC) in order to help with re-opening and social distancing requirements expenses.

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.

“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,” Simmons said. “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.”

 The existing terms of the loan(s) will not be affected. If businesses have any Small Business Administration (SBA) Microloans with CBAC, these loans will receive direct assistance through the SBA.

Freeholder Director Robert M. Damminger said that such a partnership could help rehire laid off employees.

“We understand the financial strain the COVID-19 pandemic has put on our local businesses,” Damminger said. “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.”

Freeholder Simmons added that the County Board of Chosen Freeholders and the county Economic Development team were working with CBAC on additional innovative recovery packages for small businesses that will be announced in the coming weeks.

For more information on how you can support small businesses, people can visit www.gloucestercountynj.gov.



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