CAMDEN, NJ – The city’s Cooperative Business Assistance Corp. (CBAC) is getting a $500,000 grant from Wells Fargo enabling it to offer more low-cost loans that help small business owners rebound from the COVID-19 pandemic.
This new grant and CBAC’s partnership with Wells Fargo “allows us to fill a lending gap that many traditional financial institutions are unable to fill,” said Harry Stone, president of the CBAC.
“We are grateful to be able to help support small businesses in these challenging times and help fledgling businesses to grow and thrive,” Stone said.
The $500,000 grant is part of a national initiative from Wells Fargo & Co. to support small businesses from its “Open for Business Fund” that supports under-served small businesses in south Jersey remain open and preserve jobs for local workers.
“Wells Fargo’s ‘Open for Business Fund’ is another avenue of support to help diverse South Jersey entrepreneurs recover and preserve the jobs they provide in their communities,” said Tomas Porturas, the bank’s vice president of Social Impact and Sustainability.
“This funding provides access to capital along with other resources and technical assistance for local businesses, which are the backbone of our local economies and neighborhoods,” Porturas said.
Wells Fargo launched the ‘Open for Business Fund’ in 2020, part of a $400 million nationwide small business resilience and recovery effort to help business owners recover and rebuild.
Wells Fargo has, so far, distributed over $84 million to business owners in 32 states, helping to preserve nearly 50,000 jobs.