Another $5M Set Aside For Struggling Camden County Businesses

CAMDEN COUNTY, NJ — Camden County has set aside an additional $5 million to help small businesses who have been hit hard by the coronavirus pandemic, officials announced on Thursday.

The money, which will be part of the Camden County CARES Small Business Grant Program, will go to 3,100 small businesses and nonprofits that have already received grant funding, officials said. These businesses will receive a 20 percent increase over the initial grant amount.

“This program was a lifeline in the summer months and has benefited thousands of businesses and nonprofits countywide,” Camden County Director Louis Cappelli Jr. said. “As the second surge has continued into the holidays we knew there needed to be support to the small business owners getting crushed under the strain of the pandemic. Unfortunately, the need in our community is still significant. This second disbursement of funding will allow us to provide assistance to the many businesses that we know are still struggling.”

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The original grant awards were based on a business’s total revenue for 2019, according to officials.
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.

For the additional funding, if a small business qualified for a $10,000 grant based on the criteria laid out in the program, they would receive an additional $2,000. If it qualified for $7,500 an additional $1,500 would be distributed, and down the scale based on the original grant sum.

The county launched the grant program to assist small businesses impacted by the pandemic on July 23, and originally dedicated $20 million of federal funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Read more here: $20M In Grants For Camden County’s Small Businesses Amid Pandemic

With almost $25 million already distributed, the county added $5 million to the program to assist struggling businesses bringing the total to $30 million. Read more here: Additional $5 Million Available For Struggling Camden County Businesses

“The strain on small businesses is unprecedented and this decision by the Board was a conventional way to get money back into the hands of principals and proprietors of these shops, restaurants and retailers,” Cappelli said. “We are hopeful there will be more funding coming from Washington for these merchants in the near future to ensure the vibrancy of the county’s number one employer- small businesses.”