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Cooperative Business Assistance Corporation

328 Market Street
Camden, NJ 08102
U.S.

Contact: Michael Diemer,
Phone: 856-966-8181
Fax: 856-966-0036
URL: www.cbaclenders.com
Email: mdiemer@cbaclenders.com
Cooperative Business Assistance Corporation

Cooperative Business Assistance Corporation (CBAC) is a Community Development Financial Institution dedicated to small business lending in low-income urban areas in Southern New Jersey. By strengthening small businesses, CBAC creates jobs, provides necessary services to local residents, and rehabilitates vacant properties. Since its inception, CBAC has made 770 loans totaling over $30.8 million and has retained and created approximately 5,142 jobs. CBAC's borrowers have increased Camden's real estate tax base by over $50 million.

Program

CBAC loans leverage private equity investment and loans from the private sector. These services are offered in conjunction with eight commercial banks including Bank of America, Commerce, Wachovia, PNC, Sun National, Susquehanna Patriot, TDBanknorth, and Citizens Bank. CBAC offers loans to businesses for as little as $1,000 and up to $2,000,000 through its various loan and guaranty programs, as follows:

Investments by banking institutions, as well as institutions such as Calvert Foundation, provide lending capital to CBAC.

Client Population

CBAC is committed to serving a diverse group of clients as 65 percent of its loans have been given to minority and/or women owned businesses. The breakdown in diversity of CBAC's clients is as follows: 35 percent African American, 20 percent Latino, and 45 percent White. Ninety percent of CBAC borrowers are from major urban communities, 6 percent are from minor urban communities and 4 percent are from rural areas.

Impact

In FY2008, CBAC capitalized 53 loans totaling $11.6 million. Of that total, $2.18 million was provided by CBAC, which assisted in leveraging private dollars totaling $9.3 million. These loans help to fund 20 women-owned microenterprises and 21 minority-owned small businesses. Through all the microenterprises and small businesses that CBAC helped finance, a total of 60 jobs were created. Since inception, CBAC has significantly strengthened the small business sector, creating or retaining approximately 5,142 jobs in Southern New Jersey and increasing the income levels of impoverished families.

Story

Cooperative Business Assistance Corporation
CBAC loans go out to a diverse set of borrowers, and many empower family-run businesses struggling against nature to achieve business success. In cooperation with a local bank, CBAC made a crucial original loan of $25,000 to assist in purchasing and installing electronics for the Rainbow, a boat in Sea Isle City that can now effectively sell heating oil in the winter and deliver marine fuel in the summer. Full Story

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