(Camden, NJ) – In less than a month since applications opened for the Camden County CARES Small Business Grant Program, the Freeholder Board has put $6.9 million of emergency grant funding into the hands of local proprietors. To date, more than 2,800 applications have been submitted to receive aid, including 151 since a $5 million expansion to the program was announced last week. More than 1,080 applications have already been approved and have received or are awaiting their funds.
The Camden County CARES Grant Program made available $25 million of federal funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, to assist struggling businesses during the COVID-19 pandemic.
“The pandemic ripped the bottom out from under countless small businesses and small business owners in our community. We’re exited to have been able to put millions of dollars back onto the street less than one month from the day applications went live,” said Freeholder Director Louis Cappelli, Jr. “We are continuing to process applications and anticipate that additional funds will be disbursed in the coming days. Small businesses are the backbone of Camden County’s economy and it is imperative that we make every effort to get them this financial assistance.”
The program is continuing to award and distribute funds on a first come, first served basis. Applications can be submitted at camdencountycares.com until all available funds have been awarded.
In order to qualify for a Camden County CARES Small Business Grant, the applicant must meet the following criteria:
- Business revenue has been negatively impacted by the COVID-19 pandemic;
- The business has been located in Camden County since January 1, 2019 or earlier;
- The business employed 25 employees or full-time equivalents as of March 1, 2020; and
- The business earned $5 million or less in total revenue during 2019.
The business must not operate in any of the following categories:
- Banks or other financial institutions;
- Businesses where the primary products or services are oriented to specific ages (vaping, liquor stores, etc.); or
- Franchises, except for those franchises which are completely locally owned and operated.
The grant awards are built on businesses’ total 2019 revenue. 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.