Gloucester City— September 13, 2022 —Mayor Dayl Baile and the Council of Gloucester City open applications for Community Development Block Grants to businesses in Gloucester City. “The City administration has been persistent and diligent in pursuing these funds, totaling $370,684, which were awarded through Camden County Community Development,” stated Lori Ryan, Director of Community Development. Mayor and Council have appropriated $250,000 of its federal Community Development Block Grant CARES Funds (CDBG-CV1) for the COVID-19 Small Business Assistance Program. This program is being established to provide working capital funds to the community’s small businesses that have been severely impacted by the COVID-19 pandemic.
The Gloucester City Small Business Assistance Program has been established to provide working capital funds to community businesses economically impacted by the COVID-19 virus. The program component makes funds available for 120 days of verifiable working capital up to a grant ceiling of $7,500. “We are happy to finally be in a position to award these grants to assist businesses in our community who have been negatively impacted during the pandemic,” said Mayor Baile.
CDBG Small Business Assistance funds may be used to assist Gloucester City retail, restaurants, entertainment, and nonprofessional service businesses with no more than 25 employees (full time equivalent positions) that were in business as of December 31, 2019. To be eligible, the business must have one employee, which can be the business owner, who will be retained and meets the low/moderate income requirement; or the business must be located in an eligible program area. Eligible businesses should have solid commitments to remain open or reopen, and retain or re-employ at least one permanent employee. Businesses deemed ineligible by the US Dept. of Housing and Urban Development will not qualify.
Businesses must enter into a Financial Assistance Agreement, referred to as the “Participation Agreement,” at agreed upon terms with the City.
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