A simple guide of business grants, loans, tax incentives,
and training programs available.
BUSINESS GRANTS
Camden Empowerment Zone Corp.
817 Carpenter Street
Camden, NJ 08102-1156
(856) 365 0300 x23
New Jersey Economic Development Authority
P.O. Box 990
Trenton, NJ 08625-0990
(609) 292 1800
WWW.NJEDA.COM
Business Employment Incentive Program
Businesses that Create at Least 25 Jobs May be Eligible to Receive Annual Grants Equaling 10% – 80% of New State Employment Taxes for up to 10 Years.
Business Relocation Assistance Grant Program
Relocating Businesses that Create at Least 25 Jobs Are Eligible for up to $200 per Job Created.
BUSINESS LOANS
Camden County OEO
538 Broadway
Camden, NJ 08103
(856) 964 6887
Peer Lending Program: $500 – $5,000
Flexible Repayment Schedule.
Interest Rate Dependent on Credit.
No Application Fee.
Cooperative Business Assistance Corporation
433 Market Street
Camden, NJ 08102
(856) 966 8181
Micro-Loans: $1,000- $30,000
Flexible Interest Rates
$50 Application Contribution.
Commercial Loans: $30,000 – $100,000
Flexible Interest Rates
$50 Application Contribution.
Delaware River Port Authority
One Port Center, 2 Riverside Drive
P.O. Box 1949
Camden, NJ 08101-1949
(856) 968 2000
Loan Program: Provides Low-Interest Loans or Loan Guarantees for Existing Businesses for Expansion/Relocation and for Job Creation/ Retention.
New Jersey Economic Development Authority
P.O. Box 990
Trenton, NJ 08625-0990
(609) 292 1800
WWW.NJEDA.COM
Offers a Variety of Financing Programs Including:
Statewide Loan Pool Program: $50,000 – $3,000,000 through EDA and a Bank.
$250 Application Fee.
Low Interest Tax – Exempt Bonds: For Commercial-Industrial Projects: Minimum of $1,000,000 Usually.
Camden Waterfront Development Planning
Cooper’s Ferry Development Assn.
One Port Center
2 Riverside Drive
Camden, NJ 08103
(856) 757-9154
As the master developer of the Camden Waterfront, Cooper’s Ferry’s mission is to implement the waterfront master plan which has been the blueprint for its success. Cooper’s Ferry is the source of information for businesses of all types wishing to locate an office store or service on the waterfront.
BUSINESS TAX INCENTIVES:
Federal Programs:
Camden Empowerment Zone Corp.
817 Carpenter Street
Camden, NJ 08102-1156
(856) 365 0300
EZ Employment Credit
Up to $3,000 per Employee.
Work Opportunity Tax Credit
Up to $2,400 per Employee.
Welfare to Work Tax Credit:
Up to $8,500 per Employee.
Section 179 Deduction
$20,000 in Additional Depreciation on Capital Investments in the Empowerment Zone.
State of New Jersey Programs:
Urban Enterprise Zone Program
City of Camden
Business Development Office
Camden City Hall, 13th Floor
P.O. Box 95120
Camden, NJ 08108
(856) 968 4788
- Reduced Sales Tax (3%) on Certain “In- Person” Purchases.
- 100% Sales Tax Exemption on Certain Materials and Tangible Property.
- $1,500 Tax Credit Per Employee.
- Subsidized Unemployment Insurance.
BUSINESS ASSISTANCE AND TRAINING PROGRAMS
Rutgers Regional Small Business Development Center
Rutgers School of Business
227 Penn Street, Rm 334
Camden, NJ 08102-1656
(856) 225 6221
website: http://camden-nt1.rutgers.edu/sbdc/
Free, Confidential, One-On-One Appointment with Appropriate Business Professional in Business Plan Preparation, Accounting and Record Keeping, Financial Analysis and Planning, State Certification and Federal Application Assistance. By appointment only.
Camden County OEO
538 Broadway
Camden, NJ 08103
(856) 964 6887
Training in Establishing Credit, Networking, and Developing Business Plans.
Camden County Improvement Authority
224 Barclay Pavilion, Route 70 E.
Cherry Hill, NJ 08034
(856) 427 6166
Financial Packaging Services: Evaluation Of Financial Statements, Business Plan Review, Application Assistance, Meetings with Gov’t Officials and Preparation of Financing Recommendations. Issue taxable and tax-exempt bonds.
Latin American Economic Development Association
433 Market Street, Suite 202
Camden, NJ 08102
(856) 338 1177
Entrepreneurial Training Project: 9-Week Program on Business Planning, Development, Finance, Bookkeeping and Management.
Small Business Assistance Program: Workshops on Business Growth, Finance, Management, 1 On 1 Counseling and Networking.
Business Incubator: Furnished Offices & Virtual Offices Reasonably Rented with Shared Support Services; Receptionist, Conference Facilities, Copier, Fax, Printer, Secretarial Service & More.
City of Camden
Business Development Office
Camden City Hall, 13th Floor
P.O. Box 95120
Camden, NJ 08108
(856) 968 4788
Assistance Writing Business Plans and Negotiating Bureaucracy.
New Jersey Economic Development Authority for Small Businesses, Minorities and Women’s Enterprises
P.O. Box 990
Trenton, NJ 08625-0990
(609) 292 1890
Entrepreneurial Training Institute: 8 Week Program on Developing Business Plan, Marketing and Managing a Business. Graduates are Eligible to Apply for Financial Assistance.
New Jersey Contractors Assistance Program: Training on Construction Related Program for Small, Minority and Women Owned Contracting Businesses.
Philadelphia Minority Business Development Center
105 N. 22nd St., 2nd Floor
Philadelphia, PA 19103
(215) 569 3500
(215) 496 0980 (fax)
Consulting Services and Technical Assistance with Business Planning, Financial Planning and Loan Proposal Presentation, Budgeting, Construction Contracting and Marketing.
Summary of EZ and RC Tax Credits
How can I find out more about Renewal Community benefits?
You can access the Tax Incentive Guide for Businesses in the Renewal Communities online at HUD’s web site. You can also access IRS Publication 954 (Guide to Tax Incentives for Empowerment Zones and Other Distressed Communities) online at the Internal Revenue Service website. You can e-mail tax questions to the Internal Revenue Service at [email protected].
| Wage Credits | Description | Availability |
| Empowerment Zone Employment Credit (EZ Wage Credit) | Credit against Federal taxes up to $3,000 for businesses for each year of EZ designation for every existing employee and new hire who lives and works in the EZ. | Available currently for Round I EZs; available for all EZs beginning January 1,2002 through December 31,2009. Cannot count wages for both the WOTC and WtW credits and the EZ Wage Credit. |
| Renewal Community Employment Credit (RC Wage Credit) | Credit against Federal taxes up to $1,500 for businesses for each year of RC designation for every existing employee and new hire who lives and works in the RC | Available beginning January 1, 2002, through December 31,2009. Cannot count wages for both the WOTC and WtW credits and the RC Wage Credit. |
| Work Opportunity Tax Credit (WOTC) | Credit up to $2,400 against Federal taxes for businesses for each new hire from groups that have high unemployment rates or other special employment needs, including youth ages 18 to 24 who live in an EZ, EC, or RC, and summer hires ages 16 to 1 7 who live in an EZ, EC or RC. | Expires for individuals who begin work after December 31,2001. Business does not have to be in an EZ, EC, or RC to qualify. Cannot be combined with WtW Credit. State Employment Services Agency must certify employee is in targeted group. |
| Welfare to Work (WtW) Credit | Two-year credit against Federal taxes for businesses that hire long-term family assistance recipients. Credits up to $3,500 for the first year, and $5,000 for the second year for each new hire. | Expires for individuals who begin work after December 31, 2001. Business does not have to be in an EZ, EC, or RC to qualify. Cannot be combined with WOTC. State Employment Services Agency must certify employee is in targeted group. |