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Parkside Business & Community in Partnership (PBCIP) recently announced it has partnered with M&T Bank to deliver a total of $25,000 in grant funding to eight New Jersey small businesses located on the Haddon Avenue corridor.
Due to unprecedented circumstances, many small businesses, like those on Camden’s Haddon Avenue corridor, were forced to shut their doors for more than three months.
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As a result, many of these businesses are facing adverse economic impacts, making it difficult to pay essential bills and return to business as usual as the statewide reopening was phased in (FYI, there are still regulations in place in NJ).
To reopen, small business owners needed money upfront for rent, staff and supplies, without knowing when or if customers would return.
Understanding the depth of the small business dilemma, PBCIP partnered with M&T Bank to secure grant dollars through the Federal Home Loan Bank of New York’s COVID-19 Small Business Recovery Grant (SBRG) Program.
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The program provides small business grant funds to support business owners in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands that have suffered a 25% decrease in revenue because of COVID-19. The program has been made available to member banks like M&T.
“As a community bank, M&T is acutely aware of the impact the pandemic has had on small businesses and commercial districts like Haddon Avenue,” said M&T Bank Regional President for Philadelphia and Southern New Jersey Bernie Shields. “We feel it is our responsibility as a banking partner in South Jersey to provide solutions and are happy to partner with Parkside Business Community in Partnership and the Latin American Economic Development Association to facilitate grant funding to businesses on the corridor.”
Due to M&T’s commitment to small business relief and technical support of the Latin American Economic Development Association (LAEDA), eight Haddon Avenue businesses have been approved for small business grants ranging from $2,000- $3,800 in funding. Funded Haddon Avenue businesses include:
- Body Designers
- Mario Pizzeria
- ReFresh Laundry
- Stefey’s Hair Salon
- The Camden Store
- TI’s Next Level Barber Shop
- Top Model Hair Salon
- Visionary Entertainment
About Parkside Business & Community in Partnership
PBCIP serves as the local community development corporation focused on elevating Parkside thru cooperative partnerships, equitable community development practices and implementing transparent community engagement strategies. “When we face adversity, we find a way through it.”
About the Latin American Economic Development Association (LAEDA)
LAEDA, as part of its commitment to the Parkside neighborhood, has collaborated with PBCIP to assist Parkside residents and business owners toward their business goals.
As a part of the small business grant award, LAEDA and the Women’s Business Center will offer a 5-week business training and counseling course to ensure Haddon Avenue entrepreneurs have a clear pathway to creating business systems that are sustainable over the life of the business.
About M&T Bank
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.