What is this program?
The Coastal Area District Development Authority was awarded $10 million from the Economic Development Administration to launch a CARES ACT Recovery Assistance Loan Fund to assist businesses impacted by the COVID-19 pandemic.
Who does it serve?
Eligible use of loan proceeds:
Machinery and equipment
Some farming and agricultural production
Ineligible use of loan proceeds:
Purchase of property for lease
Minimum loan amount: $5,000
Maximum loan amount: $500,000
Type of business:
Most for-profit businesses and some non-profit businesses (meeting certain criteria) that are affected by the COVID-19 pandemic.
Ineligible businesses include:
Most Non-profit businesses
Media (newspapers, magazines, etc.)
Passive income or developer/landlord institutions
Lending and investment institutions
Whether you’re searching for a $10,000 equipment loan or want financing for a $2 million building purchase, there is a good chance we have the right loan product for you.
CADDA has a reputation for providing the best service of any CDC in the Coastal Area. We’re committed to constant improvement. We look forward to hearing from you.