COVID-19 Relief: EDA CARES ACT Recovery Assistance Loan Program

Revolving Loan Fund

The purpose of the RLF is to provide credit enhancement to participating banks to facilitate the financing of business and industry in the 9 county region served by CADDA, resulting in a positive economic impact through the creation and/or retention of jobs.

  • RLF Counties:  Bryan, Bulloch, Camden, Chatham, Effingham, Glynn, Liberty, Long, McIntosh

Loan Structure (typical)
Bank:        45%
CADDA:  45%
Borrower: 10%

(The bank and CADDA have a shared 1st lien on the collateral)

Maximum/Minimum Loan Amount
The maximum loan amount is $500,000 (total loan request) and the minimum is $10,000 (total loan request).

Rate/Term
The interest rate for the loan is determined by the bank. (CADDA may, in some instances have a lower rate, however, its floor is 4%.)

The term/amortization is determined by the useful life of the assets. One loan may be provided for all project assets using a “weighted average life”.

  • Land/Building (20 years)
  • Machinery/Equipment (up to 10 years)
  • Working Capital (up to 7 years)

Eligible Uses of Proceeds

  • Acquisition of land
  • Construction of new building
  • Renovation of existing structure
  • Leasehold improvements
  • Machinery & Equipment
  • Working Capital
  • Inventory

Types of Eligible Businesses

  • For-Profit
  • Owner must be a legal, U.S. resident


Job Creation
One permanent job should be created or retained per $20,000 of CADDA funds loaned. If fewer jobs are created/retained, the project must demonstrate a high positive impact acceptable to CADDA.

Benefits:  Improved Loan Quality-CADDA’s participation reduces the lender’s credit risk.

  • Reasonable Interest Rates & No Loan Fees-CADDA establishes the interest rate at a rate equal to or less than the bank’s interest rate. There are no fees for CADDA’s participation.
  • Longer Terms-CADDA’s participation may encourage longer repayment terms, which reduce the borrower’s debt service and improve operating cash flow.
  • New Customers-The RLF creates and/or retains jobs, which translates into additional customers for the private lender and new jobs for the community.
  • Low Down Payment-CADDA’s participation may reduce down payments, thereby increasing working capital of the customer.
  • Quick Response-The loan can be closed and funded shortly after CADDA BOD approval.
  • No prepayment penalty– The borrower will pay no penalty for prepaying the loan on the CADDA portion.
  • Loan Servicing Assistance-CADDA’s staff also assists the bank in servicing the loan.

October 2021

SBA 504
Loan Rates

25 Year - 2.912 %
20 Year - 2.765%
10 Year - 2.372%

Which Loan is Right for Me?

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. 

Need More Info? Contact Us.

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.

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CADDA is an Equal Opportunity Lender. © Coastal Area District Development Authority. All rights reserved.
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