On July 23, 2020, Coastal Area District Development Authority, Inc. (CADDA) 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. The EDA CARES ACT Revolving Loan Fund provides economic assistance to businesses within a nine-county region of Coastal Georgia including Bryan, Bulloch, Camden, Chatham, Effingham, Glynn, Liberty, Long, and McIntosh.
The loan proceeds are for recovery assistance to those businesses that demonstrate a creditworthy track record prior to the COVID-19 pandemic that now struggles to meet monthly operating needs. The primary focus of the program is working capital for existing businesses affected by the COVID-19 pandemic; however, loan proceeds may also be used for fixed asset financing and limited debt consolidation. Due to expected demand, applications may be accepted for a limited time.