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:
Working Capital
Debt Consolidation
Refinancing (Limited)
Machinery and equipment
Inventory
Some farming and agricultural production
Ineligible use of loan proceeds:
Business relocation
Speculation
Purchase of property for lease
Business acquisition
Loan amount:
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.
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.