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.
Ineligible businesses include:
-
Most Non-profit businesses
-
Media (newspapers, magazines, etc.)
-
Passive income or developer/landlord institutions
-
Hospitals (non-profit)
-
Lending and investment institutions
May 2022
Loan Rates
25 Year - 5.12%
20 Year - 5.06%
10 Year - 4.93%
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.
Ready to Apply? Upload Your App.
-
Coastal Area District
Development Authority Inc.