CAEDC Offering State Small Business Credit Initiative Loans

Cumberland Area Economic Development Corporation (CAEDC) has State Small Business Credit Initiative (SSBCI) loan funds available to lend to small business owners of 50 or fewer employees.

The SSBCI program focuses on Very Small Businesses (VSB) of 10 or less employees that are owned by the Socially and Economically Disadvantaged Individual (SEDI) population. This SEDI population consists of women owned, minority owned, veteran owned, etc.

Eligible uses include land & building, machinery & equipment, and working capital for acquisition, expansion, and business growth.

CAEDC offers an interest rate of 4 points below prime, terms ranging from 3 years to 10 years based on use of funds.

There is a job creation/retention component for these and a 50% match requirement.

Funds are available on a first come first serve basis until they are fully expended, but CAEDC has other funding available with similar benefits.

If you’re interested in learning more, contact CAEDC’s Economic Development Manager, Christy Zitsch.