The Cumberland Small Business Fund is (CSBF) is a CAEDC administered loan program that offers low-cost financing to businesses located in Cumberland County.
ELIGIBLE PROJECTS
- Land and building acquisition
- Building construction, renovation and expansion
- Machinery and equipment purchase
- Working Capital
ELIGIBLE BORROWERS
Small businesses with less than 50 employees.
LOAN LIMITS
- Loans starting at $10,000
- Up to $50,000 for every new job to be created or retained
- CAEDC investment capped at 50% of total project cost
TERM
- Interest rates are 4% below federal prime rate or 2%, whichever is higher, fixed for the life of the loan.
- 1% origination fee, half due upon execution of financing commitment letter, half due at closing. Annual servicing fees of 0.5% of the outstanding principal.
- No prepayment penalties.
- Land/Building – up to 10 years
- Machinery/Equipment – up to 7 years, or the useful life of equipment, whichever is less.
- Working Capital – up to 3 years
EQUITY REQUIREMENT
Assessed based upon project loan request.
