Cumberland Area Economic Development Corporation (CAEDC) is the lead economic development organization in Cumberland County.  CAEDC’s State Small Business Credit Initiative (SSBCI) Program can be used by businesses looking to finance a variety of needs. Business owners that are classified as Socially or Economically Disadvantaged Individuals (SEDIs) are encouraged to apply for this program.

WHO QUALIFIES AS A SEDI?

Federal Executive Order 13985 defines SEDIs as individuals who have had their access to credit on reasonable terms diminished as compared to others in comparable economic circumstances, due to:

  • racial or ethnic prejudice
  • gender
  • veteran status
  • limited English proficiency
  • physical handicap
  • long-term residence in an environment isolated from the mainstream of American society
  • membership of a state or federally-recognized Indian tribe;
  • long-term residence in a rural community
  • or membership of another “underserved community”

WHAT THE SSBCI PROGRAM CAN FINANCE

  • Land and Building Acquisition
  • Machinery and Equipment
  • Working Capital
  • New Construction, Renovation, and Related Engineering
  • Energy Efficiency Upgrades

WHO CAN BORROW

  • For-profit businesses
  • Sole proprietorships
  • Developers
  • Non-profit organizations

CAEDC 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

CAEDC LOAN TERMS

  • Interest rates 4% below federal prime rate
  • Land/Building – up to 10 years
  • Machinery/Equipment – up to 7 years
  • Working Capital – up to 3 years