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Businesses have loan options

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POSTED: November 5, 2010 1:46 p.m.
Potential small business owners and entrepreneurs received information on available financial resources Thursday when representatives from the Coastal Area District Development Authority spoke at the Liberty County Chamber of Commerce’s People through Progress Luncheon.
The monthly meal and program, sponsored this time by the CADDA and The Heritage Bank and catered by Poole’s Deli, was at Century Link’s conference facility on Tupelo Trail.
CADDA Chief Executive Officer Andrew Standard said the authority was established in 1976 in part by Liberty County resident Glenn E. Bryant, former owner of Coastal Communications, which is now Century Link.
CADDA, a Small Business Administration-certified development company, is authorized to deliver certain SBA loans.
Senior loan officer Teena D. Hicks and loan of ficer Chris Barr talked about different SBA loans offered by the CADDA and how recent legislation signed by President Barrack Obama helped to increase loan amounts, streamline the process and offer lower interests rates.
Barr spoke about the revolving loan fund where the CADDA purchases and guarantees a portion of the loan thereby reducing the bank’s risk and making it easier to qualify and receive funds within days, not months. The loan can be used for working capital, inventory and machinery and equipment purchases, all with minimal paperwork. This particular loan is suited for for-profit organizations. This loan is available in Appling, Bacon, Brantley, Bryan, Bulloch, Candler, Charlton, Effingham, Evans, Liberty, Long, McIntosh, Glynn, Camden, Chatham, Emanuel, Ware, Wayne, Pierce and Tattnall counties.
Hicks broke down the information on the SBA’s 540 loan program, designed primarily for nonprofits and agricultural businesses that have fixed assets and are looking to expand.
She also spoke about the SBA 7(a) loan program, which provides flexible financing to small businesses for development and growth. Much like the revolving loan fund, the loan can be used for land purchases and acquisitions, machinery and equipment, working capital and franchise fees. The maximum amount available under this loan is $2 million. The program is open to manufacturing businesses with fewer than 500 employees, wholesale businesses with 100 employees, retail and service businesses with less than $5 million in gross annual sales and construction businesses with less than $11.5 million in gross annual sales.
For more information on loans and services offered by CADDA, go to www.cadda.com.

 

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