BRUNSWICK, Ga.--(BUSINESS WIRE)--The Coastal Area District Development Authority has announced plans to distribute millions of dollars from recently secured funding to its nine coastal communities in Southeast Georgia.
The nonprofit organization has been allocated $10 million through the CARES Act, to launch a loan program to support small business in its nine-county region. These counties include Effingham, Chatham, Bryan, Liberty, Long, McIntosh, Glynn, Camden and Bulloch.
“These funds were awarded by the Economic Development Administration, not SBA,” said Andrew Standard, CEO of CADDA. “Our fund was actually the largest of this type in the Southeast region. Our goal is to reach out to as many small, underserved and minority business owners as possible.”
The majority of the funding will be used to help small businesses impacted by COVID-19 and help recover losses seen from the pandemic.
“Any for-profit business located within the nine-county service area would be eligible,” Standard said. “The key component is that they had to be in business during 2019 and profitable, and COVID impacted during 2020.”
The CADDA CARES Act Loan Fund, which was mobilized out of urgency through the efforts of CADDA and U.S. Rep. Buddy Carter, R-Pooler, will play an essential role in providing access to capital to bring small businesses back to life as restrictions put in place during the health crisis are lifting and as vaccines have become available to small business owners, their clients and communities, Standard said.
“These funds are at a very attractive interest rate and terms that are generous. Banks may not be interested in loaning to a company that had a negative 2020. These funds will be the perfect solution for the gap,” Standard said.
According to the U.S. Department of the Treasury, the CARES Act (Coronavirus Aid, Relief, and Economic Security) Act was launched in 2020 and the Coronavirus Response and Consolidated Appropriations Act was established in 2021. These two acts are meant provide fast and direct economic assistance for American workers, families, small businesses, and industries.
“This is great news,” said Carter. “I’m very glad to see CARES Act funding going to small business across the First District. As we continue to move closer to normal life again, many small businesses are still struggling. This funding will help these businesses get back to pre-pandemic success levels.”
The CARES Act has implemented a variety of programs to address issues linked to the onset of the COVID-19 pandemic. The Consolidated Appropriations Act continued many of these programs by adding new phases, new allocations, and new guidance to address issues related to the continuation of the COVID-19 pandemic.
Established in 1976, CADDA is a nonprofit lending organization focused on economic and community development and works to support small businesses in Effingham, Chatham, Bryan, Liberty, Long, McIntosh, Glynn, Camden and Bulloch counties. CADDA was created as a result of a grant from the Economic Development Administration. The recent announcement is one more step the organization has taken to keep local economies thriving through the health crisis, Standard said.
CADDA administers loan programs through three primary government entities, which allows it to achieve its focus. These government entities are the Small Business Administration, the USDA Rural Development, and the Department of Commerce Economic Development Administration.
Following today’s announcement, counties in the CADDA districts can now begin applying for CARES Act funds. Applications can be found on the CADDA website, at www.cadda-sba.org or contact our office at 912-261-2500 for more information.
