Cumberland Area Economic Development Corp. (CAEDC) has established a loan fund to help small minority owned companies. 

CAEDC said the State Small Business Credit Initiative (SSBCI) loan funds are available 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, which includes women owned, minority owned, and veteran owned businesses. 

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

CAEDC said it offers an interest rate of 4 points below prime, terms ranging from three 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. 

To learn more, contact CAEDC’s Economic Development Manager Christy Zitsch. 

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