Friday, December 15th, 2017

CDC to visit Chamber of Commerce office

Posted: Wednesday, March 2, 2011

The Community Development Corporation (CDC) of Northeast Indiana, a non-profit certified development company created to assist small businesses, will be coming to the Huntington County Chamber of Commerce office on Wednesday, March 30 from 2 to 3 p.m. The CDC helps businesses that are unable to obtain conventional financing or need to fill a payment gap.

Business owners and lending partners will be able to meet with a CDC Business Loan Specialist to discuss financing options. Funding from the CDC will provide the capital needed to either start a business or fund expansion projects. The CDC’s primary goal in providing low cost financing is to promote job creation within the community.

Programs available through the CDC for assistance to small business owners include the United States Small Business Administration 504 loan program. It is designed for the purchase of fixed assets with a life span of 10 years or more, such as buildings, machinery, and equipment. This loan program offers a fixed rate of interest for either 10 or 20 year terms. The typical structure is bank financing of 50 percent of project costs, CDC financing for 40 percent of project costs, leaving the borrower’s down payment at 10 percent.

An additional program is the United States Department of Agriculture (USDA) Revolving Loan Fund. It is designed to assist small businesses located in rural Northeast Indiana. Loans can be made for any sound business purpose without a private match up to $15,000 or $20,000 with private funds injected into the project.

For more information contact Misty Ryan, CDC Business Loan Specialist, at (260) 427-2111 or e-mail Misty.Ryan@cityoffortwayne.org. Visit the Community Development Corporation of Northeast Indiana’s website at www.cdcnein.org.