The focus of the CDC is on small to medium size firms who require capital for modernization, physical rehabilitation for their structures, or cash flow to make them more economically viable. Loans emphasize job retention and provide a vehicle for gap financing when conventional lenders are unable to meet the financing needs of the small business. The interest rate charged on all corporation loans will generally be at or below market rates of interest. The borrower must pay the cost of expenses incurred in processing the loan including closing fees. Loan term will normally be the same as that established by the conventional lender.
Loan amounts vary depending on the number of jobs created.
The Project Costs are defined as all costs needed to complete the project and generally include loan monies for working capital, retooling, construction or modernization. Retail loans will be made if a retail business provides products to a market not currently being supplied by existing retailers and meets the job creation guidelines. Chris Christman, Coles-Moultrie Electric Coop.