A $750,000 U.S. Department of Agriculture Rural Development loan will allow the Cumberland Area Investment Corporation to make loans to small businesses in DeKalb County, U.S. Representative Bart Gordon said.
"In Tennessee, small businesses drive the state's economy," Gordon said. "Small businesses, those with fewer than 500 employees, employ over 44% of Tennesseans. Women represent over 35% and minorities account for over 18% of small business owners in Tennessee."
The funds will be used to create a revolving loan fund that will make small business loans in the 14 Upper Cumberland counties CAIC serves. CAIC will inject $750,000 of matching funds into the revolving loan fund to leverage the fund. Their intermediary Relending Program already has small business applications totaling almost $1.4 million on hand.Read the rest of this article