Coastal Area District Development Authority (CADDA) photo

Get 'N' Your Business Podcast with guests: Sarabeth Sutton (loan officer) with Coastal Area District Development Authority (CADDA)

In this episode of the Get 'N Your Business Podcast, host Alison sits down with Sarabeth Sutton from the Coastal Area District Development Authority (CADDA), a nonprofit organization dedicated to empowering small businesses through strategic financing options. They delve into the myriad ways CADDA has been supporting local entrepreneurs and businesses since 1976.

Key Topics Covered:

Overview of CADDA’s mission and history.

Significant impact statistics: $471,734,401 in financing, 2,728 loans, and over 16,215 jobs created and preserved.

source: cadda-sba.org

Diverse Financing Options

In July 2020, CADDA was awarded a grant of $10 million, the largest in the southeastern United States, from the EDA to launch a loan fund to assist businesses impacted by the COVID-19 pandemic.

In 1982, CADDA became a Certified Development Company (CDC) for the purpose of delivering the Small Business Administration (SBA) 504 Loan Program. The SBA 504 program provides long term, fixed rate, below market interest rates, and up to 90% financing of eligible fixed assets to expanding small businesses. In addition, CADDA is an SBA Community Advantage Lender and an SBA 7(a) loan packager.

source: cadda-sba.org

Success Stories

CADDA was created in 1976 to administer a $5 million grant from the Economic Development Administration (EDA) that allowed a seafood processing plant to keep its operation in the community. The grant agreement and loan repayments created the first and largest rural Revolving Loan Fund (RLF) in the United States. As loans are repaid, the funds are loaned to other qualified businesses within a nine-county coastal Georgia service area.        source: cadda-sba.org/about-us/#team

Funding Opportunities Through CADDA:

Detailed discussion on the types of loans available for small businesses.
Examples of how these loans have helped entrepreneurs stabilize and grow their businesses.

Partnerships and Support:

CADDA’s collaboration with entities like the SBA, EDA, and USDA.
CADDA refers business owners to our past podcast guests Ande Noktes and Kayawna James from the Art & Lindee Lucas Center for Entrepreneurship which supports new entrepreneurs, including free business planning classes.

This episode highlights the significant role CADDA plays in fostering small business growth in Camden County, Georgia but also provides invaluable resources and guidance for entrepreneurs looking to make a tangible impact in their communities.