If you’re starting a business or looking to expand your current business it won’t take long to realize you’ll need assistance with the funding. Often people think the only option is traditional bank financing for their projects. However, economic development agencies like CAEDC are able to assist with these projects and find bank partners to make new ventures possible.
Financing options available through CAEDC are not meant to replace traditional bank loans but instead can offer financing that can make the project attainable and bridge the gap between private investment and a traditional business loan with the total project costs.
CAEDC is also able to offer financing through state programs that require an economic development agency to be the applicant. These loans offer a very low interest rate for the term of the loan which can save significant money in the long run.
We have been able to assist many local businesses with either gap financing or state loan programs that have resulted in additional growth, jobs and amenities for the County. A few recent examples include Classic Drycleaners & Laundromats, Eleven Oaks Farm and SPAtacular Escapes.
CAEDC worked with Classic Drycleaners & Laundromats and Riverview Bank to secure a $200,000 loan through the PA Industrial Development Authority (PIDA) for energy-efficient upgrades to their machines at the Carlisle location. Due to the energy-efficient upgrades, the Classic team was able to achieve another success through a rebate program with UGI Utilities. UGI presented a rebate check for $54,600 to Classic for the energy-efficiency improvements made to their facility.
Through assistance from CAEDC in partnership with AgChoice Farm Credit, Eleven Oaks Farm received a $227,500 loan from PIDA to acquire additional needed farmland. Eleven Oaks offers specialty beef products, marketed as Blue Mountain Wagyu, that are non-GMO modified, pasture-raised and humanely tended and genetically optimized for marbling and taste. To keep up with demand, the farm needed to grow its herd size in a sustainable and healthy manner.
As CAEDC is also the tourism promotion agency for the County, we recognize the value of supporting tourism-related businesses when possible. CAEDC assisted The Carlisle Group and the new SPAtacular Escapes through a $1,610,000 investment through the Small Business Administration (SBA) 504 loan program in partnership with Members 1st Federal Credit Union. The SBA 504 loan helped with acquiring land and construction costs.
The premier wellness spa and salon features a full-service hair and nail salon, treatment rooms for facials, massages and other treatment options, an exercise studio, barber, and steam showers and Infrared saunas. The Carlisle Group is a nationally recognized Retained Executive Search and Recruitment Firm, which relocated to the available space on the second floor of the new building.
CAEDC specializes in the financing of real estate acquisition and construction, working capital and equipment purchases. Our team can customize a program to fit your project, offering low-interest rates, fixed terms and low down payments. To discuss financing options further, contact Laura Potthoff, CAEDC Business and Workforce Development Manager, at 717-240-7197. You can also learn more at CumberlandBusiness.com.