Federal Loan Allows CAIC To Make Loans To Cannon Small Businesses

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 Cannon County, U.S. Rep. 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 percent of Tennesseans. Women represent over 35 percent and minorities account for over 18 percent 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.

“Small businesses are the backbone of rural economies, and we are very pleased to be able to further our efforts in supporting small businesses, as well as start-up business throughout the region,” Wendy Askins, executive director of the Upper Cumberland Development District, said.
A projected 300 jobs will be created as a result of the Intermediary Relending Program.

“Thanks to the support of our leaders like Congressman Bart Gordon, USDA Rural Development has the financial resources to invest in good jobs through the work of the Cumberland Area Investment Corp,” said Rural Development State Director Mary Ruth Tackett.

CAIC serves Cannon and 13 other counties across the Upper Cumberland region.