“Cecil Catalyst” will provide funds to creditworthy businesses that find it difficult to obtain financing through traditional sources due to limited equity, collateral requirements, or marginal cash flow.
According to a press release:
The purpose of Cecil Catalyst is to promote job growth and help small businesses, including start-up businesses, located in Cecil County.
Loans will range from $5,000 to $75,000 and will allow small businesses to use the funds to purchase land or equipment, strengthen capital improvements, and support general operating costs.
“Cecil Catalyst is great for businesses that need some assistance getting started and also for established businesses that need a little capital to try out new ideas or diversify their existing operations. We’re excited about this program and we hope that businesses will be able to take advantage of it”, said Chris Moyer, Director of the Office of Economic Development. “Cecil Catalyst is intended to stimulate the small business economy in Cecil County and enhance the viability of existing businesses.”
“Commercial lenders typically require borrowers to contribute some of their own money towards the funding of a business project,” said Moyer. “With this program, businesses just need to demonstrate the ability to pay back the loan.”
Read the full press release for more information.