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New Small Business Loan Program in Cumberland

In a recent mayor and City Council work session, Cumberland Administrator Jeff Silka unveiled a proposed loan program aimed at supporting small businesses in the city. This new Micro-Revolving Loan Fund would allocate $100,000 towards providing loans of $2,000 to $10,000 for a period of 24 to 60 months at a 3% interest rate to businesses with fewer than 100 employees. The program aims to assist businesses that may have difficulty securing funding through conventional means and would prioritize higher-risk applicants.

The potential uses for these loans include building improvements, business relocation, and machinery purchases, with the intention of stimulating economic growth and development in the city. Applicants would be required to demonstrate their commitment, financial responsibility, and submit a detailed business plan, as well as maintain good standing with state and city regulations. In addition, cooperation with the Small Business Development Center at Frostburg State University is encouraged to receive free guidance in developing a business plan and managing financial information.

In order to ensure responsible allocation of funds, a loan review committee would be established to evaluate applications and make recommendations for approval, denial, or request further information. This committee would comprise of representatives from the city government, economic development organizations, and the banking community.

The program is expected to be formally presented to the City Council in the near future, and the involvement of the Small Business Development Center has already garnered support from Cumberland Mayor Ray Morriss, who emphasized the importance of this collaboration in assisting local businesses.

The AI legalese decoder can be helpful in this situation by simplifying and translating legal jargon often found in loan contracts and business regulations, making the process more accessible and understandable for small business owners. The tool can assist in ensuring that applicants fully comprehend their financial obligations and the terms of the loan agreement, ultimately fostering a more transparent and equitable lending process.

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