Coastal Area lender briefs Glynn County commissioners on loan programs, offers local data on request

Terry Lauck, chief executive officer of the Coastal Area District Development Authority, told Glynn County commissioners on Sept. 17 that CADDAA is a nonprofit, mission‑based small‑business lender that partners with banks to expand credit access in coastal Georgia. "We're not a bank," Lauck said. "We're a 501(c)(3) nonprofit mission based lender," explaining CADDAA typically takes a subordinate financing position alongside a bank in projects.

Lauck described a portfolio of federal products CADAA administers, including SBA 504 debenture‑backed loans, SBA community advantage 7(a) facilities, USDA IRP loans tailored to rural economic development and a $9,500,000 CARES Act award used to seed a revolving loan fund during the COVID pandemic. He said the program can support deals from about $20,000 up to $5.5 million and that CADAA has lent more than $70 million and created over 2,000 jobs since 1976; he added CADAA currently has about 161 loans outstanding "for just under $36,000,000 in the community."

Commissioners asked how many CADAA loans are in Glynn County and about minority lending. Lauck said he did not have local or minority‑loan counts at the meeting but that CADAA prioritizes minority and BIPOC lending through some programs and would provide the requested local statistics after the session. He also explained the difference between SBA guarantees and CDC/SBA 504 pooled debenture funding and summarized typical 50/40/10 deal structures used to reduce borrower equity requirements.

The presentation was informational; Lauck left contact cards and printed materials for follow‑up. Commissioners thanked him for the briefing.