CUMBERLAND — A new loan program might soon be available for small businesses in the city.
At Tuesday’s mayor and City Council work session, Cumberland Administrator Jeff Silka presented a draft plan to loan money to current and new independent enterprises.
He proposed the city use $100,000 remaining from a past loan program to assist small businesses with funding they might not be able to secure elsewhere.
The Micro-Revolving Loan Fund would target city businesses that employ fewer than 100 workers and offer $2,000 to $10,000 loans for 24 to 60 months at 3% interest.
“It does get us money back,” Silka said of profit the city would make that could be recirculated into new loans.
The funding program would be open…
