CITY ESTABLISHES SMALL BUSINESS LOAN PROGRAM

The city of Cumberland has about $100,000 to loan for small businesses, intended to provide them 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. The program would offer loans, in the range of $2,000 to $10,000 for 24 to 60 months at 3per cent interest. A loan review committee would include the city comptroller, representatives of the Cumberland Economic Development Corporation, the Downtown Development Commission and members of the City Council and banking community.