Coastal Area District Development Authority (CADDA)

Overview

The Coastal Area District Development Authority, Inc. (CADDA) is a non-profit organization dedicated to stimulating economic growth by providing lending programs to small businesses and industries. Registered as a 501(c)(4) entity, CADDA operates across a wide geographic area, including coastal Georgia, southern South Carolina, and north Florida.

History

CADDA was established in 1976 following a grant from the Economic Development Administration (EDA). Initially, this grant facilitated the retention of a seafood processing plant, creating the first and largest rural Revolving Loan Fund (RLF) in the United States. Over the years, CADDA has expanded its operations to include various loan programs, such as the Small Business Administration (SBA) 504 Loan Program, begun in 1982. This program offers long-term, fixed-rate loans with favorable terms to small businesses looking to expand.

Mission and Programs

The primary mission of CADDA is to enhance economic conditions by creating and retaining jobs through strategic loan programs. It supports businesses expected to have a positive impact on the local economy. CADDA administers its programs through key government entities, including the SBA, the U.S. Department of Agriculture (USDA), and the U.S. Department of Commerce's Economic Development Administration (EDA).

Impact

As a self-sufficient organization, CADDA relies on loan repayments and fees rather than federal, state, or local funding. Since its inception, CADDA has contributed significantly to economic development. It has facilitated over $471 million in small business financing, resulting in the creation or preservation of more than 16,000 jobs.

Governance

CADDA is overseen by an active Board of Directors, comprising representatives from nine counties in Georgia. This governance structure ensures that the organization remains responsive to the economic needs of its service area.

Financials

In recent years, CADDA has continued to expand its financial capacity. For instance, in 2020, it received a notable grant from the EDA to support businesses affected by the COVID-19 pandemic. This demonstrates CADDA's adaptability and commitment to addressing economic challenges in the region.

Transparency and Legitimacy

CADDA is recognized as a legitimate nonprofit organization, maintaining operational transparency through adherence to tax-exempt regulations. It submits form 990, a requirement for tax-exempt organizations, ensuring compliance with U.S. regulatory standards.

Leadership

As of recent data, Terrence Louk serves as the CEO of CADDA, with a total compensation of $135,000. The organization employs a small but dedicated workforce, averaging eight employees, focusing on supporting small businesses and fostering economic growth.

Conclusion

CADDA plays a pivotal role in promoting economic development across its service area. Through its comprehensive loan programs and collaborative approach with government entities, CADDA enhances job creation and economic stability, contributing significantly to regional prosperity.