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The Community Development Corporation (CDC) is an organization with a purpose to promote economic development that will retain and create new jobs, help new and existing businesses and expand the tax base. The corporation may provide both equity and subordinate financing and advisory services to businesses and encourage public and private sector participation in economic development projects and other such purposes as the incorporators my determine.
The CDC offers a blended rate generally lower than the prime rate and is often used for gap funding to help a project get off the ground. For example, the CDC's last loan helped the Hilton Hotel project in Mattoon.
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