The flexible small business lending resources offered through Mid-Columbia Economic Development District (MCEDD) have been made easier to access for loans up to $40,000, according to a press release from the agency.
The new Microlending program supports entrepreneurs, new business start-ups, expanding businesses, existing businesses for debt refinancing, and most legal business ventures. Women- and minority-owned businesses are encouraged to apply.
As a service to the regional business community and as a strong part of its economic development strategy for the region, MCEDD staff manages several business loan programs that provide an accessible, affordable source of capital for projects that create or retain jobs for businesses whose application has been denied by a commercial bank.
Business loan funds through MCEDD, Mt. Hood Economic Alliance and the Oregon Investment Board can be used to contribute to the financing needed by a business to purchase or build new facilities, purchase equipment, or provide working capital.
Loan funds can support businesses in Klickitat and Skamania counties in Washington, and Clackamas, Hood River, Sherman and Wasco counties in Oregon.
Terms of one to five years are available and full collateralization is not required.
Applicants must supply a minimum of 5% towards the project to receive up to a 95% loan from a MCEDD-managed funding source.
Interest rates depend on risk criteria and range generally from 8-12% with performance incentives to lower the interest rate during the loan term.
MCEDD staff is available to discuss potential applications and support the application process. Learn more at mcedd.org/financing or contact Ami Beaver at 541-296-2266 x1004 or ami@mcedd.org for more information on MCEDD’s Loan Programs.
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