Loan Programs are the area where the rubber
hits the road - where MCEDD is out there, directly helping to create jobs.
This is done primarily through the operation of several Revolving
Loan Funds that provide long-term, low interest financing for business
expansion needs. Specializing in
"gap financing," our loans often provide the critical "missing piece"
in business financing that makes these deals possible. MCEDD also provides loan packaging assistance
to access other State, Regional and/or Federal finance programs, as well
as banks and other commercial lenders.
Impact of MCEDD's Business Assistance Programs. Since MCEDD's loan programs
started in 1980, MCEDD has made more than 200 loans to businesses for total financing of over $11 million. This financing has led directly
to business creation and expansion that allowed the creation and retention of over 1,890 jobs in our region.
Some recent examples of MCEDD's
job-creating business assistance loans are:
Maupin Market: Allison and Randy Bechtol purchased the old grocery store to open the new Maupin Market. Mid-Columbia Economic Development District's loan program helped make this happen. A total and complete remodeled building, including new windows, roof, floors, interior layout and exterior facelift. Allison and Randy obtained financing for this project with funding through CenterPointe Community Bank, Evergreen Business Capital (SBA 504 loan) and a $100,000 loan from MCEDD. www.maupinmarket.com
Henni's Kitchen and Bar: MCEDD approved a loan to Christiaan Erasmus for Henni's Kitchen and Bar in downtown White Salmon. Henni's had a successful first year, so much that so, MCEDD approved an additional loan for renovation and equipment to expand. Now large groups can enjoy the unique flavors of dishes from around the world at Henni's! For more information, go to www.henniskitchenandbar.com
MCEDD approved loans to Columbia Phytotechnology to support expansion of their operations and purchase new equipment to support increased production. The business specializes in powder production for food, beverage, nutritional, nutraceutical, and pharmaceutical industries. For more information, go to: www.ColumbiaPhytoTechnology.com.
Pfriem Brewing: MCEDD approved a loan to provide gap financing to Pfriem Brewing Company, pronounced "freem", a new brewery in Hood River. Pfriem Brewing is leasing 5,600 sq ft of the Halyard Building from the Port of Hood River for their production facility and tasting room. Pfriem Brewing will produce familiar Northwest style beers such as IPAs as well as a line of Belgian style beers. www.pfriembeer.com.
Green Home Construction:
Green Home Construction is a full service construction company based in Hood River, Oregon. MCEDD worked with Green Home Construction to receive funding from the Oregon Investment Board to purchase additional diagnostic energy audit equipment, implement a marketing plan, train a crew leader for weatherization, and employ a new crew of home performance technicians to do weatherization and energy efficiency work in the Gorge. For more information, go to: www.greenhome-construction.com.
Oregon. MCEDD packaged financing for
a new 10,900 square foot building (more than double the size of their
previous building). The financing
package included $150,000 from our Intermediary Relending Program. The total project is worth $457,000 and created