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| About | Services | Partners | Workforce | Demographics | Reports | Links | On-Going Activites | Contact | |||||||||
| Overview of Loan Programs | |||||||||
| (click here for a printable version of these programs in Excel) | |||||||||
| ~MCEDD Managed Programs | |||||||||
| Program: | MCEDD | MCEDD IRP | MCEDD | ECONOMIC | |||||
| RLF | FUND | NCORS | DEVELOPMENT | ||||||
| RLF | FUND | ||||||||
| Mid-Columbia | Mid-Columbia | Mid-Columbia | Columbia Gorge | ||||||
| Economic | Economic | Economic | National Scenic Area | ||||||
| Development District | Development District | Development District | Oregon Investment | ||||||
| North Central Oregon | Board | ||||||||
| USDA Intermediary | Regional Strategies | ||||||||
| Revolving Loan Fund | Relending | Revolving Loan Fund | Revolving Loan Fund | ||||||
| Program | Program | Program | |||||||
| Uses: | Fixed Assets or | Fixed Assets or | Fixed Assets or | Fixed Assets or | |||||
| Working Capital | Working Capital | Working Capital | Working Capital | ||||||
| Eligibility: | For Profit | Small Businesses in | Small Businesses in | For profit Businesses or | |||||
| Small Businesses | Hood River,Sherman | Sherman and | non-profits or govenments | ||||||
| Wasco or | Wasco Counties | within the Columbia River | |||||||
| Skamania County | Gorge National Scenic | ||||||||
| (Skamania thru E.C.D.) | area in Oregon | ||||||||
| Amounts: | $20,000 - $100,000 | $10,000 - $150,000 | Up to $100,000 | up to $300,000 | |||||
| up to 33% of project | up to 75% of project | ||||||||
| usually under 50% | |||||||||
| New Jobs | 1 job per $20,000 | None specified | None specified | None specified | |||||
| Required: | loaned from RLF | but, preference given | but, preference given | but, preference given | |||||
| for job creation | for job creation | for job creation | |||||||
| Equity req'd: | usually at least 10% | usually at least 10% | none specified | none specified | |||||
| Rates: | 6% to 9% fixed | 6% to !0% - fixed | 1.5% above | currently 4% to 6% | |||||
| prime rate - fixed | |||||||||
| Terms: | 3 - 25 years | up to 20 years | up to 20 years | up to 10 years (20 yr amort) | |||||
| Fees: | 1.5% (+ costs) | 1.5% (+ costs) | 1.5% (+ costs) | up to 1.5% + costs | |||||
| Additional Information | |||||||||
| For existing businesses, minimum 10% down on real estate | |||||||||
| Generally 25% to 35% equity injection for startup businesses | |||||||||
| MCEDD loans can most often be subordinate to bank | |||||||||
| All loan programs require creation of new job opportunities | |||||||||
| Retail may be ineligible with some programs - check with MCEDD loan officer | |||||||||
| Debt refinance is eligible under some circumstances - check with MCEDD loan officer | |||||||||
| Off project collateral may be required, including mortgage on private real estate | |||||||||
| Ability to service debt and management capabilities are more important than collateral | |||||||||
| Credit report must be satisfactory with any negative items explained | |||||||||
| Contact us for more information on these programs by calling | |||||||||
| Steve Schafroth at (541) 296-2266 | |||||||||