Financing To Grow Your Business
As a service to the regional business community and as a strong part of our 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. 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. These funds can support businesses in Klickitat and Skamania Counties in Washington, and Clackamas, Hood River, Sherman and Wasco Counties in Oregon. You can start the process to access any of these funds, through the Application Process section below.
- Interest Rate and Fees: Interest rates range from 7.5% – 11%. 1.5% loan fee. Competitive loan costs. Currently no application fee!
- Loan Amount: Loans generally range from $1,000 to $250,000. Larger loans are possible by accessing more than one of our lending sources. See our Microlending information for loans of $40,000 or less.
- Eligible Businesses: Almost any legal business including sole proprietorships, LLCs, Corporations, and partnerships can apply. We support start-ups, established businesses, and businesses from most sectors. Women- and minority-owned businesses are encouraged to apply.
- Other: Job creation/retention requirements apply. We can accept a wide variety of collateral and can be in a secondary position as a lien holder.
Complete the business loan pre-application linked below and send it to firstname.lastname@example.org. Our loan program staff will review your pre-application to see if it is a good match for one of our managed loan funds and follow up with you for the required supporting documentation. We’ve provided a list of what may be required below for your reference in preparing for the next step in the application process. Your application will generally be reviewed within 2-6 weeks and a decision made by one of our loan boards.
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In addition to the funds directly managed by MCEDD, our staff is knowledgeable about most state and federal loan and assistance programs and have developed close relationships with those organizations. We can help a business to access and can help package applications to a range of loan programs such as the SBA or Oregon or Washington business development loan funds.