Serving the Mid-Columbia region of Oregon and Washington, providing regional economic development and business assistance.Mid–Columbia Economic Development District

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Mid Columbia Economic Development District strives to promote the creation of family-wage jobs, the diversification of the economic base, and the growth, development and retention of business and industry in Hood River, Wasco, Sherman, Klickitat and Skamania Counties

MCEDD is organized as a government non-profit in Oregon as an ORS-190 and in Washington through RCW 39.34.010.

Home   ::   Financing   ::   Business Loans

Business Loans

Overview
To support businesses that create and retain jobs, MCEDD provides loans for the financing needs of businesses with favorable rates, terms and requirements. We provide loans to businesses in:

  • Hood River County, Oregon
  • Wasco County, Oregon
  • Sherman County, Oregon
  • Skamania County, Washington
  • Klickitat County, Washington

Apply Now
Contact MCEDD to discuss your business needs. Complete a loan application with supporting documentation: Fillable pdf application.

Your application will generally be reviewed within 2-6 weeks and a decision made by the Loan Board.

Contact:
Loan Fund Manager
515 East Second Street, The Dalles, OR 97058
Phone: 541-296-2266

Basic Requirements and Guidelines:                          Basic Terms:

  • Applicant participation: 10% to 25% of funds needed for the project.
  • Collateral generally needs to equal 100% of loan amount.
  • Business net profit must provide debt coverage of at least 110% of the loan amount.
  • Life insurance on applicant or key personnel in the amount of the loan.
  • Review of personal credit history and personal financial situation.
  • Business performance/forecasting of profit and loss analyzed.
  • 1 job created or retained per $35,000 in loan amount is the MCEDD loan portfolio goal.
  • Additional requirements and conditions are available from MCEDD staff.
  • Interest Rate and Fees: Low interest rate currently between 7.5% and 11%. Loan fee of 1.5%. Competitive loan costs. Currently no application fee!
  • Loan Amount: Loans generally range from $1,000 to $250,000.
  • Eligible Businesses: Almost any legal business including sole proprietorship, LLCs, Corporations, and partnerships can apply. We support start-ups, established businesses, and businesses from most sectors.
  • Other: MCEDD is a gap funder, working in partnership with financial institutions or when they are unable to provide financing. We can accept a wide variety of collateral and can be in a secondary position as a lien holder.

Examples of MCEDD Loan Clients:

Laboratories, medical clinics, restaurants, janitorial, coffee shops, construction companies, sporting goods manufacturers, hotels, equipment manufacturers, fruit stand operations, veterinarians, wineries and vineyards, electrical contractors, food processors, retail stores for a wide variety of products, recreational product manufacturers and many more.

Examples of Projects Using MCEDD Loans:

Purchasing new and/or used equipment, purchasing vehicles, remodeling facilities, purchasing inventory, consolidating debt, building construction, purchasing an existing business, starting a new business, providing gap financing when a bank will not finance all of a small business project.

Partners:

MCEDD staff can help access additional financing through our partner entities including Oregon and Washington Investment Boards, Mount Hood Economic Alliance, Oregon Business Development Department, and the State of Washington Department of Commerce. MCEDD’s applicants come from a diverse source of referrals including financial institutes, attorneys, accountants, chambers of commerce and county economic development departments. In addition, the Small Business Development Center at Columbia Gorge Community College assists small businesses in preparing to apply for obtaining financing and refers many small businesses to MCEDD.

MCEDD is an Equal Credit Opportunity Lender. The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program or because the applicant has in good faith exercised any right under the Consumer Protection Act.

MCEDD

515 East Second Street,
The Dalles, OR 97058
Phone: (541) 296-2266

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