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MCEDD’s business loan funds meet the financing needs of businesses with favorable rates, terms and requirements to support businesses that create and retain jobs. We provide loans to businesses located within the MCEDD region:
Skamania County, Washington
Klickitat County, Washington
Hood River County, Oregon
Wasco County, Oregon
Sherman County, Oregon
Apply Now
Complete the business loan pre-application linked below and send it to ami@mcedd.org. Our loan program staff will review your pre-application to see if it is a good match for one of our programs 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.
Supporting Documents Reference List
Contact:
Loan Program
802 Chenowith Loop Road, The Dalles, OR 97058
Phone: 541-296-2266 x1004
Basic Requirements and Guidelines:
- 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.
- See our creative Microlending terms for loans up to $40,000.
- Additional requirements and conditions are available from MCEDD staff.
Basic Terms:
- Interest Rate and Fees: Interest rates range 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. Larger loans are possible. See our Microlending terms for loans up to $40,000.
- 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. See our success stories here!
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 Washington and Oregon 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.