MCEDD’s own flexible small business lending funds cover Skamania and Klickitat Counties in Washington, and Hood River, Sherman and Wasco Counties in Oregon. Since the inception of our business loan program in 1980, MCEDD has made almost 330 loans to businesses totaling more than $21 million.
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 or 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.
Find a summary of our loan program here: LAB Flyer
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. To apply for a microloan, fill out the pre-application form above.
- 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.
Loan Administration Board
MCEDD’s loan decisions are made by the Loan Administration Board (LAB). LAB members include the county commissioners from MCEDD’s Board of Directors (Tom Lannen, Lori Zoller, Joe Dabulskis, Steve Kramer and Les Perkins), as well as three at-large members (Scott Clements, AJ Tarnasky, Matt Stoneberg).