MCEDD was formed in 1969 and received federal designation as a District from the US Economic Development Administration in 1970. Our loan programs are a vital part of our mission to promote the creation of family-wage jobs, the diversification of the economic base, and the growth, development and retention of business and industry within the district. These programs are a strong part of our economic development strategy for the region and provide access to capital for projects that create or retain jobs, encourage the development of attainable housing and grow and expand local businesses. Our staff works closely with applicants to make sure to match their projects to program goals and guidelines.
Financing To Grow Your Business
To support businesses that create and retain jobs, MCEDD provides loans for the financing needs of businesses with favorable rates, terms and requirements. These loan funds can be used to contribute to the financing needed by a business to purchase or build new facilities, purchase equipment, or provide working capital. MCEDD is a gap funder, working in partnership with financial institutions or when they are unable to provide financing. The MCEDD loan portfolio goal is 1 job created or retained per $35,000 in loaned funds. Oregon Brineworks is a maker of naturally fermented foods, including pickles, garlic dills, beets, beans, kvass, kraut and slaws. Brian and Connie Shaw received a loan from MCEDD to start up their business in 2012 and two years later obtained additional funding to finance equipment need to support its growth. Basic requirements, guidelines and terms are available here.
North Central Oregon Attainable Housing Development Revolving Loan Program
MCEDD offers flexible financing for housing development and housing rehabilitation in the Oregon service area: Hood River, Wasco and Sherman counties. The Attainable Housing Revolving Loan Fund supports a solution to one of the region’s primary economic development barriers: a shortage of quality housing stock at price ranges and rental levels which are commensurate with the financial capabilities of workers and households in the region. Goals for the fund include development of tangible assets through housing development, providing opportunities for those in the region to live where they work and supporting the middle market of 60-120% median family income (“MFI”). Travis Dillard, a Gorge native, and his wife, Jen Dillard, purchased the Honald Building in September of 2016 with the intention of converting the second floor into nine high-end, loft-style apartments. They secured the construction financing through the Attainable Housing Revolving Loan Fund staffed by MCEDD and Columbia Bank. “Without Columbia Bank and the gap financing MCEDD provided, this project wouldn’t be possible,” said Dillard. He continued, “This type of partnership is exactly what’s going to continue attracting investors into The Dalles. The result being a renovated downtown corridor and a rejuvenated City.” The project celebrated its grand opening in October of 2019. Policies, terms and forms are available here.
The Oregon Investment Board (OIB) provides economic development loans and grants to projects benefiting Multnomah, Hood River, and Wasco, the Oregon counties lying in the Columbia River Gorge National Scenic Area. Funds are provided through grants and loans to support infrastructure, business assistance, and workforce development to support job creation and retention. The OIB has provided funding to projects to directly create or retain nearly 700 jobs. Funding is awarded on the competitive basis of project feasibility and sustainable long-term economic benefit. Investments must be consistent with the Columbia River Gorge National Scenic Area and the Gorge Commission’s Management Plan. Kim Brigham and her family harvest and sell salmon, steelhead, and other fish from the Columbia River, just as they and many other local Native American families have for generations. Kim secured financing for Brigham Fish Market through MCEDD, utilizing Oregon Investment Board and USDA Intermediary Relending funds. More information about funding opportunities with the OIB are available here.
You can read our archive of spotlights on business funded through our loan programs here.