MCEDD Business Loan Highlights: FY16

In fiscal year 2016, MCEDD made 10 loans totaling $810,930. These loan clients invested nearly $1.3 million of private funding into their businesses, outside of their normal business cash flow. MCEDD’s participation in these projects made it possible for businesses to invest in the region’s economy. The following are businesses supported through MCEDD financing this year:

• 15 Mile Ventures, LLC opened Freebridge Brewing in The Dalles with the help of a $200,000 loan from MCEDD. This new business created more than 10 new jobs.
• Erik Stenberg utilized a $20,000 MCEDD loan to open the Little Huckleberry Food Truck in Bingen. Erik plans to employ 2-3 people within the first two years of operation.
• Baseline Brewing, LLC dba Solera Brewery in Parkdale obtained a $65,000 MCEDD loan as part of the $275,000 capital stack needed to purchase a building next door to allow for business expansion.
• Maribel Marquez obtained a $20,000 MCEDD loan to open Taqueria La Fogata, a mobile food business in The Dalles. This business will employ 1-3 persons, depending on the season.
• Montira’s Thai Cuisine, LLC opened an Asian Market in The Dalles with a $50,000 MCEDD loan as part of its needed capital.
• Abundance Marketing & Design, LLC dba The Balch Hotel converted their lease-to-own agreement to purchase the hotel building in Dufur with the assistance of a $175,000 MCEDD loan. This loan also helped this loan client obtain $250,000 in traditional bank financing.  This loan client anticipates employing 11 people within two years.
• CRG Freight, Inc. was able to consolidate debt and obtain working capital to increase cash flow and operate more efficiently with a $91,725 MCEDD loan. CRG Freight will also increase employment from 14 to 22 jobs within 2 years, which is a 57% increase in employment.
• A & R Market, LLC, which owns and operates the Maupin Market is a past MCEDD loan client that recently paid off its original MCEDD loan. A & R Market, LLC obtained a new $30,000 MCEDD loan to fund energy savings projects and to provide working capital to allow for more efficient operation of the business.
• Oregon Brineworks, LLC obtained a new $38,000 MCEDD loan to secure additional equipment to increase their overall production efficiencies and capacity. MCEDD also assisted Oregon Brineworks, LLC in acquiring a $40,000 operating line of credit through a bank.  Two additional employees have been hired to help with the increased production level.
• Veronica’s Salsa, LLC obtained the equipment and working capital necessary to implement a huge expansion that increased production and employment and allows the business to operate more efficiently. This expansion project has more than doubled its employment from 8 to 20 jobs.