Columbia Pacific Business Loan Program

Columbia Pacific Business Loan Program

Funder: Columbia Pacific Economic Development

Overview: Provides flexible gap financing for expansion of existing businesses, start-up of new businesses, creation of employment opportunities, and/or saving existing jobs in Northwest Oregon.

Goals

• Attract new jobs and investments
• Diversify the local economy
• Support the creation and expansion of rural and small community businesses
• Provide business opportunities for low-income workers and their families
• Support the financial community by providing additional, secondary loan financing for local customers

Geographic Scope

Eligible Counties: Clatsop, Columbia, Tillamook, and western Washington counties (west of Hillsboro)

Eligible Uses

• Business and industrial acquisition and modernization
• Purchase of equipment, machinery, and supplies
• Supplying funds for working capital

Ineligible Projects

• Transfer of business or employment from one area of Oregon to another
• Agricultural production
• Charitable and educational institutions
• Church or church-sponsored organizations
• Fraternal organizations, golf courses, race tracks, or gambling facilities
• Insurance companies and investment and lending institutions

Borrower Requirements

• Small businesses in eligible counties
• Preliminary application package required: business plan and financial statements
• Borrowers must have collateral pledged to adequately secure the loan
• In most instances, an appraisal will be required to determine the value of the collateral

Interest Rates and Fees

• Loan rates: Follow current market rate and typically range two to three points above prime rate
• Loan fees: Minimum of 2.0%
• Application fee: $400 (required once loan officer determines project eligibility)

Contact Information

Email: info@nworegon.org Phone: (503) 397-3099 Mailing Address: P.O. Box 1535, St. Helens, Oregon 97051