The Columbia Pacific Business Loan Program provides flexible gap financing for expansion of existing businesses, start up of new businesses, creation of employment opportunities and /or saving existing jobs in NW Oregon.
Our goals are simple: – 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 Who may borrow? Small businesses in Clatsop, Columbia, Tillamook, and western Washington counties (west of Hillsboro).
How may the funds be used? The basic uses include, but are not limited to: – Business and industrial acquisition and modernization – Purchase of equipment, machinery, and supplies – Supplying funds for working capital What projects may be ineligible? Funds may not be used for: – 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 What are the minimum requirements? A preliminary application package will be required consisting of a business plan, and financial statements.
Once our loan officer has reviewed the package and has determined the project is eligible, than a $350 fee will be required.
To qualify for an approved loan, 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 will be typically at current market rate, but the interest rates can range from 2 to 3 points above prime rate, with a minimum interest rate of 5.0%.
Loan Fee range from 1.50% for loans $50,000 and over to 2.0% for loans under $50,000. What are the eligible loan amounts? RLF Funds, not to exceed $150,000; may be used for up to 50% of the project.
Our goal is to create or save 1 job per $25,000 in loan funding.
Columbia Pacific Economic Development District
Address: 598 100 E St
City: St. Helens