The Entrepreneurial Development Loan Fund (EDLF) provides direct loans to help start-ups, micro-enterprises and small businesses expand or become established in Oregon.
This fund fills a niche not provided through traditional lending markets.
Participants must meet one, or both, of the following criteria: – Have revenues of less than $500,000 in the previous 12 months or – Be a business owned by a severely disabled person.
Loans are: – Maximum amount of $50,000, – Maximum term and amortization of 5 years and – A fixed interest rate of Prime plus 2% APR.
Applications must show that the business: – Can provide good and sufficient collateral for the loan, – Possesses a reasonable capacity to repay the loan, – Meets program equity requirements, – Is enrolled in small business counseling through Certified Entities and – Meets other criteria outlined in the EDLF Application and Oregon Administrative Rule.
Certified Entities The following organizations are certified to provide small business counseling: – Small Business Development Centers (SBDCs) There are 19 SBDC locations around the state.
Find a center near you.
– Oregon Association of Minority Entrepreneurs (OAME), Portland, Oregon, 503-249-7744 – Mercy Corporation Northwest, 2069 NE Hoyt, Portland, Oregon, 503-236-1580 – SCORE—Counselors to America’s Small Business SCORE is a nonprofit association and a resource partner with the U.S. Small Business Administration (SBA).
Portland Chapter; Salem Chapter; Willamette Chapter – Wallowa County Business Facilitation, 541-426-5858 – Hispanic Metropolitan Chamber, Portland, Oregon, 503-222-0280 – Micro Enterprise Services of Oregon, Portland, Oregon, 503-841-3351 – Umpqua Community Development Corp., serving Coos, Curry and Douglas counties, 541-673-4909 – Oregon Native American Business Network (ONABEN), Tigard, Oregon, 503-968-1500
Address: 775 Summer St. NE, Suite 200