OAMECC provides direct financing for qualifying Oregon small businesses (micro-loan program) and also assists small businesses in targeting and presenting loan packages to outside financing sources (traditional banks, public agencies, or investors).
Eligibility – Be an OAME member – Business must be located in the State of Oregon and SW Washington – Business must be a for-profit enterprise – Business that is consistent with promoting the best interest and goodwill of the greater community – Start up and/or existing business Loan Uses – Cash Flow advances over A/R ( Invoices) – Working capital (includes payroll needs), equipment, leasehold improvements, etc.
– Loans will not be considered for purchasing real estate or for the sole purpose of debt re-payment or refinance Loan Programs & Parameters Accounts Receivable / Over Invoices processed – Up to 80% of the A/R Invoice(s) – Up to $15,000 – Term for Cash flow loans up from 30 to 120 days Term Loans and Parameters – Terms for up to 3 years – Must have 20% owner equity contribution – Must have collateral and personal guarantee (Approved co-signer may be accepted) – Must agree to work with an approved business counselor by OAME Fees and Interest rate – Processing Fee $ 75.00 – Loan Fee 3% not less than $75.00 – Annual Loan Administration fee $100.00 – Interest rate to be determined on case by case basis.
It can be from 6.5% to 12%
Oregon Association of Minority Entrepreneurs Credit Corp
Address: 4134 N. Vancouver Avenue