Eligibility – Business must be located in: Oregon State and or Clark County (Washington State) – Must be a for-profit business – Business is ineligible for traditional bank financing – Business is not at start up operation / minimum 3 to 6 months in business – Business has Accounts Receivable and/or Invoices from known clients – Business must have a minimum qualification score (to process loan application) – Satisfactory credit history (no recent bankruptcies, tax liens, judgments, delinquent student loans, etc.
) 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 $35,000 – Term for Cash flow loans up from 30 to 120 days Term Loans and Parameters – Terms for up to 6 years – Must have 20% owner equity contribution – Must have collateral and personal guarantees (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