Areas Served: Benton, Lane, Linn, Lincoln, Marion, Polk, Yamhill Counties and the Metropolitan Portland area.
The Enterprise Development Program is a microloan program to assist women, low income, minority, rural, veteran, entrepreneurs and other business owners obtain loans due to inadequate credit availability or areas suffering from economic downturns.
The objective of this program is to support and develop micro-enterprises by providing capital and technical assistance.
Who is Eligible? Location: Only businesses located in Benton, Lane, Linn, Lincoln, Marion, Polk, Yamhill Counties and the Metropolitan Portland area.
Business Types: Private, For-Profit start-ups, newly established or growing micro businesses unable to obtain conventional commercial loans.
Request Types: Acquisition of real estate, machinery & equipment, inventory, furniture & fixtures and funding working capital requirements.
Refinance of debt is normally ineligible but may be considered on a case by case basis.
Credit Requirements: Credit requirements must be met.
Cash flow, management expertise, credit history and collateral will be factors determining loan approval.
What Are the Terms? – $500 – $25,000 – A 20% minimum in-kind or cash contribution by owner required for loans over $5,000. – Interest Rates will be fixed at a rate that will be Prime plus 3%.
This rate is currently 9.5% – Terms of 1-6 years, dependent upon nature of request and collateral.
– Collateral will include all business assets & personal guarantees or assets.
Contact InformationCascades West Financial Services Incorporated
Address: 494 State Street SE #270
City: Salem
State: Oregon
Website:
http://www.cascadeswest.com/EDP_Microloan.htm
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