Areas Served: Grant, Harney and Malheur Counties
There are two initiatives GEODC plans to address with this loan fund.
The first is to provide a loan fund for dislocated workers that want to start their own business.
GEODC will work with the local unemployment offices to identify those individuals that have lost their jobs and have expressed an interest is starting their own business.
The second initiative is to provide loans to existing business owners that create new jobs within their business, providing new employment to the area.
GEODC will be able to use these funds in partnership with other local economic development funds to assist existing business with expansions.
USDA Compliance GEODC’s project will comply with all USDA regulation including but not necessarily limited to RD Instruction 1942-G.
Service Area Communities within Grant, Harney and Malheur Counties, Oregon with populations of 5,000 or less.
Goals & Outcomes A minimum of one (1) FTE job will be created or saved for each $10,000 loaned.
Based on our experience in these types of revolving loan funds GEODC estimates that 5-7 jobs will be created and 13-15 jobs will be retained because of the creation of the loan fund.
However, this number will grow as the funds revolve and are relent.
Priorities & Targeting Criteria GEODC is targeting at least 25% of the loan fund will directly or indirectly benefit underrepresented groups.
Fees & Charges A loan origination fee of 1 ½ percent will be charged for all loans.
Minimum fee per loan will be $250.00, regardless of dollar amount of loan.
Title insurance and appraisal costs as well as all other hard costs (i.e., recording fees, credit reports, attorney fees, etc.
) will be paid by borrower.
The loan origination fee and closing costs are not eligible for financing through the loan proceeds.
Contact InformationGreater Eastern Oregon Development Corporation
Address: P. O. Box 1041
City: Pendleton
State: Oregon
Website:
http://www.geodc.net/services/loan-services
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