Areas Served: Baker, Union and Wallowa counties.
The Revolving Loan Fund (RLF) provides long-term, fixed rate financing for land, buildings, equipment and machinery, and permanent working capital for Oregon businesses in Baker, Union and Wallowa counties.
Program Guidelines – Maximum loan is 50% of eligible project costs – preferred level of participation is 33%; – Individual loans may not exceed $100,000; – Refinance of existing debt is ineligible; – A minimum of one job must be created for every $15,000 of RLF investment; – The RLF may not supplant private bank financing; – Not recommended for construction projects as Davis-Bacon wage rates are required; – Interest rate normally 1% above prime.
Information Required for RLF Loans – A brief description of the business and its operations and services.
Highlight your market, your customers and major competitors.
– A description of the project to be developed including the assets to be purchased and their costs.
– The number of full and part-time jobs that will be created as a result of this project.
– Description of any affiliated corporation, partnerships or businesses in which a principal with 10% or more interest in the parent company also has a 10% or more interest in the affiliated company.
– Three years of financial statements for the current business or corporation you are operating.
This would include both a balance sheet and a profit and loss statement for each of these years.
This requirement does not apply to business start-ups.
– Cash flow projections for the business.
Explain how this project impacts the projections in terms of new sales and profits.
-Personal financial statements and federal tax returns for those principals who own 10% or more of the company.
– Interim financial statements for the most current period.
These statements should be no older than 30 days.
– Complete the application form.
Collateral and Security – Loans must be fully secured – Loans will normally be subordinated to other project financing.
– An equity injection of at least 10 percent will be required.
Contact InformationNortheast Oregon Economic Development District
Address: 101 NE First Street, Suite 100
City: Enterprise
State: Oregon
Website:
http://www.neoedd.org
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