Loan Programs Offering Loans Under
$250,000
GEODC's financing products
are designed to fill the gap that often exists between traditional financing and
borrower equity. Working with a local commercial lender and a borrower, GEODC
provides the missing piece of the finance puzzle.
GEODC's funding sources
and nonprofit nature allow it the flexibility to provide rates and terms
favorable to the borrower.
Creating and retaining
local jobs is fundamental to GEODC's lending decisions. GEODC can help if you
need a loan for working Capital or fixed assets.
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Loan
Types
(Click a loan-type
for more information) |
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GEODC Loan Application
Intermediary
Relending Program (IRP) - Revolving Loan Program
The U.S.
Department of Agriculture and Greater Eastern Development Corporation address
the special financing needs of businesses in Oregon’s eastern counties through
the Intermediary Relending Program (IRP).
The USDA’s Office of Rural Development loans money to GEODC,
which then re-lends it to small businesses in designated enterprise communities
in Eastern Oregon. In addition to IRP funds, the borrower and a
commercial lender also contribute toward overall project financing.
In keeping with
GEODC’s original intent, primary emphasis is placed on using IRP loans to create
employment opportunities and preserve existing jobs. Eligibility for IRP funding
was expanded this past year following a 1998 revision from the USDA in response
to needs expressed by rural communities to include a much wider range of
businesses. Eligibility has now been extended to hotels, motels, bed and
breakfast inns, recreation and tourist-related facilities, commercial fishing
and educational opportunities. To find out more information on the IRP Loan,
Contact Greater Eastern Development Corporation.
To speak with a
loan officer in more detail, submit some brief information on our
contact us
page inquiry or call (541) 276-6745 in Pendleton.
GEODC Loan Application
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Economic
Development Administration (EDA) - Revolving Loan Funds
Regional
Investment Boards in Eastern Oregon have designated funds to be lent to small
businesses. These funds are administered by GEODC in Revolving Loan programs.
Loan Proceeds
cannot exceed 1/3 of the total project costs. Funds may be used for the
following purposes:
·
Fixed Assets
·
Land/Building
Acquisition
·
Equipment, Fixtures
and/or Machinery Purchase
·
Inventory, Supplies and
Working Capital.
The loan range
from $5,000 to $100,000 and have competitive interest rates and terms.
To speak with a
loan officer in more detail, submit some
brief information on our contact
us page inquiry or call (541)
276-6745 in Pendleton.
GEODC Loan Application
Microbusiness
Loans
Need a Business Loan?
GEODC administers loan programs for
financing under $10,000.
We can help if your bank
can't...
The objective of this fund is
to enhance and encourage business expansions, retentions and start-ups, which in
turn will create new job opportunities in rural Eastern Oregon.
It is difficult for
micro-businesses to obtain financing from financial institutions for very small
amounts. Several businesses have used high interest rate credit cards for
start-up capital and then found themselves paying only enough to service fees
and interest. The loan fund will provide businesses with an alternative that
better fits their business needs for capital. Businesses eligible for
traditional financing do not qualify for funding through the Micro-business
funding program. Businesses will need to demonstrate adequate cash flow for debt
service and provide job retention and creation information.
What are the
requirements?...
Unlike regular bank loans, GEODC judges applicants on their
character - not on their collateral. Businesses over one year old that can
demonstrate professionalism, satisfactory credit and positive cash flows but may
not have profit levels that are necessary for conventional banking may .meet the
general qualifications!
To speak with a loan officer in more detail, submit some brief information on
our contact us
page inquiry or call (541) 276-6745 in Pendleton.
GEODC Loan Application
Native
American Entrepreneurial Revolving Loan Fund
The U.S. Department of
Agriculture and Greater Eastern Development Corporation address the special
financing needs of Native American businesses on the Umatilla and Burns-Paiute
Reservations and have developed the Native American Entrepreneurial Revolving
Loan Fund. The USDA’s Office of Rural Development granted money to GEODC, which
then re-lends it to small businesses in designated enterprise communities. In
addition to NEERLF funds, the borrower and a commercial lender also contribute
toward overall project financing. This program is available to members of any
federally recognized tribe
The borrower may be required to
take a business owner training course offered by CTUIR or their local SBDC.
To speak with a loan officer in
more detail, submit some brief information on our
contact us
page inquiry or call (541) 276-6745 in Pendleton.
GEODC Loan Application
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Regional
Strategies - Revolving Loan Funds
Regional Investment Boards in
Eastern Oregon have designated funds to be lent to small businesses. These funds
are administered by GEODC in Revolving Loan programs.
Loan Proceeds may be used for
the following purposes:
-
Fixed Assets
-
Land/Building Acquisition
-
Equipment, Fixtures and/or Machinery Purchase
-
Inventory, Supplies and Working Capital.
The loan range from $1,000 to
$100,000 and have competitive interest rates and terms.
To speak with a loan officer in
more detail, submit some brief information on our
contact us
page inquiry or call (541) 276-6745 in Pendleton.
GEODC Loan Application
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Southeast Region Revolving Loan Fund
Projects to be financed
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.
GEODC Loan Application
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