December 10, 2009

The Greater Eastern Oregon Development Corporation (GEODC) is pleased to announce the receipt of an additional $99,000 to supplement the Southeast Region Revolving Loan Fund available to businesses in Grant, Harney and Malheur Counties. These new monies are earmarked for communities with populations of 5,000 or fewer.

These American Recovery and Reinvestment Act funds were provided through the United States Department of Agriculture Rural Development’s Rural Business Enterprise Grants (RBEG) Program. The goal of RBEG funding is to help finance new and existing businesses in rural communities. The grant to GEODC is one of 145 projects selected nationwide.

GEODC plans to address two principal initiatives 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 employment offices and other service providers to identify individuals that may meet these criteria. 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 and job retention as well.

Loan applicants will be required to complete GEODC’s standard loan application. It may be downloaded from www.geodc.net  or requested by calling the GEODC office in Canyon City at (541) 575-2786.

In addition to the Southeast Region Revolving Loan Fund, GEODC has a range of other loan programs that are designed to fill the gap that often exists between traditional financing and borrower equity. Creating and retaining local jobs throughout eastern Oregon is fundamental to GEODC's lending decisions.