The Oregon City Entrepreneurial Opportunity Loan Program provides favorably termed loans to local startups, with no payments required for the first year.
Managed by the Oregon City Economic Development Department, the program offers loans to entrepreneurs worth up to $20,000 to kickstart their startup. For a business to be considered a "startup" and be eligible for this program, it must be three years old or younger. Loan funds can be used for things like rent, tenant improvements and inventory.
No payments will be required during the first 12 months. During that time the interest will be only 0.5%. After that first year, the loan will be fixed at the Prime Rate plus 3%. The loan should be repaid within 5 years.
The loan program is the result of a partnership between the City Of Oregon CIty, Embold Credit Union and the Micro Enterprise Services of Oregon.
To learn more, call 503-974-5517 or contact Ann Griffin.