Pamplin Media Group – Oregon City Prepares to Launch New Business Loan Program

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$100,000 is going to start-ups through a partnership with Clackamas Federal Credit Union, Micro Enterprise Services of Oregon.

A new pilot program in Oregon City aims to stimulate the local economy and provide much-needed long-term capital to start-up businesses.

Oregon City’s new Entrepreneurial Opportunity Loan Program will lend a total of $100,000 this year to business owners who have been in business for three years or less. Applicants can receive loans of up to $20,000 to finance their growing businesses.

This unique public-private partnership brings together city officials, Clackamas Federal Credit Union and Micro Enterprise Services of Oregon.

“This is a critical time to launch this initiative as individuals seek to control their own destiny by establishing their own private enterprise and to be more resilient due to their experiences with the impact of the COVID-19 pandemic,” said James, director of economic development for Oregon City. Graham.

To participate, a business must be in Oregon City, have a business plan, and provide a personal guarantee. Borrowers selected to participate will not be required to make any principal or interest payments for the first 12 months.

During the first year, interest will accrue at a rate of 0.5% and, after 12 months, interest will be adjusted to 3 percentage points above the prime rate. Borrowers will have up to five years to repay the loan.

“The Business Opportunity Loan Program is a perfect fit with Clackamas Federal Credit Union’s mission,” said Katie Gillespie, director of business services for the credit union. “We are pleased to partner with the City of Oregon City to launch this pilot program and support business owners in our community.”

Micro Enterprise Services of Oregon Executive Director Cobi Lewis said MESO’s mission is to uplift and empower historically excluded and underfunded entrepreneurs with tailored assistance and flexible capital to build family wealth. through small business ownership.

“Access to fair capital is critical to the success of start-ups, which is why MESO is thrilled to be a part of this project,” Lewis said. “Our contribution is to provide business development technical assistance to companies interested in the program, including business planning, market research and help with the loan application itself.”

On August 1, more information about the program will be available on Oregon City’s new economic development website, oregoncitybusiness.com. Eligible candidates are invited to apply online between August 15 and September 30. You can also pick up an application at City Hall, 625 Center St.


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