Purpose of the Program

• Establish new business.

• Expand existing business.

• Create employment opportunities.

• Save existing jobs.

• Develop community projects. 

 

 

What Is The Fund?

​This fund can provide long-term, fixed-rate financing for land, buildings, equipment/machinery, and permanent working capital.

 

 

How Much Can Be Borrowed?

Up to $500,000. This amount must be less than 75% of the total project cost. 

 

 

What Can The Dollars Be Used For?

​Loan proceeds must be used for business and economic development purposes. Loans may include (but are not limited to) the following:

• Business acquisition, construction conversion, enlargement, repair, modernization, or development costs.

• Purchasing and development of land, easements, right-of-way, building, facilities, leases, or material.

• Purchasing of equipment, supplies, leasehold improvements, or machinery.

• Transportation services.

• Refinancing of debt. 

• Start-up costs and working capital. 

• Feasibility studies and any other reasonable fees and charges. 

 

 

Terms

Application Fee: $500 (Applied to processing fee.)

Processing Fee: 1%

Security: Negotiable

Interest Rate: Negotiable 

Loan Term: Negotiable 

 

 

Who Can Apply?

This loan fund is for the exclusive use of businesses located int he counties of Baker, Gilliam, Grant, Harney, Lake, Malheur, Morrow, Sherman, Umatilla, Union, Wallowa, Wasco, and Wheeler. Applicants must be a citizen of the United States of America, or legally admitted for permanent residence.

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The above are guidelines, the MDC Loan Committee, by a majority vote, can adjust these parameters.