Are you wanting to expand your business and looking for low cost financing to do it?
The Economic Development Revolving Loan Fund (EDRLF) is a low interest loan program that aims to assist new businesses and encourage the expansion of existing local businesses. The amount of available funds for lending by the Revolving Loan Fund Program depends on the accumulation of portfolio’s repayment. Checklist items for eligibility are as follows:
-Business financial statements for the previous three years
-Business financial statement within the past 90days
-Projected income statement for two years
-Breakdown of the use of proceeds
-Personal financial statement
-Resume
The Mid-Willamette Valley Council of Governments provides incentives that help small companies expand or start a new venture through low interest loans or loan guarantees. The Council of Governments, U.S. Small Business Administration, Rural Business Cooperative Service, Cascades West Financial Services, State of Oregon Economic and Community Development Department, U.S. Economic Development Administration and local governments in the four county service area have all partnered together to promote the success of small, local businesses.
The second link provides additional information on the program’s terms and guidelines. The loan fund was created in March 2010 to give some financial stability to local businesses.
For any questions or comments please contact:
John Safstrom, Loan Program Manager
Mid-Willamette Valley Council of Governments
105 High St, SE
Salem, OR 97301
503-588-6177
Fax: 503-588-6094
Email:
jsafstrom@mwvcog.org
