Easier small-biz loans

Easier small-biz loans

Legislators are looking to help small businesses more easily borrow money from the state loan fund.

The Oregon Business Development Fund has provided $67 million in loans since 1983, and legislators hope streamlining the loan process will help the economy.

Under current law, qualifying businesses can borrow up to 50 percent of the cost of their expansion or improvement through the fund. Current interest rates range from 4.5 percent to 5.5 percent, depending on the loan.

House Bill 3605 would allow businesses to borrow more than 50 percent, if they have been turned down by two private banks. Those businesses would still be required to have collateral, a viable business strategy and a plan to pay the money back. State officials say their target is one new job for every $25,000 loaned.

Read the full story at OregonLive.com.

{biztweet}Oregon Business Development Fund{/biztweet}