Small business loan fund gets $16.5M

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Tuesday, December 20, 2011

Business Oregon received $16.5 million in federal funds to provide loans to small businesses.

The federal funds, when combined with existing state programs, are expected to provide about $165 million in loans to small businesses in Oregon over the next four years, according to Business Oregon, the state’s business development department.
As the economy gets stronger, many lenders are looking for government assistance to help mitigate collateral, cash flow and credit weaknesses in the business applications they’re considering, Business Oregon Director Tim McCabe said. “This funding can go a long way toward meeting that demand and help create jobs here in Oregon.”

Read more at The Register-Guard.

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spencerg
0 #1 Oregon Small Business Loansspencerg 2011-12-23 07:28:14
While these funds are great, they are more relevant to the larger "small business" with lots of collateral and great credit and not the mom and pops who are struggling. A underutilized source of Oregon small business loan programs is through revolving or micro loan funds that are funded by SBA, USDA, EDA, etc. This money is given to local economic development agencies to help spur economic development and create jobs, unlike the banks who are looking strictly at credit scores. www.businessloanfunds.com has a directory separated by county for these local, state and federal funds.
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