The city of Salem recently launched a loan program to help small local businesses grow and hire more workers.
The city of Salem recently launched a loan program to help small local businesses grow and hire more workers.
The program is known as the Fairview Urban Renewal Area Small Business Pilot Loan Program.
Organic Fresh Fingers, a Salem-based food processing company that provides local organic meals to schools and corporate child care facilities, and Wandering Aengus Ciderworks, a national leader in the emerging artisan cider industry, are the first companies to be awarded funds from Salem’s newest loan program.
Salem’s Fairview URA is east of the Salem Municipal Airport and south of Madrona. The Small Business Pilot Loan Program originated as an innovative approach to aid qualified local businesses in their expansion efforts, benefit the residents of Salem, and satisfy the financial objective of the URA plan. The interest rate, term, and optional deferred payment are intended to assist businesses with their expansion transition and give them incentive to immediately grow new jobs for eligibility for up to 70 percent loan forgiveness. As part of the University of Oregon Sustainable Cities Initiative, Community Planning Workshop graduate students conducted research and identified specialty food and beverage manufacturing, among other industries, as a growing opportunity in Salem.
Read more at StatesmanJournal.com.
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