Hey Entrepreneurs! Get More with the EOLP!
The Entrepreneurial Opportunity Loan Program (EOLP) just got bigger! A lot bigger! When the program started in 2022, business owners could apply for a commercial loan of up to $20,000. Now, small business owners may apply for up to $30,000. How will you grow YOUR business?
What’s the Big Deal?
The EOLP is designed to help start-up companies. We consider a “start-up” company as one that is 3 years old or younger. We know that it can take a while to reach a positive cash flow. With the EOLP, there are NO PAYMENTS for the first 12 months. That’s right – a whole year with NO payments.
- Borrow up to $30,000
- Minimum loan up is $5,000
- No loan repayment for first 12 months
- Interest for the first 12 months is only half a percentage point (0.5%)
- No penalty for early repayment
- Loan repayment within 5 years
Pay for equipment, a company vehicle, or working capital. The EOLP is made possible by a partnership between Embold Credit Union and the City of Oregon City Economic Development Department. Questions? Call Ann Griffin at Oregon City (503-974-5517) or check out the Economic Development website - EOLP.
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