The Oregon City Economic Development Department has again partnered with Embold Credit Union to offer a second round of funding for start-up companies based in Oregon City. Both organizations contributed $50,000 to the program to fund the second round.
The Entrepreneurial Opportunity Loan Program (EOLP) allows entrepreneurs to borrow up to $20,000. Proceeds from the loan may be used for working capital, internal and/or external commercial building renovations or new equipment.
The benefits of the EOLP program include:
- No principal payment required for the first twelve months.
- Interest rate of 0.5% for first twelve months.
- Loan term up to 5 years.
- No penalty fee for early payback.
- Free assistance with business planning and preparing the loan application.
- Serves companies from just starting up to three years.
Microenterprise Services of Oregon (MESO) is also a program partner. MESO will provide technical assistance to applicants who require assistance in developing their business plan.
Embold Credit Union, formerly known as Clackamas Federal Credit Union, and MESO first joined forces with Oregon City to offer the EOLP in 2022. Two women-owned small businesses successfully received loans in that round, to support an aesthetics company and a baking business.
“This is an important resource to help build back the number of small businesses in our community that were lost during the height of the Covid-19 pandemic,” said James Graham, Economic Development Manager of Oregon City. “At a time when no one wants to lend to startups and especially at such a low interest rate, it’s essentially free money.”
EOLP loan applications are available on the Embold Credit Union website at emboldcu.org/business-loans.
More information is available online at oregoncitybusiness.com/incentives-programs and at emboldcu.org/business-loans. For general information about the EOLP program, contact Ann Griffin at Oregon City, 503-974-5517 or agriffin@orcity.org. For specific information about completing a loan application, contact the Business Services Department at Embold Credit Union, businessservices@emboldcu.org, 503-656-0671.