Embold Credit Union has again partnered with the Oregon City Economic Development Department and Micro Enterprise Services of Oregon (MESO) to offer a second round of funding for start-up companies based in Oregon City.
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.
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 will become available beginning Wednesday March 8, 2023. Initial loan decisions may be made as early as the last week in March, 2023. The loan program will remain open until all available funds are dispersed.
More information will be available online at oregoncitybusiness.com/incentives-programs and at emboldcu.org/business-loans. For more information, contact Ann Griffin at Oregon City, 503-974-5517 or firstname.lastname@example.org.