The Greater Eastern Oregon Development Corporation (GEODC) has two open loan programs – one for home rehabilitation and one for small business owners.
The Northeast Regional Housing Rehabilitation Loan Program was created to assist homeowners in Umatilla and Morrow counties complete essential home repairs. The loan is interest free with deferred payment options.
The program is for owner-occupied homes with a low to moderate annual income, and the repairs cannot exceed 50 percent of the assessed Real Market Value of the property. Manufactured homes must have been constructed after 1978 to qualify.
Repairs can cover health and safety concerns through structural repair; upgrades to electrical, plumbing, and heating systems; roofing repair or replacement; weatherization upgrades; or handicap accessibility.
“For many homeowners, a critical repair is just not in their budget,” said Susan Christensen, executive director of GEDOC. “These loans allow people to make their homes safer, more energy efficient and more accessible.”
The USDA Intermediary Relending Program (IRP), administered locally by GEODC, is available to help small business owners secure working capital through loans of $10,000 for up to 60 months and no payments for the first six months. Rates start at 4 percent and loan fees at 0.5 percent.
Through the IRP, USDA works with local partners like GEODC to ensure business lending is available to the small rural businesses providing jobs and services to rural Oregonians.
For pre-applications or more information about either of these programs, contact GEODC at www.geodc.net or by calling 541-276-6745.
