Many businesses are finding themselves needing financing as they adjust to the changes which have occurred during the COVID-19 pandemic. The Umatilla Electric Cooperative Revolving Loan Fund may be able to assist you.
The program can help with establishing a new business, expanding an existing business, create jobs, save existing jobs and develop community projects.
Uses of UEC’s Revolving Loan Fund proceeds may be for land, fixed assets, machinery and equipment, or working capital needs. Working capital loans will only be considered in conjunction with the purchase of other assets as previously specified.
The loan amount can be up to $360,000. Projects must include a minimum of 20% funding from other sources.
Terms include a $500 application fee, a 1% servicing fee, negotiable security, a 3.25% interest rate and the loan term is negotiable.
In general, eligible projects for loans can include any business venture, governmental public body, or entities involved in a community or economic development project that promotes job creation and/or provides needed community services that benefit rural areas, including loans to for-profit businesses and loans to not-for-profit entities.
For more information, contact Greg Smith at 541-377-9464 or email uecrlf@gmail.com.
