As the economy continues to shift due to the pandemic, Umatilla Electric Cooperative is reminding area entrepreneurs of its revolving loan fund.
According to a news release, the purposes of the fund are to help establish a new business, expand an existing business, create employment opportunities, save existing jobs or develop community projects.
Loans are available for between $5,000 and $360,000, and projects must have a minimum of 20% of their funding from other sources.
There is a $500 application fee, an annual 1% servicing fee on the balance and a 3.25% interest rate. Collateral and the length of the loan period are negotiable.
“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,” the email from UEC states. “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.”
For more information, contact the Umatilla Electric Cooperative Business Resource Center at firstname.lastname@example.org or 541-289-3000.