Oregon Guide to Small Business Loans
Beneficial State Bank is a reputable financial institution in Oregon, which is completely community-centered. This well-known and established facility has a large number of services on offer, for new and growing businesses.
If you’re in the construction industry, this bank will be of particular interest to you. As, this bank offers a number of specific options for commercial and real estate development, including affordable housing. Beneficial State Bank also offers refinancing and acquisition of:
- Multifamily properties
- Real estate loans (medium and long term)
- Owner-occupied commercial properties
- Non-owner-occupied properties
A popular option at Beneficial State Bank is the Business Builder Loan. For capital or financing, this loan starts at $10,000 through to $150,000. The time-frame of this loan ranges from five to ten years. You can also apply for this loan through a credit line, where the loan period is set at six years.
This Oregon-based bank offers a wide range of business grants. It has a primary focus on real estate and development and, as such, offers special contractor loans. In addition, you can take advantage of its commercial and construction loans and lines of credit.
The People’s Bank of Commerce also offers many Small Business Administration (SBA) loan packages, including conforming loans.
Going the extra mile, specifically when it comes to business start-ups and small enterprises, the Entrepreneurial Development Loan Fund (EDLF) (a company made up of nine or fewer employees), provides business owners with a series of attractive loan options.
The business loans, offered by Entrepreneurial Development Loan Fund, come with a limit of $75,000 and a fixed interest lf 2%. The best part about this loan is that the repayment period extends to up to five years.
Popular in Oregon, Mercy Corps Northwest takes small business funding to the next level. They offer start-up grants tailored to companies that are in their pre-launch or first-year phase. The maximum grant amount you can get is $20,000, with repayment terms of up to five years. The interest rates are determined by the applicant’s credentials.
They also have an Expand/Grow loan that provides funding of up to $50,000.Companies that have been operational for at least twelve months are eligible for these loans. This loan type comes with a repayment period of up to five-year.
Mercy also offers smaller loans so businesses can build a better line of credit. The loans range from $1,000 - $2,500, and the cost of closing these loans ranges from $25 - $50. Having a good line of credit creates trust in your business and improves your business’s credentials, which is helpful if you wish to apply for an SBA loan further down the track.
Columbia Bank has a diverse range of grants and financing options available in the state of Oregon. Columbia purchased Pacific Continental in 2017. This means it has a comprehensive understanding of the needs of small businesses within the Pacific Northwest. Some services include:
- Cash flow loans
- General loans
- Real estate grants
- Business growing loans
- Lending options for the agricultural sector
- Land development and construction grants
Because Columbia is a Preferred SBA Lender, it’s able to provide customers with flexible conditions and repayment terms. As a preferred lender, it also offers a shorter waiting time for grant approvals.
Summary of the Top 5 Oregon Small Business Loans
Beneficial State Bank
People’s Bank of Commerce
Real Estate Development/Construction
Companies in need of cash injection
Mercy Corps Northwest
Companies in their first 12 months of doing business