The North Santiam Canyon Economic Development Corporation has recently provided
$30,000 in small business loans.

The intent of this loan program is to encourage and support job creation and investment in the North Santiam Canyon region, and to provide employment opportunities for low and moderate-income people.

If you meet the eligibility criteria below and would like to apply, please contact the NSCEDC office, or call us at 503-897-2295.

Minimum Eligibility Criteria for Borrowers

A borrower’s principal business location must be within the Marion County portion of the North Santiam Canyon economic region, which includes the cities of Stayton, Mill City, Lyons, Gates, Detroit and Idanha and the unincorporated areas around these cities.

• Borrowers may be private-for-profit firms, including corporations, partnerships and sole proprietorships, cooperatives, or private non-profit entities organized for the conduct of business. A borrower may either be an on-going, existing businesses or a start-up venture.

• Eligible Projects and Activities

• Acquisition of real property for business purposes.
• Acquisition of machinery, equipment, furniture, fixtures and leasehold improvements.
• Working capital.
• Employee training, start-up costs or other expenses necessitated by a business expansion that supports employment opportunities for low and moderate income people.
• Borrowers must demonstrate an ability to repay the loan and provide adequate collateral security.

• Ineligible Projects or Activities

Refinancing of existing debt unless the refinancing is part of a larger business expansion.

• Projects that cannot demonstrate an ability to repay the proposed loan or borrowers who do not have an adequate credit history.
• Projects that do not meet the low-to-moderate income benefit standards and other Community Development Block Grant requirements of the State of Oregon.
• Projects that include construction activities.

•   Special Criteria

Because funds for this program are derived from the US Department of Housing and Urban Development Community Development Block Grant (CDBG) program, certain regulatory standards that apply to CDBG will also apply to activities financed by this program.

• More than 50% of all jobs created or retained as a result of a loan from this program must be filled by persons whose incomes, before hiring, were no more than 80% of the Marion County median household income level as most recently determined by the Oregon Economic and Community Development Department at the time of the loan approval.