Community Lender Loan Loss Account (CLLLA)

About this funding opportunity

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Search this siteSubmitclose Community Lender Loan Loss Account (CLLA)

Page Navigation Community Lender Loan Loss Account Program (CLLLA)

The Community Lender Loan Loss Account (CLLLA) Program provides capitalized loan loss reserves for participating community lenders. The loan loss reserves are intended to mitigate credit risks typically associated with lending to start-ups, early stage businesses and borrowers lacking capital.

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Business Credit Risks Supported

The CLLLA Program has funded Loan Loss Reserve Accounts for the purpose of increasing the lending capacity of community lenders to Oregon business owners and entrepreneurs who lack access to capital to start or grow their businesses due to factors including, but not limited to:

(a) Limited net worth of the Qualified Borrower and its principal(s) guaranteeing the loan;

(b) Lack of adequate business and/or personal assets available to pledge as collateral;

(c) Limited business and/or personal liquidity normally required to qualify for traditional commercial credit options;

(d) Limited time in business and/or credit history; and,

(e) Lack of financial training and capacity to prepare and compile business plans, financial statements, and projections necessary to support a business loan request. How Does it Work? An enrolled Community Lender may apply to enroll a Qualified Loan in the Program by submitting an application at least five (5) business days prior to the lender disbursing funds to the Borrower or the date the loan documents are to be fully executed and the lender is obligated to disburse proceeds. In the event of a default, a claim can be made against the Loan Loss Account once the lender collects on the loan consistent with the loan documents and program policies. Email completed applications and supporting documents to the Business Finance Team at Business. Finance@biz.oregon.gov. Enrolled Community Lenders C.C.D. Business Development Corporation (CCD) Central Oregon Intergovernmental Council (COIC) Mid-Columbia Economic Development District (MCEDD) Mount Hood Economic Alliance (MHEA) Mid-Willamette Valley Council of Governments (MWVCOG) Northeast Oregon Economic Development District (NOEDD) Oregon Cascades West Council of Governments (OCWCOG) South Central Oregon Economic Development District (SCOEDD) Valley Development Initiatives (VDI)

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Topic areas: Social Innovation and Community Development, Public Policy and Governance, Workforce Development.

Funding amount

This other provides Varies in funding.

Deadline

Applications are accepted on a rolling basis; there is no single fixed deadline.

Who can apply

This opportunity is open to the following applicant types:

• Not specified by the program.

Eligibility

The program did not publish a separate eligibility statement. See the official opportunity page for the full eligibility criteria.

Agency

Community Lender Loan Loss Account (CLLLA) is administered by Business Oregon (Oregon Business Development Department) (Business Oregon), listed via Business Oregon (Oregon Business Development Department).