Credit Enhancement Fund (CEF)

About this funding opportunity

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The Oregon Credit Enhancement Fund (CEF) is a loan insurance program available to lenders to assist businesses in obtaining access to capital.

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The fund insures the repayment of loans made by lenders that provide working capital or fixed-asset financing to businesses. In agreeing to insure a business loan, Business Oregon assumes responsibility for up to 80 percent of a loan made by a lender should the business default or otherwise be unable to make scheduled payments. What is the Application Process?

The process starts when an eligible business borrower applies to its lender for conventional financing. The department cannot consider a loan insurance application unless it is submitted by a lender and it is accompanied by supporting documentation, including a lender’s analysis. A complete loan insurance application includes the information and materials described in the Loan Application form.

Prior to submitting an application, lenders are encouraged to speak with a Business Finance Officer to discuss which type of insurance to use, whether a request will be eligible, and to review the information that must be submitted with an application. Enrolled Lenders Bank of Eastern Oregon Bank of the Pacific Beneficial State Bank Citizens Bank Clackamas County Bank Community Bank First Federal Savings and Loan First Interstate Bank Heritage Bank Idaho First Bank MAPS Credit Union Mid Oregon FCU Old West FCU Oregon Coast Bank Oregon Pacific Bank P1FCU People's Bank of Commerce Rivermark Community Credit Union Rogue Credit Union SELCO Community CU Summit Bank Columbia Bank WaFd Bank Washington Trust Bank Willamette Valley Bank How Does Funding Work?

Loan insurance is: Typically up to 80 percent of the loan amount for term loans with a maximum insurance exposure of up to $6,000,000; A maximum term that does not exceed the useful life of assets securing the loan or a maximum term of 10 years; Typically, up to 80 percent of the loan for operating lines of credit with a maximum insurance exposure of $1,600,000; A maximum initial term of one year for operating lines of credit; Available on business term loans and operating lines made by participating financial institutions (banks and credit unions); Available for real estate secured loans (usually needing full collateral coverage except for Collateral Support Insurance); and Subject to other criteria outlined in the CEF Application and Oregon Administrative Rule. Who is Eligible?

Financing is available for most business activities, such as acquisition of real or personal property, export financing, working capital (including receivable and inventory financing), and construction financing for commercial real estate.

Ineligible uses include personal or household expenses, residential housing, and passive investments. Other restrictions may apply.

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

Funding amount

This grant 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

Credit Enhancement Fund (CEF) is administered by Business Oregon (Oregon Business Development Department) (Business Oregon), listed via Business Oregon (Oregon Business Development Department).