Entrepreneurial Development Loan Fund (EDLF)

About this funding opportunity

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Search this siteSubmitclose Entrepreneurial Development Loan Fund (EDLF)

Page Navigation Entrepreneurial Development Loan Fund (EDLF)

Created by the Oregon Legislature in 1991, the Entrepreneurial Development Loan Fund provides direct loans to help start-ups, micro-enterprises, and small businesses expand or become established in Oregon. This fund fills a niche not provided through traditional lending markets.

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Business Finance Officer

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Who is Eligible?

Nearly every type of business is eligible to apply. Participants must meet one of the following criteria: The Applicant must have had total revenues of $1,500,000 or less in the 12 calendar months immediately preceding the date application is made to the Fund for a loan; The Applicant must have 25 or fewer full-time equivalent employees at the time of application; or, At least 50 percent of the Applicant’s business or proposed business must be owned by an individual or individuals classified as Severely Disabled. How Does Funding Work?

Loans are: A maximum aggregate lifetime amount of $1,000,000 in loan proceeds from the Fund; Generally a maximum amortization not to exceed the useful life of the assets being financed, as determined by the department, not to exceed 10 years; and A fixed interest rate of Prime plus 2%, minimum. What is the Application Process?

Applications must show that the business: Can provide good and sufficient collateral* for the loan; Possesses a reasonable capacity to repay the loan; Meets program equity requirements; Is enrolled in small business counseling through Certified Entities; and Meets other criteria outlined in the EDLF Application and Oregon Administrative Rule.

*Market value of collateral will be discounted. Contact a Business Finance Officer for more details.

Interested applicants should first contact a Certified Entity and then a Business Finance Officer for more information. Applications are submitted to the small business development counselor from the Small Business Development Center (SBDC) at your local community college or other Certified Entity. Please note there are no application fees or fees to work with SBDCs or Certified Entities, but third party fees may apply.

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

Entrepreneurial Development Loan Fund (EDLF) is administered by Business Oregon (Oregon Business Development Department) (Business Oregon), listed via Business Oregon (Oregon Business Development Department).