Micro loans: Lending program seeks to spur local business

April, 2016 Posted in Business
Stayton business tests
idea for Saturday Market

The Picken Coop in Stayton
has been trying to build
interest in a Saturday
Market in the parking lot
at 789 N. Third Ave., Stayton.

They have two planned for this
month, April 2 and 9,
10 a.m. – 3 p.m.

Vendor spots are available for $15.
If you are interested,
call Lora Sramek, 503-881-3133.

By Mary Owen

Need capital to start or grow a business? Community LendingWorks, a non-profit community development financial institution, might be able to help.

“Our mission is to support small businesses and create a vibrant regional economy,” said Maia Hardy, community and business outreach coordinator at CLW.

“It is a mission that allows us to offer flexible, responsible lending to businesses and individuals that have a hard time accessing it through traditional lending institutions.”

As the only community development financial institution making small business and microenterprise loans of $50,000 and under, Community LendingWorks offers entrepreneurs both start up and expansion funds, “fostering vibrant communities through expanded business options and job growth,” Hardy said.

“Our loan products are innovative and our underwriting is based on a holistic look at the individual and the business,” she added.

“Through alliances with financial institutions, economic development agencies and other community partners, we connect individuals and businesses with the responsive funding they need to succeed.”

Loan products range from a few hundred dollars to $50,000. Anyone over age 18 can apply.

“Depending on the loan amount, there are different application requirements, such as a business plan and financial projections,” Hardy said.

Since its inception in 2012, Community LendingWorks has loaned just over $1 million to nearly 60 businesses.

“When it’s time for a first stage or growth phase, microenterprise, market and small businesses often find qualifying for mainstream funding challenging,” Hardy said.

“This challenge is even more acute for rural communities. Research shows that small businesses make up more than half of the economy, and are the job creators.

“CLW believes in a holistic approach to lending to ensure businesses have access to resources and mentors that help make their dream a reality.”

Committed to the economic vitality of rural communities, CLW is waving loan application and processing fees for rural businesses that apply before June 1.

“Discount can be up to 1.5 percent of the loan amount,” Hardy said.

The promotion applies to Linn, Lane, Marion, Douglas, Curry, Coos and Clackamas counties. CLW is a non-profit affiliate of NEDCO (Neighborhood Economic Development Corporation).

For information, contact Hardy at 541-345-7106 ext. 222 or visit www.communitylendingworks.org.

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