Oregon Pacific Bank Announces Community Emergency Loan Fund
In these unprecedented times, Oregon Pacific Bank has developed a Community Emergency Loan Fund to help our local businesses and nonprofit organizations.
We have committed to lend up to $5,000,000 to local businesses and non-profit agencies that are headquartered and operate in the communities of Coos Bay, Eugene, Florence, Medford, and Roseburg. These funds will be invested in our local community to reduce the economic impact of COVID-19.
“We believe small businesses and non-profits are the social and economic drivers of the communities we serve,” says Ron Green, President and CEO of Oregon Pacific Bank. “Collectively throughout Oregon, our small businesses represent the largest employer of our community members. They are the people that volunteer on our local boards, are involved in our civic organizations, and sponsor our local youth sports teams. During these unprecedented times, many of our small businesses and community organizations that we rely on are at risk. Oregon Pacific Bank is committed to helping our communities succeed, and we will invest in the viability and success of our small businesses.”
Oregon Pacific Bank’s Community Emergency Loan Fund will make it easier for business owners and non-profits to qualify for a draw down line of credit. Each loan is not to exceed $100,000 or 50% of 2019 sales. The loan will start with 12 months of interest only payments, with 0% interest for the first 6 months. After 6 months, the loan will convert to a 4% interest rate. At the end of twelve months, the loan will be amortized over a 7-year period at a fixed interest rate of 6%, with monthly payments of principal and interest. The amount the Bank has set aside could support at least 50 businesses, though not everyone will qualify or need to borrow up to the maximum limit.
“We are proud to be able to offer additional resources to our local community, but respectfully ask that applicants consider their true financial need before applying,” Green said. “Oregon Pacific Bank will be there to help our local businesses, but we will first want to determine what other resources are available that you could invest in your business or non-profit organization.”
As Ron Green points out, unprecedented times require unprecedented actions. The Bank recommends looking at some less common solutions during this emergency. Some examples could include considering private capital from friends or relatives, selling under-utilized equipment, extra property or inventory, or talking to your financial advisor about an early withdrawal from your IRA.
“If your business is viable, and you have no other alternatives, please apply,” adds Green. “The intent of our Community Emergency Loan Fund is to provide assistance to those who truly need funds to cover operating expenses, so that their business will remain viable through the economic recovery.”
The Community Emergency Loan Fund online application can be found at: www.opbc.com/community-emergency-loan-fund