Business Loans

 COVID19 Recovery Resources

 CARES ACT lending funds are now available in 2021 to businesses. This Economic Development Administration program goal is to retain and expand our Central Oregon economic base. 

To find out more about COIC’s available loan programs, contact Patrick Germick 

 pgermick@coic.org or call 541-280-9611 

General resources for businesses and employees: Central Oregon SOS – Support for Employees and Employers

SBA programs:

Did you know that COIC provides alternative loans for new or existing small businesses? These loans help create or retain job opportunities and / or to assist credit-worthy business owners who are unable to secure financing from other sources.

COIC alternative loans are intended to work in cooperation with conventional bank loans, or in some cases fully fund projects when bank financing is not available or can not be received on reasonable terms.

Our loan department staff is responsible for originating and servicing these loans, compliance with applicable federal program regulations, and managing fund balance sheets.


COIC Loan programs:

  • Economic Development Administration (EDA) revolving loan fund, available in Deschutes, Crook, Klamath, Lake, Harney, and Jefferson counties;
  • USDA Intermediary Relending Program (IRP) revolving loan fund, available in the above counties plus Malheur, Hood River, Sherman, Wasco, Lane, Douglas, Coos, Curry, Josephine, and Jackson counties;
  • Jefferson County revolving loan fund (origination and servicing only, as the fund is owned by the county);

A COIC loan is usually offered in conjunction with a bank loan, so your project is funded from three sources:
1) Bank loan
2) COIC loan
3) Your cash
The COIC loan can fill the gap in your financing package, making it possible for your bank to provide a loan that it might not otherwise be able to make.

COIC’s business loan programs provide financing packages for new or growing businesses, and are designed to participate with bank loans. By using a COIC loan, your bank may be able to make a loan that could not be made otherwise. In some cases, projects can be financed exclusively by COIC, without a companion bank loan. For most businesses, the best place to start is with your bank loan officer. If your bank is unable to provide you with the financing you need, contact our loan officers for information on COIC financing options. Your banker can also contact us – we can do loans in cooperation with any lender. We’ll also discuss other public lending options that may be available for your business.

• Purchase an existing building
• Purchase land and construct a new building
• Purchase new or used equipment
• Working capital
• Business purchase may be eligible on a case-by-case basis
• Refinance of existing debt is eligible on a case-by-case basis
• Both start-up and existing businesses are eligible

Click this link below to go to our quick 10 questions to get us to understand more of your goals. This way, when we connect I can present financing ideas to help your business grow.

Please email pgermick@coic.org for the questionnaire 

    • Business History: one page summary of the management, goals, industry, marketing
    • Resumes of all owners, officers, principal stockholders
    • Business Plan
    • Business Financial Statements – 3 most recent years, signed
    • Current Interim Balance Sheet and Income Statement
    • Personal Financial Statements-individual sole proprietor, partners, shareholders
    • Complete Business & Personal IRS Tax Returns – 3 most recent years, signed
    • Cash Flow Projections or Projected Annual Income Statement – 2 years, signed
    • Articles of Incorporation & Bylaws, Partnership Agreement, and/or Assumed Business Name filing, with current members
    • Oregon State Quarterly Tax Reports (Form 132) – 4 most recent quarters
    • Assignment of Life Insurance to COIC on loans greater than $25,000 (at closing)
    • Maximum loan size is generally $250,000 for the COIC portion of the project, although some exceptions apply. There is no project size limit
    • Minimum loan size is typically $20,000
    • Maximum loan term is 25 years for real estate and 7-10 years for all other loan purposes
    • Interest rate is fixed for the life of the loan, generally at a below-market rate
    • Loan fee is 1.5% of the loan amount and can be included in the loan

    • For existing businesses, a minimum 10% cash down payment is required
    • For start-up businesses, a 25%-30% owner cash injection is typically required
    • Typical loan structure: Bank loan, COIC loan, and borrower cash down payment
    • The COIC collateral lien will usually be subordinate to the participating bank’s lien position
    • COIC may require personal assets for collateral (such as a 2nd mortgage on a personal residence)

    • COIC loans are typically offered in conjunction done with a bank loan
    • In some cases, projects can be financed exclusively by COIC with no bank companion loan
    • COIC provides only fully-amortizing term loans, and does not offer business lines of credit
    • All projects are required to create new job opportunities or retain existing jobs

    COIC Administration,  Community & Economic Development & Loans, and CET Hawthorne Station
    334 NE Hawthorne Ave.
    Bend, OR 97701
    541-548-8163 phone
    541-923-3416 fax

    Bend WorkSource
    1645 NE Forbes Rd. Ste 101
    Bend, OR 97701
    541-388-6070 phone
    541-389-8265 fax

    Bend Alternative Education
    1645 NE Forbes Rd. Ste 108
    Bend, OR 97701
    541-771-2229 phone

    CET Bear Creek Office and Maintenance Facility
    1250 NE Bear Creek Rd.
    Bend, OR 97701

    CET Antler Office and Maintenance Facility
    343 East Antler Ave
    Redmond, OR 97756
    541-385-8680 phone
    541-548-9548 fax

    Redmond Alternative Education
    2326 SW Glacier Place
    Redmond, OR 97756
    541-280-0031 phone

    Redmond WorkSource
    2158 SE College Loop, Suite B
    Redmond, OR 97756
    541-548-8196 phone
    541-504-2969 fax

    Prineville WorkSource
    457 NE Ochoco Plaza Drive
    Prineville, OR 97754
    541-388-6201 phone
    Hours: Tuesdays & Fridays 9-4, closed for noon hour (12-1pm)

    Prineville Alternative Education
    2321 NE 3rd St.
    Prineville, OR 97754
    541-280-6604 phone

    La Pine Alternative Education
    16493 Bluewood Place
    La Pine, OR 97739  
    541-907-7798 (phone)

    Madras WorkSource
    1170 E. Ashwood Rd.
    Madras, Oregon
    541-548-8196 phone
    Hours: Mondays & Tuesdays 9-4pm