Business Loans
Loan Funds Available Now for Businesses
Getting back on track or moving to the next level can require additional funding. We provide real estate , equipment, and working capital loans. Useful to improve the cash flow cycle, hiring employees, equipment to expand operations; all as part of your growth plan. You want to be smart about your next steps. We can help.
Structuring a low fixed rate loan with payback terms that work for your company is important. COIC has provided financing for many popular and growing Central Oregon businesses over the years. We view qualifying information more broadly in public lending. Simply, we help businesses get to where they want to go.
To find out more about COIC’s available loan programs, contact Patrick Germick
pgermick@coic.org or call 541-280-9611
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, and Jefferson counties;
- USDA Intermediary Relending Program (IRP) revolving loan fund, available in the above counties plus Klamath, 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);
- Loan Position
- COIC Business Loan Program
- Use of Loan Proceeds
- Initial Inquiry- Start Here
- Loan Checklist
- Rates and Loan Terms
- Loan Package Structure
- Program Basics
Some loans can be funded directly by COIC as the only lender in 1st position or a COIC loan can be offered in conjunction with a bank loan (COIC in 2nd position). Thus, your project can be funded from three sources:
1) COIC loan or 1) Credit Union or Bank Loan
2) Your Cash 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. Check the Loan Package Structure tab for your cash down payment.
COIC’s business loan programs provide financing packages for new and existing businesses. By using a COIC loan, your bank or credit union 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 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
Or you may 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
- Maximum loan size is generally $250,000 for the COIC portion of the project, although some exceptions apply allowing higher amounts. There is no project size limit
- Minimum loan size is currently 5,000 in our micro lending program
- Maximum loan term is 25 years for real estate and 7-10 years for all other loan purposes
- Rates based on risk/collateral/loan position and generally range from 3.75% to 6.5%. Additional incentives available
- Interest rate is fixed for the life of the loan, no prepayment penalty and at a below-market rate.
- Loan fee is 1.5% of the loan amount and can be included in the loan
• For start-up businesses, a 25%-30% owner cash injection is typically required
• Typical loan structure: Bank or Credit Union loan, COIC loan, and borrower cash down payment or COIC and your cash down
• The COIC collateral lien will usually be subordinate to the participating bank’s lien position
• COIC may require personal assets for collateral ( 2nd mortgage on a personal residence) and other business assets)
• COIC loans are typically offered in conjunction done with a bank or credit union loan
• In some cases, projects can be financed exclusively by COIC with no bank companion loan
• COIC provides fully-amortizing, fixed rate loans with no prepayment penalty and does not offer lines of credit
• All projects are required to create new job opportunities or retain existing jobs
General resources for businesses and employees: Central Oregon SOS - Support for Employees and Employers
SBA programs:
OSU Innovation Lab
Oregon State University Cascades Innovation Co-Lab
Opportunity Knocks- A fantastic
COIC Administration, HR Department and CET Maintenance Facility
1250 NE Bear Creek Rd.
Bend, OR 97701
541-548-8163 phone
541-389-7367 fax
CET Administration, Community & Economic Development/Loans, and COIC Information Technology
334 NE Hawthorne Ave.
Bend, OR 97701
541-548-8163 phone
541-923-3416 fax
Hawthorne Station Bus Depot
334 NE Hawthorne Ave
Bend, OR 97701
541-788-3783
Bend WorkSource
1645 NE Forbes Rd. Ste 101
Bend, OR 97701
541-419-3873 phone
541-389-8265 fax
Bend Alternative Education
1645 NE Forbes Rd. Ste 108
Bend, OR 97701
541-706-1458 phone
CET Antler Office and Maintenance Facility
343 East Antler Ave
Redmond, OR 97756
541-385-8680 phone
541-548-9548 fax
COIC Administration, HR Department and CET Maintenance Facility
1250 NE Bear Creek Rd.
Bend, OR 97701
541-548-8163 phone
541-923-3416 fax
CET Administration, Community & Economic Development/Loans, and COIC Information Technology
334 NE Hawthorne Ave.
Bend, OR 97701
541-548-8163 phone
541-923-3416 fax
Hawthorne Station Bus Depot
334 NE Hawthorne Ave
Bend, OR 97701
541-788-3783
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
541-706-1458 phone
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
541-419-3873 phone
541-504-2969 fax
Prineville WorkSource
457 NE Ochoco Plaza Drive
Prineville, OR 97754
541-419-3873 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