OTBC Becomes Certified Councelor in EDLF Micro-Loan Program

OTBC was recently certified by Business Oregon as a business counselor for the Entrepreneurial Development Loan Fund (EDLF) program.   The EDLF is a micro-loan program that provides intial loans of up to $25,000, and a follow-on loan of up to $15,000, to Oregon entrpreneurs.   It assists micro-enterprise and small businesses and fills a niche not provided through traditional lending markets. 
 
The fund has the following qualification criteria:

1. The applicant must be enrolled in or have completed a  business counseling program with a certified entity  (such as OTBC).
2. The appliant must prepare a business plan and have it revieweed by the certified counseling entity.
3. An expenditure plan must be prepared (a template for that is included in the EDLF application)
4. Applicants must satisfy one of the following conditions:

•          Have revenues of less than $500,000 in the previous 12 months
•          Be a business owned by a severely disabled person

Loans must have a reasonable prospect of repayment and borrowers must provide collateral although not necessarily real property collateral.  Applicants mut provide a minimum of 20 percent equity in the form of cash, property or busines equity.
 
Read more about the EDLF program, and download an application, on the Business Oregon website.