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The Beaver State’s business-friendly tax climate, educated workforce, and growing technology sector make it a great place to start a business. If you’d like to launch a venture in Oregon or grow the one you already have, business loans can come in handy.
When you start your search for small business loans in Oregon, you’ll notice that they’re not all created equal. In fact, there are many different options at your disposal. Here are several of the most popular financing solutions you’re likely to find.
The U.S. Small Business Administration (SBA) offers a variety of loan programs for small businesses. You may be able to lock in a low-interest loan of up to $5 million with repayment terms of up to 25 years, depending on your situation and the lender you choose.
A line of credit is worth exploring if you’re a seasonal business or prefer a flexible loan. Once you’re approved for a certain credit limit, you can withdraw funds any time you’d like. You’ll only pay interest on the amount you borrow.
Term loans offer a lump sum of money at once. You’ll pay it back over time through fixed monthly payments, which may range from a few years to several years or even longer. Term loans are likely what you think of first when business loans come to mind.
Whether you hope to purchase new equipment to help start your venture or upgrade your current equipment, equipment financing should be on your radar. Since your equipment will serve as collateral, equipment loans are fairly easy to get.
Accounts receivable financing is when you sell your outstanding invoices for immediate cash. The company will collect payments from your customers and distribute the remaining balance minus a fee.
Several organizations service loans to small businesses that set up shop in Oregon.
Mid Oregon Credit Union has branches throughout Oregon in cities like Bend, Le Pine, Madras, and Prineville. It offers term loans, lines of credit, and real estate loans, as well as ACH services and business insurance, to business owners in the state.
The Oregon Business Development Fund (OBDF) focuses on gap financing for land, buildings, equipment, machinery, and permanent working capital for businesses that create or retain jobs in manufacturing, processing, or distribution.
The Entrepreneurial Development Loan Fund, provides direct loans to help start-ups, micro-enterprises, and small businesses in the Beaver State.
Mercy Corps Northwest provides loans to traditionally underserved small businesses along with training and mentorship.
Beneficial State Bank has several branches in the Pacific Northwest and offers small business and nonprofit loans.
People’s Bank has many locations throughout Oregon and Washington and offers business loans and lines of credit.
Umpqua Bank offers SBA loans, term loans, and lines of credit with over 300 locations in the Northwest.
Oregon-based Pacific West Bank offers lines of credit, commercial real estate loans, and equipment loans.
Banner Bank offers SBA loans, lines of credit, equipment loans, and term loans with locations throughout the Northwest.
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There are plenty of free and affordable resources to help your Oregon small business succeed. The Oregon Small Business Development Center Network (Oregon SBDC), for example, offers business advising and online courses. A nonprofit organization, the Oregon Entrepreneurs Network (OEN) advocates for entrepreneurs in Oregon and southwest Washington through workshops, mentorship, and networking opportunities. Oregon SCORE offers workshops on various business topics, as well as confidential business coaching.
The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (SBTT) are two grant programs for small businesses that use research and development to commercialize new technologies. If you own a business in a local-traded sector and are focused on diversity and inclusion, you may qualify for Prosper Portland’s Inspiring Diversity Grant, which awards up to $10,000 in grants. For more small business grant information, take a look at Oregon GrantWatch which includes a frequently updated list of new grant opportunities for Oregon small businesses.
To be eligible for an Oregon business loan, you’ll need to choose a corporate structure, like a corporation or LLC, and set up your business. If you’re operating as a sole proprietor, you can use your own name and don’t have to file with the state government. In the event you decide to form a corporation or an LLC, you’ll be required to appoint a registered agent and choose a business name by using the Oregon Secretary of State Business Name Search. Once you’re ready to operate, you can shop around and apply for small business loans in Oregon. Lenders will typically review your credit score, business finances and time in business.
There are plenty of small business loans in Oregon. With an online platform with Lendio, you can learn about your options and take the guesswork out of comparison shopping. A line of credit may make sense if flexibility is your top priority. If you have solid credit and want to borrow a large amount of money, you may be better off with a term loan or SBA loan.
A business loan can help you take advantage of Oregon’s thriving business economy and wealth of resources. It’s a smart choice if you’d like to start your venture on the right foot or take it to the next level.
SBA-preferred lenders are approved by the Small Business Administration to disperse SBA loans without approvals from the SBA which allows them to approve SBA loans faster than non-preferred lenders.
An SBA loan is partially backed by the U.S. government, which allows businesses that might not normally qualify for a loan to be able to secure financing. The SBA also places limits on SBA loan interest rates, so SBA loans generally have lower rates than other types of business loans.