Northeast Oregon Economic Development District (NEOEDD) has been working to access capital from local, regional, state, and national sources to assist for-profit and nonprofit businesses in NE Oregon that are affected by the COVID-19 pandemic. The following are new options; learn more about them on the COVID-19 financial resources page. There are even more resources (links to organizations, information about masks) on their COVID-19 website page.
“Non-essential” Businesses and Others Qualify for COVID Grants
NEOEDD, with funding from Business Oregon, is offering grants for small businesses and nonprofit organizations that experienced revenue reduction due to COVID-19 restrictions, and which did not access the SBA EIDL or PPP programs. Businesses that were closed via state mandate automatically qualify; others may qualify by demonstrating substantial COVID-related income loss. A new element of this option is a business now may show March/April losses in 2020 compared with 2019, as well as with January/February 2020 (previously this was open only to nonprofits).
Small Business and Microenterprise Grant Program
This grant program is available for businesses affected by COVID-19 that have been operating for at least one year and that are owned by or employ people who have low-to-moderate incomes. Business owners need to provide information on how they are responding to the pandemic and their plans to remain in business for the foreseeable future.
Applicants will need to either qualify as a self-employed individual with low-to-moderate income, as a business owner with five or fewer employees (micropreneur), or as a business which employs individuals whose households qualify as having low-to-moderate incomes.
NEOEDD offers “gap” loans year-round. From now until May 2021, NEOEDD also offers loans of up to $250,000 ?to finance businesses that will help the economy recover from the pandemic. These loans, with favorable terms such as low fees and interest rates, can be used by businesses that have identified opportunities to grow, find new markets, or become more stable following pandemic impacts, to refinance existing debt and for qualifying start-up expenses.
Learn more about these and other program on the COVID-19 financial resources page.
The Northeast Oregon Economic Development District’s mission is to provide resources and facilitate quality decision-making for the benefit of entrepreneurs, businesses and communities in Baker, Union, and Wallowa counties. Learn more about its programs and business support at: www.neoedd.org