Business & Development

Business loans still available

CRESWELL – City leaders placed $50,000 in a fund supporting Creswell-only businesses in July, and continue to search for ways to financially support small businesses in town.

Community Lending Works has been tasked with administering the grant program, which has been active. Financing opportunities still exist, too.  

So far, CLW has:

A total of 412 businesses pre-registered

More than 250 businesses were eligible for the loans after reviewing applications. The primary reason businesses were ineligible for the money was because they received PPP or EIDL funding.

As of Monday afternoon, 38 different businesses have received commitment to funding

Most businesses are qualifying only for the minimum awards; the upside of smaller loans means more businesses get help.

Should the current trends continue, CLW estimates approximately 70 businesses could receive funding. The exact numbers are “hard to know for sure until all applications have been processed,” officials said.

The CLW still is struggling to find eligible businesses in Coburg and Creswell. Through Monday, no businesses from Coburg have even applied and Creswell still has approximately $13,000 available.

CLW officials said businesses clearly need the resources, and believe this has more to do with the state’s exclusion of PPP and EIDL recipients.

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