Fairview Pilot Loan Program
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FAIRVIEW URBAN RENEWAL AREA
SMALL BUSINESS PILOT LOAN PROGRAM
CONTACT: Tory Banford
503.588.6178
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Purpose
To promote investment and job growth, this program may apply to capital improvements to property located in the Fairview Urban Renewal Area (URA).
Eligibility
Any traded sector business lin the URA with 100 or fewer employees and gross annual sales between $100,000 and $1,500,000 may apply.
Forgiveness
After one year, applicant businesses may aply for up to 70% loan forgiveness based on the increase in full time equivalent employees (FTE).
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Maximum Loan Amount: $500,000
Interest Rate: Prime +2%*
*Flexible based on the public value of the project.
Loan Term: 15 Year maximum, optional
five year deferred payment
Security: Sufficient collateral to secure
the loan and cash flow to
support loan repayment. |
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Loan ApplicationApplications are currently being accepted, contact 503.588.6178 for more informaiton. Si necesita ayuda para comprender esta información, por favor llame 503-588-6178. |
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Small Business LoanThe City of Salem has assembled a forgivable loan program for the Fairview Urban Renewal Area. |
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