Fairview Small Business Loan Program

​Salem has created a small business loan program to promote investment and job growth in the Fairview Urban Renewal Area (URA).

This program may apply to capital improvements ​within the Fairview URA.

Maximum Loan Amount: $200,000

Terms and Requirements

  • Loan Forgiveness: 70% maximum determined by annual increase in full time equivalent (FTE) employees
  • Interest Rate: Prime + 2%* (*lower interest rate may apply based on the public value of the project)
  • Loan Term: 15-year maximum, with the option of 5-year deferred payment
  • Security: Sufficient collateral to secure loan amount

Eligible Business

  • Traded sector business that produces and sells its product inside and outside the local community
  • Gross annual sales of $100,000 - $1.5 million
  • Workforce of 100 or fewer Oregon employees

Eligible Property

  • Property located within the Fairview URA

Eligible Projects

  • Capital Improvements
    • Building Improvements
    • Permanent Structures
    • Permanent Manufacturing Equipment

Additional terms may apply and may be subject to change.

​Additional information:

  • After one year, applicant businesses may apply for 70% loan forgiveness based on the increase in FTE

Contact us

Tory BanfordProject ManagerUrban Development Department
Mailing address:
350 Commercial ST NE
Salem OR 97301

​Applications and documents

Fairview Loan Forgiveness Application571 KB
Urban Renewal Agency Loan Application35 KB
Fairview URA Small Business Loan Program37 KB

​Additional information