Q: What is the Revolving Loan Fund?
A: This flexible gap financing program offers market, below market, or competitive funds for projects that create jobs and enhance business growth.
 
The Revolving Loan Fund supports efforts to maintain quality of life by diversifying the County's economic base and by taking care of the area's natural resources.

Q: How can the funds be used?
A: Funds are focused on creating family-wage jobs while being responsible stewards of our natural environment.
 
Qualified activities range from starting a business to modernizing a plant, from renovating buildings to developing land, from expanding a company to re-training a work force. About one-third of the funds are earmarked for loans to timber and ecosystems-related businesses, with the remainder focused on business start-up, expansion and retention.

Q: Who can apply for the funds?
A: Any legal entity can apply, including individuals, public organizations and private groups; at least 51 percent of the ownership must be U.S. citizens or those admitted for permanent residence.

1 Send us an email inquiry or call the Economic Development Council of Tillamook County (EDCTC) at 503-842-2236 for an appointment.

2 Work with our staff to determine if your project meets eligibility requirements.

3 If you haven't done so already, prepare a business plan.

After EDCTC reviews project specifications and business plans,
proceed to Step 4

4 Complete a preliminary application form and submit it with a non-refundable application fee, which can be credited to the loan fee. There is also a non-refundable credit report fee for everyone with a 20% or more financial interest in the business.

After preliminary application is reviewed....

5 Receive a final application packet containing the Revolving Loan Fund required documents.

The following are ineligible loan purposes;

• Paying off a loan
• Purchasing or financing equity
• Subsidizing interest payments on existing loans
• Refinancing existing debt
• Providing additional equity necessary for public financing programs