Prosper Portland Business Finance Programs

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Prosper Portland Business Finance Programs2019-08-05T13:59:39+00:00

Project Description

Prosper Portland Business Finance Programs

Contact: Nixie Stark, email or 503-823-0465

With a mission to create economic growth and opportunity for Portland, Prosper Portland connects you to  resources to create more jobs for Portland. We work with Portland businesses to identify business needs and eligibility for either our assistance programs or those of our partners, and then help you find the program that fits best.

Prosper Portland offers:

  • A variety of flexible loans to meet your unique business or property needs
  • Flexible repayment terms tailored to help you ramp up and stabilize your business or commercial property
  • Business support through Prosper Portland’s Inclusive Business Resource Network (IBRN)
  • The ability to combine Prosper Portland loans and grants to make your project a reality
  • Potential partnership with your primary lender to bridge a financing gap
  • Dedicated and experienced staff to help you navigate the process

We also connect you to the Portland Enterprise Zone program, efficiency improvement programs, and state and federal incentives.

Available Citywide

Available in TIF Districts

Loan Details

LOAN AMOUNT $25,000 to $250,000
ELIGIBLE USES Working capital, equipment purchase, property acquisition
INTEREST RATE A fixed rate of 5.25% to 8.25%
FEE 2% of loan amount
TERM & AMORTIZATION Up to 7 year term and amortization for working capital and equipment; property acquisitions up to 10 year term with 20 year amortization
PAYMENTS Principal and interest payments; may include up to 2 years of interest only payments
BORROWER’S CONTRIBUTION Existing businesses must inject at least 10% of project cost; startup businesses must inject at least 20% of the project cost
SECURITY/COLLATERAL Security interest in real property, business assets, and/or personal property
GUARANTEE Personal and/or corporate guaranties from all principals and entities with 20% ownership interest in the business.
LOAN AMOUNT $25,000 to $2 million
ELIGIBLE USES Physical improvements of real property in leased or owner-occupied properties or spaces (if owned, must be at least 50% owner-occupied; up to 49% of the loan funds may be used for acquisition).
INTEREST RATE A fixed rate of 5.25% to 8.25%
FEE 2% of loan amount
TERM & AMORTIZATION Up to 10 year term and amortization, but not greater than term of lease plus all extension options
PAYMENTS Principal and interest payments; may include up to 1 year of interest only payments
BORROWER’S CONTRIBUTION No minimum
SECURITY/COLLATERAL Security interest in real property, business assets, and/or personal property
GUARANTEE Personal and/or corporate guaranties of all principals and entities with at least a 20% ownership interest in the business
LOAN AMOUNT $25,000 to $200,000
ELIGIBLE USES Predevelopment costs for the development of commercial or mixed-use projects (financing feasibility, architectural, engineering, and environmental)
INTEREST RATE A fixed rate of 5.25%
FEE 1% of loan amount
TERM & AMORTIZATION Up to 24 months
PAYMENTS Deferred, balloon payment at term (refinanced by construction financing or repaid if project does not proceed)
BORROWER’S CONTRIBUTION At least 50% of predevelopment cost, but minimum of 25% cash
SECURITY/COLLATERAL Security interest in the property and/or interest in the work product
GUARANTEE Personal and/or corporate guaranties of all principals and entities with at least a 20% ownership interest in the
development entity
LOAN AMOUNT $50,000 to $2 million
ELIGIBLE USES Construction or renovation of commercial and mixed-use projects
(up to 49% of the loan funds may be used for acquisition)
INTEREST RATE A fixed rate of 5.25% to 8.25%
FEE 1% of loan amount
TERM & AMORTIZATION Construction – up to 48 months (including 24 months for stabilization)
Permanent- Term up to 10 years, with up to 25 year amortization
PAYMENTS Construction – Interest-only; may include period of deferred payments
Permanent – Principal and interest
BORROWER’S CONTRIBUTION At least 10% of projects cost as borrower’s equity contribution
SECURITY/COLLATERAL Interest in the subject property or other real estate
GUARANTEE Personal and/or corporate guaranties of all principals and entities with at least a 20% ownership interest in the development entity
LOAN AMOUNT $25,000 to $50,000
ELIGIBLE USES Funds may be used for working capital, equipment purchases and business growth/expansion
MINIMUM TIME IN BUSINESS No minimum, but business must have an existing history of recurring sales
INTEREST RATE A fixed rate of 8% to 12%
PAYMENTS Principal and interest; May include up to one year of interest only payments
LOAN TERM Up to 10 years, not including the interest only period
LOAN FEE 2% of amount borrowed (fee may be rolled into the loan)
PERSONAL GUARANTEE Personal and/or corporate guaranties from all principals and entities with 20% ownership interest in the business
COLLATERAL Blanket UCC filing on company assets; UCC on specific equipment purchased with loan proceeds. If the business owner has and will provide real estate collateral, initial loan interest rate will reflect decreased risk.
BORROWER CREDIT Borrower and principals of company must not have unpaid tax liens or bankruptcies in the last seven years without written explanation acceptable to Prosper Portland. Any collections, charge-offs or past due payments over 60 days must have written explanation acceptable to Prosper Portland.
BUSINESS MANAGEMENT AND INDUSTRY EXPERIENCE Borrower should demonstrate sufficient business management and industry experience.

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