Prosper Portland Business Finance ProgramsLisa Norwood2021-04-13T13:53:44-07:00
Prosper Portland Business Finance Programs
Contact the Lending Team via email or 503-823-3442
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
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
A fixed rate of 8% to 12%
Principal and interest; May include up to one year of interest only payments
Up to 10 years, not including the interest only period
2% of amount borrowed (fee may be rolled into the loan)
Personal and/or corporate guaranties from all principals and entities with 20% ownership interest in the business
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 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.
The Local Small Business Repair Grants use existing tax increment funding (TIF) resources and funding allocated by City Council to provide near-term support for small businesses impacted by the pandemic.
The Thriving Small Business loan program, which has been structured to address access-to-capital issues faced by underrepresented populations, including businesses owned by women and people of color and businesses owned by those in low-income areas.
The Commercial Property Redevelopment Loan Program provides financial assistance for property development or rehabilitation that furthers economic development in commercial areas or on commercial corridors.