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COIC offering loans to help C.O. businesses in wake of pandemic restrictions

 BEND, Ore. (KTVZ) -- The Central Oregon Intergovernmental Council (COIC) is moving into the next phase of offering revolving loan funds to help businesses.

As we move beyond pandemic restrictions, many businesses are in need of capital to grow or re-establish a solid financial foundation. The public lending program helps both new and existing companies that may have difficulty receiving traditional bank financing.

Working capital, equipment financing, or commercial real estate are all included in the lending program. Loan terms are exceptionally flexible and structured to meet the needs of businesses to promote economic expansion or stability in launching business activity.

Loans range from $5,000 to over $250,000. COIC is able to offer small business loans across Central Oregon – including all communities in Crook, Deschutes, and Jefferson counties.

According to Scott Aycock, CED director, “COIC’s small business lending program is a great resource for entrepreneurs and small business owners that have a great business plan and potential for growth, but which might lack sufficient track record, collateral, or other factors required by banks. We strive to meet the needs of underserved borrowers and strongly encourage business owners to give us a call, even if you’ve had trouble obtaining financing elsewhere.”

More information can be found by contacting Patrick Germick, Loan Officer, at pgermick@coic.org or 541-280-9611, or by navigating to COIC’s website at www.coic.org/loans.

COIC was designated a Council of Governments in 1972 under ORS 190 and serves the local governments of Central Oregon. COIC provides regional services for employment and training, alternative high school education, business loans, planning and governance, community and economic development, and public transportation services operated by Cascades East Transit.

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