Portland, OR—Oregon’s financial institutions have helped nearly 55,000 Oregon businesses obtain more than $7 billion in loans through the Small Business Administration (SBA) Paycheck Protection Program. The loans – which will be forgivable for the majority of recipients – are designed to help businesses pay their employees during the COVID-19 pandemic.
Oregon banks and credit unions are ready to do more loans. With an estimated $100 billion still available in the program nationwide, more Oregon businesses can take advantage of the program.
“Many small businesses, especially those owned by people from communities of color, immigrant communities, and historically underserved communities have faced hurdles in receiving the funds for which they are eligible,” said Governor Kate Brown. “I’m committed to ensuring that Oregon businesses and working families receive the critical federal dollars they need during this crisis.”
The SBA loans do not have to be paid back if businesses follow the SBA guidelines for loan forgiveness. For loans that are not forgiven, the loans are for two years at 1% interest with no payment in the first six months. Many banks and credit unions across the state are still accepting applications for the program, including from new customers.
“Any Oregon business impacted by COVID-19 that has under 500 employees – including sole proprietors – may be eligible for this unique, short-term program. Spread the word that there are still funds available – funds we want to get into the hands of Oregonians,” said Linda Navarro, president and CEO of the Oregon Bankers Association.
“Oregon financial institutions offering Paycheck Protection Program loans are helping locally owned restaurants and food carts, barber shops, bakeries, construction companies and more – the very small businesses for which this program is intended,” said Troy Stang, president and CEO of the Northwest Credit Union Association.
Financial institutions are reaching out across the state to raise awareness and ensure that eligible and interested Oregon businesses receive a share of the remaining program funds authorized by Congress.
Business owners are encouraged to call the Governor’s COVID-19 Small Business Navigator at 833-604-0880 for assistance navigating available resources. Lists of Oregon financial institutions providing SBA Paycheck Protection Program loans are available here for credit unions and banks .