Southern Oregon organizations are receiving over a million dollars in federal funds to support small businesses in Jackson, Josephine, Lake and Klamath County.The cares act has been crucial for the success of small businesses during covid-19.
That support is continuing.
Oregon US Representative Greg Walden announced Thursday a series of grants for small businesses in the state.
Congress announced it’s giving Southern Oregon Regional Economic Development Inc., or SOREDI, funding for rural businesses in Jackson county.
“We needed additional money specifically to lend into the cities of Medford and Grants Pass and this provides that opportunity,” says SOREDI Executive Director Colleen Padilla.
SOREDI loans to 250 clients.
The additional funding will allow for major adjustments to support local businesses.
“In a typical EDA fund, we can only go as low as 6 percent on the interest rate… In this case we can drop it down as low as 1 percent.”
Klamath and lake counties are receiving a total of five hundred and 50 thousand dollars.
South Central Oregon Economic Development District will be in charge of dispersing those funds across the two counties.
“It really does make a difference to have this money available with flexible terms which we can offer… But we also have other businesses that are thriving and looking to expand and so we’re hoping we can work with those businesses,” says executive director, Betty Riley.
The SCOEDD says the funds will be used to support businesses both agricultural and industrial.
To learn more about the loan funding and how to apply, go to soredi.org for Jackson and Josephine counties, and scoedd.org for Klamath and Lake counties.
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