CAVE JUNCTION, OR: As part of a federal coronavirus relief program, the Illinois Valley Community Development Organization (IVCanDO) distributed $380,000 in federal money to small businesses across Josephine County.
The grants ranged from $1,000 to $10,000, and almost all of them went to businesses with 10 or fewer employees. IVCanDO received 178 applications for funding and approved funding for 87 of those applications.
Of those businesses approved, about two-thirds were located in a Qualified Census Tract, meaning at least 50% of households in the area have an income less than 60% of the Area Median Gross Income. Businesses in these areas were identified by the U. S. Department of the Treasury as being “disproportionately impacted” by the pandemic.
Applications were evaluated based on demonstrable impact directly related to the Covid-19 pandemic.
“The process of the review panel was sound,” IVCanDO Executive Director Lindsey Jones said. “The impact of these funds will be felt throughout the county. I want to thank State Representative Lily Morgan for advocating for these funds and entrusting us with the process.”
Funding was exhausted for this granting program, but small businesses seeking additional funds may be eligible for IVCanDO’s Revolving Loan Fund. This program offers low-interest loans of up to $25,000 to entrepreneurs starting their own business or businesses looking to expand. Current interest rates are fixed at 5.8%, with terms of up to 5 years. Go to ivcdo.org/revolving-loan-fund for more information, or contact Forrest Roth at 541-592-9279 or [email protected]