New Fund Will Retain/Create Jobs and Spur Economic Development in Rural Oregon
PORTLAND, Ore., October 28, 2020 – Oregon Micro Fund (OMF), a Portland-based Fin-Tech Lender providing accessible loans and practical business coaching, today announced a second fund that provides loans up to $250,000 to businesses in rural Oregon that focus on adult craft beverages (e.g., wine, beer, spirits), as well as other businesses and agricultural entities that support this industry.
“There is a gap in conventional financing for many small business owners compounded by the fact that what they really need is a strategic partner, not simply a lender,” said Quinton Jay, managing director of Oregon Micro Fund. “Oregon Micro Fund aims to provide financial assistance to as many craft beverage businesses in rural Oregon as possible. We don’t just make a loan—we invest time and resources into the long-term success of entrepreneurs to help strengthen the regional economy.”
The U.S. Department of Agriculture (USDA) Rural Development renewed its investment in Oregon Micro Fund based on the success of OMF’s first fund, which provided economic support to six different projects in rural Oregon. OMF’s latest fund is focused on creating jobs and supporting economic growth in the rural regions in Benton, Douglas, Hood River, Jackson, Josephine, Lane, Linn, Marion, Polk, and Yamhill counties.
Oregon boasts more than 800 wineries and nearly 300 craft breweries and distilleries. Oregon is known as one of the premier Pinot Noir-producing regions in the world and many of Oregon’s wineries are small and take a personal, handcrafted approach to making wines. Portland, the largest city in Oregon, is considered to be the nation’s microbrew capital.
“The year 2020 has been extremely difficult for small wineries and craft beverage entrepreneurs in Oregon, further worsened by the devastating wildfires that have ravaged the state,” said Quinton Jay, managing director of Oregon Micro Fund. “Our goal is to partner with the community and support small business owners by offering loans that can be used for working capital, debt consolidation, growth capital, and more, giving these businesses the opportunity to strengthen operations and, ultimately, to thrive and grow.”
Based on the strength of its revolving fund, OMF has a proven track record of enabling small businesses and entrepreneurs in rural Oregon to achieve success and continue contributing to the livelihood of their community. Recent projects range from growth capital for vineyard trellis infrastructure and vineyard farming equipment to winemaking equipment (e.g., crossflow filtration) to distillery inventory growth financing.
About Oregon Micro Fund
Oregon Micro Fund (OMF) is a Portland-based Fin-Tech Lender providing accessible loans and practical business coaching to businesses that focus on adult craft beverages in rural Oregon, as well as businesses and agricultural entities in Oregon that support that industry.