Revolving Loan Fund Program Available for Businesses in South Corvallis

Corvallis Benton County Economic Development Office

October 24, 2024 - The Corvallis Urban Renewal Agency has approved a new Revolving Loan Fund Program aimed at supporting new and existing businesses and encouraging commercial investment in the South Corvallis Urban Renewal District. The first funding cycle application window opens October 22 and closes Friday December 27 at 5 p.m. Applications will be accepted in person at City Hall or by emailing economic.development@corvallisoregon.gov.

Eligible projects include building and façade renovations, new construction, and renewable energy improvements at commercial properties within the South Corvallis Urban Renewal District. Low interest financing up to $100,000 per business or property is available. $250,000 is available to serve requests this funding cycle. Projects will be competitively evaluated based on their ability to meet some or all of the following criteria:

  • Proposed business will improve food access in South Corvallis
  • Project is ready to submit for permits or begin construction within 3 months of grant award and be completed within one year of loan issuance.
  • Building has been vacant for 1 year or more but will become occupied as a result of the project.
  • Project significantly improves energy efficiency of the building or improves renewable energy production.
  • The applicant has not received previous public grant or loan awards at this location within the last 3 year and certifies the project would not be financially feasible without support.
  • Project helps bring building or site up to current code compliance.
  • Applicant’s entity is COBID (Certification Office for Business Inclusion and Diversity) Certified or otherwise self-identifies as eligible.
  • Project adds green spaces, improves public amenities and/or reduces impervious surface area.
  • Business education course completion with partner org within last 12 months.
  • Proposed business will have its first location at project site.

Projects do not need to meet all goals to be eligible. Projects will be ranked and the top scoring proposals meeting at least a 60/100 score threshold will be awarded as funding allows. Those who meet this threshold yet do not receive funding will be recommended and included in an upcoming cycle.  Revolving Loan Fund Program awards will be announced in January 2025.

This new loan program was made possible by the South Corvallis Urban Renewal District, which was approved by Corvallis voters in 2019 and is intended to catalyze economic growth in this area of the community for years to come. For more information on the South Corvallis Urban Renewal District visit https://www.corvallisoregon.gov/business/page/urban-renewal-south-corvallis.

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