The economic heart of Grants Pass is its small business community. This community provides most of the jobs in the area, and a majority of our largest employers started out as small mom and pop businesses. One of the most difficult things for an entrepreneur just starting out is to find capital to get their business from an idea to an actuality.
To help these entrepreneurs to accomplish their dreams, the City is collaborating with the Rogue Community College - Small Business Development Center (SBDC) and the Illinois Valley Community Development Organization (IVCDO).
The Micro Loan Fund program allows entrepreneurs to borrow up to $25,000 to start or run their business. The borrowers work exclusively with IVCDO and SBDC to qualify for funding. The City of Grants Pass provides the funding upon approval.
IVCDO is responsible for servicing the loan on behalf of the City of Grants Pass. IVCDO will coordinate with SBDC for technical assistance with loan application review and loan client management. To ensure success of the program, the SBDC will remain in contact with the client for the duration of loan and provide counseling assistance as needed.
All loans are for businesses located within the city limits of Grants Pass. All loans are subject to a 1% loan fee and a one-time application fee by IVCDO.