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Small Business Loans in Oregon (2021 Update)
With an average of over 5,000 new businesses registered each year, Oregon is a great place for young entrepreneurs to open up shop. Like other states, applying for small business loans in Oregon is a straight forward process. Small business loans are underwritten by private banks but backed with additional guarantees by the Small Business Administration.
Where to get a Small Business Loan in Oregon
There are a number of banks across the state that offer small business loan options to both new entrepreneurs and experienced business owners.
- Summit Bank – Eugene, Oregon
- Citizens Bank – Corvallis, Oregon.
- Capital Pacific Bank – Portland, Oregon.
- Evergreen Federal Savings and Loan – Grants Pass, Oregon.
- Lewis and Clark Bank – Oregon City, Oregon.
Each bank will require different loan documentation before the process is completed. Once the application is complete, the bank will submit it to the Small Business Administration for eligibility approval, at which time a guarantee will be placed on the loan, if approved. The bank will then underwrite the loan and disburse the funds accordingly.
Small business loans in Oregon can take anywhere from a matter of weeks to a couple months for an approval to come through.
Banks in Oregon That Offer Small Business Loans
Here are the six best banks to apply for a small business loan:
The Citizens Bank first made their services available to the public in 1929 in Carthage, Tennessee. Since then, this bank has expanded their area of service to include other states such as in Corvallis, Oregon.
Albina Community Bank
Founded in 1995 in Portland, Oregon, Albina Community Bank has a variety of loan products both for individuals and businesses.
Founded in Oakland, California in 1981, Summit Bank has since expanded its reach in other states, currently operating an office in Eugene, Oregon. With over $5 7 million in small business loans, it has helped local businesses reach greater heights.
Pacific Continental Bank
Pacific Continental Bank was established in 1972 in Eugene, Oregon. Currently, they have various lines of credit options, small business administration loans, and commercial real estate loans, among others.
Peoples Bank of Commerce
Maintaining an office in Medford, Oregon, Peoples Bank of Commerce ranks as the third-best bank for business loans. In just one year, it loaned small businesses a total of $386 million.
Pioneer Trust Bank National Association
Based in Salem, Oregon, Pioneer Trust Bank National Association offers traditional banking services to individuals, organizations, and businesses in the locale.
Uses for Small Business Loans
Small business loans can be used for a variety of business and entrepreneurial reasons. Some of those include:
- Refinancing of current debt, in some situations.
- Construction or renovation of a building.
- Real estate purchases.
- Long term working capital for inventory and operational expenses.
The amount of the loan you're approved for will depend on a variety of factors, including business model, credit history, current amount of working capital in the bank, income forecasts and bank financing limits.
The small business lending process may seem daunting at first however, being able to properly organize all of your documentation and performing research will help alleviate much of the stress.
Top Cities in Oregon and Their Lenders
Oregon is one of the West Coast’s largest states. The area is home to some of the most beautiful scenery in the country. Rugged coastline and incredible mountains make the area unique in many ways – it’s home to some of the best skiing in the world. But it isn’t just the outdoors that make Oregon special, the state is also well-known for being an economic powerhouse. It hosts some of the largest multi-national companies on the planet. It’s become a favorite spot for large businesses. If you’re looking for a state that encourages economic growth, this is the place to be.
In this section of the article, we’ll take a look at the top cities for small business in the Oregon region. Below we will also provide you with a list of their top lenders.
Portland is the largest city in Oregon, and therefore has the most advanced economy. The local industry in the city is largely made up of high-profile companies and the retail industry. Services also play a major role in the city. There are tons of multi-national headquarters in Portland. Below are our favorite lenders in Portland:
First Republic Bank
First Republic Bank is our top choice for local businesses in Oregon. This mid-sized bank has a deep understanding of how the local economy works in the city. They can help you obtain any type of funding you need. They also provide full-service banking solutions to all their business customers.
Mercy Corps Northwest
Mercy Corps Northwest is a different type of small business lender. They provide microloans to certain small business owners to help them grow their companies. They only provide small amounts of capital, so you’ll want to make sure you don’t need a large loan if you’re using them. They’re perfect for anyone looking for a quick injection of cash.
Salem may not be the largest city in the state of Oregon, but it is the capital of the state. The city is home to most the government jobs in the state. It’s also a huge food manufacturing and processing area. If you’re thinking of starting a business in the area, make sure to use one of the small business lenders mentioned below:
Salem Five Bank
Salem Five Bank is one of the top business lenders in the city. The bank provides traditional business loans, along with SBA loans for those who need them. They’re the best SBA provider in the state They’re great at helping you understand the entire process – you’ll never have to worry about the complications of SBA loan applications.
Cascade Capital Funding
Cascade Capital Funding is our other favorite lender in Salem. They know how to help small business owners get the commercial funding they need to take things to the next level. They focus exclusively on business lending – they’re experts in the industry. If you want someone who specializes in helping small business owners in Salem, this should be your top choice.
Eugene is a small city with a lot of economic power. Nike was originally launched in the city. It is home to some of the best multi-national brands around. If you’re looking to start a business in a city with a reputation for building winners, this is a top spot to head. Our favorite lender in Eugene is listed below:
Willamette Valley Finance
Our top pick for Eugene is Willamette Valley Finance – they’re a great lender that focuses largely on commercial and small business loans. They have what it takes to take your business to the next level. They specialize in commercial real estate loans, but they also offer other types of business loans.
Gresham is a city that was originally funded by farming. There is a much more diverse economy present in the city in modern times, with tourism and other forms of outdoor-based revenue entering the city. The top lenders in Gresham are listed below:
OnPoint Community Credit Union
OnPoint Community Credit Union is a regional credit union with a presence in Gresham. They have a great reputation in the area for providing their members with extremely cheap access to business loans. If you’re looking to save money with your finance, this credit union is a great local option.
Hillsboro is the manufacturing capital of the state of Oregon. The area has generated massive profits from the industry, which has helped it propel itself into an economic powerhouse. There are plenty of other revenue avenues available at the current time. Below are our top lenders:
Hillsboro Bank is a local bank with a focus on helping Hillsboro consumers and business owners with financing needs. They can get you the commercial loans you’re looking for to take your business to the next level. They also offer business banking services for those who need them.
Remember, some of these companies or banks are very specialized and may only handle SBA loan programs or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for veterans or for startups if that interest you. If you bad credit don't worry as there still may be other alternative lenders willing to work with you.