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06/15/2023 - City of Tigard Authorizes New Small Business Loan Fund er Tiçj' ° daPRESS RELEASE City of Tigard 13125 SW Hall Boulevard, Tigard, Oregon 97223 • www.tigard-or.gov FOR IMMEDIATE RELEASE I June 15, 2023 Contact: Lloyd Purdy Economic Development Manager City of Tigard Office: 503.718.2425 Iloydp©tigard-or.gov City of Tigard Authorizes New Small Business Loan Fund The City of Tigard has authorized a new and innovative revolving loan fund for local small businesses. The City will work with Business Impact NW, a Community Development Financial Institution (CDFI), to provide loans to businesses that have challenges securing traditional bank financing for expansion and growth. Using an initial deposit of $400,000 from the City of Tigard, Business Impact NW will make up to $1.2M in loans to Tigard businesses over the next 10-years. "Business Impact NW is pleased to be in partnership with the City of Tigard to provide capital to small businesses," said Victor Saldanha, Chief Lending Officer for Business Impact NW. "The need for accessible funds for small businesses is growing. Partnerships like this one keep our economy strong." "The City of Tigard's business loan fund is coming online when lending from traditional financial institutions is contracting and commercial interest rates are rising," said Lloyd Purdy, Economic Development Manager for the City of Tigard. "The Tigard business loan fund will improve access to lending capital for Tigard firms at a very opportune time." This new economic development program improves the City's ability to support local businesses, complementing the city's services in business advising, incubating, and workforce development. The new loan fund supports the goal of Tigard's vision to expand access for everyone. Professional bankers at CDFI Business Impact NW will make lending decisions for the new venture. Business Impact NW's mission is to serve underbanked entrepreneurs with an emphasis on working with traditionally underserved populations — entrepreneurial low/moderate income earners, women, BIPOC, veterans, immigrants, and members of the LGBTQ+ community. Page 1 of 2 City of Tigard = ' Tig'a°rd PRESS RELEASE "Supporting all entrepreneurs is something we take very seriously in Tigard," said Kenny Asher, Community Development Director. "This new fund will make a lot of difference in town. Someone will be able to get a job, someone else will afford a rent increase, someone else will pay down other debt." The lending team at Business Impact NW and Tigard's economic development team will begin accepting applications in July 2023. ### Page 2 of 2