April 7, 2016 – MEDFORD, Ore – Southern Oregon Regional Economic Development, Inc. (SOREDI) is pleased to celebrate the 21st anniversary of its lending program which has nearly surpassed $18 million in financing loans.
Since inception of the loan program in 1995, SOREDI has lent to 218 clients in Jackson and Josephine Counties, and helped businesses create/retain over 2,100 jobs. SOREDI has already lent $750,000 in 2016 to several clients and has over $3 million available to lend.
SOREDI’s loan program was established to help businesses launch and prosper, and is managed by Noland Alston, Business Development Loan Manager. The success of the program is largely due to partnerships with local banks and Business Oregon. SOREDI does not compete with other banks, but assists them in bridging a finance gap for the customer, with SOREDI often taking a second or third position.
“Our loan program is intended to help clients fill the missing piece of their financial package. We can take on higher risk loans and often serve as the creative fix for the client and/or their bank partner to make the deal happen,” according to Alston. “We measure our loan program success differently, in terms of job created or retained.”
One long-standing business in Jackson County found itself in an odd predicament with its traditional funding sources and came to SOREDI for a creative and much needed solution to help their business prosper. “I wanted to thank you and SOREDI ever so much for helping us in our time of need and having the faith that we could turn the bad news into good. The good news is that all is good and we have lots of new business coming our way. We are very grateful for your confidence!”
While SOREDI is not a traditional lender, it does act much like one in that prospective clients need to present a business plan, along with financials and projections, when applying for loan assistance. Loan applications, after due diligence by the loan manager, are discussed and approved by SOREDI’s Loan Committee, comprised of bank partners, accounting firms, and business entrepreneurs.
For more information about the loan program or to schedule an appointment, contact Noland Alston, Business Development Loan Manager at (541) 773-8946 or email@example.com.
About SOREDI: SOREDI is a private, membership-based, non-profit organization, governed by a board of directors. Its staff is charged with local business expansion and new business recruitment efforts, financial assistance to start-up companies through its business loan fund, and management of Enterprise Zones in Jackson and Josephine Counties. The agency was formed as a regional economic development agency in 1987. Learn more at https://soredi.org.
© 1987-2023 SOREDI 1311 East Barnett Road, Suite 301, Medford 97504 • Phone: (541) 773-8946 • Fax: (541) 779-0953