Port Revolving Loan Fund
The Port Revolving Fund is a loan program to assist Oregon ports in the planning and construction of facilities and infrastructure.
Who Can Apply?
Any port incorporated under ORS Chapter 777 or 778 may apply for funding.
Funding and Uses
Each applicant is limited to a total loan amount from this fund of no more than $3 million at any one time.
The loan term can be as long as 25 years or the useful life of the project, whichever is less. Interest rates are set by the IFA at market rates, but not less than Treasury Notes of a similar term minus one percent.
Note: Flexible manufacturing space projects will not accrue interest until the building is at least 25 percent occupied or until three years after the date of the loan contract, whichever is earlier.
The following are the criteria that must be met to be eligible for funding:
- The proposed project is feasible and a reasonable risk from practical and economic standpoints
- The applicant has received all necessary permits required by federal, state or local agencies
- There is a need for the proposed project, and the applicant's financial resources are adequate to provide the working capital needed to ensure success of the project
- The loan has reasonable prospect for repayment
Funds may be used for port development projects (facilities or infrastructure) or to assist port-related private business development projects. The variety of eligible projects is very broad and may include, but are not limited to:
- water-oriented facilities;
- industrial parks; and
- airports and commercial or industrial developments.
Eligible project costs can include:
- operation; and
- maintenance or pre-project planning.
Projects must be located within port district boundaries.
How and When to Apply
Applications for funding through the Port Revolving Fund are accepted year-round. The following outlines the application process:
Step 1: Contact your regional development officer. A Project Notification & Intake form will need to be completed.
Step 2: Submit the intake form. The IFA reviews the form to make sure eligibility for the funding program has been met. A financial review will then take place to determine if the applicant has the ability to repay a loan.
Step 3: Award. A letter will be sent notifying the applicant of the award amount, the terms and any conditions of the award. Contract documents will be sent to the applicant for signature.