Underserved businesses in the Portland metro area may now have an easier time securing growth capital thanks to a $1.3 million capital campaign that Albina Opportunities Corporation recently closed.
“With this infusion of capital,” comments Robin Wang, AOC Executive Director “we can offer more loans to emerging small businesses that are not able to qualify for traditional bank loans and provide a more manageable, less risky path for growth. In the process, we’re creating jobs and building wealth in Portland’s underserved communities.”
“In a city brimming with entrepreneurial activity, there are still many minority and underserved businesses that can’t access the resources necessary to grow,” adds Mayor Charlie Hales. “It’s exciting to hear about this groundswell of local support in creating a diverse and equitable local economy.”
In addition to providing term loans and lines of credits, AOC offers business advisory services to help business owners address their key challenges and develop the skills to effectively manage and grow their businesses.
“The impact of this expansion is significant,” comments Bruce Watts, AOC Board Chair, “Not only will it help more neighborhood businesses, but it will create many new jobs along the way. On top of that, there is a perpetuating effect - as these loans are repaid, that same capital can be re-loaned out.”
“I am very impressed with how AOC understands and takes care of the needs of small businesses. I am excited to hear that more businesses will now be able to benefit from their advisory services and loan program,” comments AOC borrower, Christine Chin Ryan, President of Synergy Consulting, Inc.
AOC is a Portland non-profit certified by the US Treasury as a Community Development Financial Institution (CDFI) small business lender. Its mission is to inspire business opportunities and create jobs and wealth for Portland’s underserved small businesses and distressed neighborhoods throughout the metro area.
Launched in 2008, AOC has provided over $4 million in loans helping create or retain approximately 1,000 jobs along the way. The funds raised in this campaign was provided through the generous support of The Collins Foundation, the Oregon Growth Fund, Union Bank, Craft3, Northwest Business Development Association, the Wheeler Foundation and private investors and donors . In addition, The Oregon Community Foundation also awarded a capacity building grant to support the anticipated growth in loan volume associated with this expansion.
Businesses interested in getting a loan should visit www.AlbinaOpportunities.org and submit an initial inquiry. Individuals or organizations interested in investing or donating to AOC should contact Robin Wang, Executive Director.