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New Loan Fund for Eugene Artists Now Available
<br />With support from an anonymous donor, the City of Eugene and the Arts and Business Alliance of Eugene (ABAE) have
<br />teamed up to create the Arts & Business Loan Fund. The fund offers short-term, low-interest loans to aid arts-related
<br />organizations, businesses, and artists, who often cannot access traditional bank financing.
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<br />The goal of the loan program is to invest in artists and arts-related businesses within the city of Eugene. Loan amounts
<br />will range between $5,000 and $50,000, dependent upon fund availability and other factors. The loans encourage
<br />creative community collaborations, economic development, and dynamic partnership between arts and business.
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<br />The loan fund is supported by a $100,000 donation from a private donor
<br />through ABAE and $100,000 from the City of Eugene’s Business Loan Fund
<br />pool. There are four types of loans available:
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<br />Bridge loans for special projects secured by contract, grant,
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<br />foundation funding or other guaranteed loan income
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<br />Opportunity loans for new revenue stream investments, expansions,
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<br />or cost-saving opportunities
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<br />Infrastructure loans to fund historical renovations, storefront
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<br />improvements, and creative place-making projects or events
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<br />Creative capital loans for fundraising events or performance
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<br />production expenses, and artists fees that are secured by event
<br />revenue or box office receipts
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<br />Businesses or individual artists are eligible for the loan if they are located
<br />and reside within the city of Eugene, are a start-up or existing business, or are a not-for-profit entity or fiscally
<br />sponsored by one. Eligible individuals or businesses may apply for project funding by submitting a project proposal. If
<br />approved by the ABAE loan fund committee, the applicant will then be prompted to submit the final phase
<br />requirements of the loan decision process, including a $50 application fee.
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<br />For complete details, and to access application materials, please visit http://www.eugene-or.gov/artsbusinessloan.
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<br />Eugene’s Entrepreneur and Tech Sectors Spring into Action
<br />It has been a busy and exciting spring for all things entrepreneurial and tech in Eugene. In May, startups from Eugene
<br />swept the awards at the Willamette Angel Conference (WAC). The WAC brings together investors and entrepreneurs
<br />seeking funding for startup companies. Locally owned Moonshadow Mobile, Red Duck Foods, and Cricket Flours all
<br />received investment awards at the conference.
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<br />Shortly thereafter, Alaska Airlines announced it will be offering non-
<br />stop flights between Eugene and San Jose, California – establishing an
<br />important link between the Silicon Valley and what has become known
<br />as the Silicon Shire, Eugene’s own quickly growing tech sector.
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<br />At the same time, RAIN Eugene, the Regional Accelerator & Innovation
<br />Network, graduated its second class of startup companies which
<br />included biotech, business services, and marketing firms. In addition,
<br />the University of Oregon began planning its renovation of 942 Olive, a
<br />building provided by the City to create an entrepreneurial hub in the
<br />heart of downtown and house the RAIN Eugene accelerator.
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<br />Last week, high-speed fiber internet service went “live” in two downtown buildings – offering exponentially faster
<br />internet connections to local businesses. The City of Eugene, Lane Council of Governments (LCOG) and the Eugene
<br />Water & Electric Board (EWEB) partnered on the pilot project that supports internet speeds reaching up to one GB per
<br />second, with the hope of expanding to more of downtown in the future.
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<br />While exciting in its own right, this flurry of spring activity also underscores the impact of the City’s strategic
<br />investments and partnerships that have helped promote downtown revitalization, support targeted business sectors,
<br />and create the conditions for economic prosperity to flourish. For more information, contact Anne Fifield at
<br />Anne.E.Fifield@ci.eugene.or.us, or 541-682-5451.
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<br />EUGENE CITY COUNCIL NEWSLETTER PAGE 2
<br />June 11, 2015
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